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  • Landlords, rent payments, Aylesbury
  • Neil Douglas Lettings, Aylesbury
  • Rent collection, Aylesbury
  • Landlord, tenant, Aylesbury

Landlords: Rent Payments and Accounts

Rent collection and payment

At the commencement of the tenancy we will collect the first month's rent in advance. The date the tenancy commences will then become the rent due date and future payments in advance will be due on that day each month. The rent day can be changed with prior agreement of the landlord and tenant.

Rent is collected from the tenant by standing order, payable to Neil Douglas Lettings. The payment, minus our management fee and any deductions we have made for expenses will be made by bank transfer into your nominated Bank or Building Society account. We will provide you with a monthly statement, usually via email. Duplicate monthly statements are supplied free of charge.

Commission and charges

Our commission is payable by you to us following the introduction of a tenant who enters into a tenancy agreement either directly, or indirectly by way of introduction as long as we are instructed to act on your behalf.

We will deduct reasonable expenses and costs incurred on acting on your behalf during the tenancy. Please see our Landlord fees for our full scale of commission and charges.

Taxation

If you are resident in the UK you must account to the Inland Revenue for rent received. An annual statement, suitable for tax purposes, and detailing all rent received and costs incurred can be supplied at a small charge.

We are registered with the Inland Revenue under the Non Resident Landlord Scheme (NRL). If you are resident abroad we are obliged by law to deduct income tax at the standard rate from the gross rental income and pay it to Inland Revenue, unless you can provide us with an exemption certificate. An application form is available on request.

Please Note - that where the property is jointly owned, each owner must apply individually for exemption under this scheme regardless of whether they have an income or not (this also applies to married couples).

We must point out that we cannot be held responsible for a landlord's Tax Liability arising from rental income.

Rent arrears and breaches of covenant

We will inform you of any rent arrears or breaches of covenant, of which we are aware. If it is necessary to use the services of a solicitor in respect of the tenancy, you will be responsible for instructing them and for all fees incurred. We will however take action in your name to recover rent arrears by serving the appropriate letter requesting payment to their home address. If this is not successful we will advise you to instruct specialist solicitors to take further action. It is your responsibility to protect your interests including instructing solicitors and commencing legal proceedings. All costs and disbursements incurred will be payable by you, unless you have previously arranged Rent Guarantee Insurance. Please ask us for details.

Early departure of a tenant

Should your tenant leave the premises of their own accord prior to the expiration of the tenancy, it is your responsibility to take the appropriate action to recover any outstanding rent from them.

 

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