- Fees
- Advertising
- Securing Tenant and Full Referencing
- Deposits
- Safety Certificates
- Rental Payments
- Inventories and Inspections
- Transfer of Utilities
- Maintenance and Repairs
- Tax Obligations
- Insurance Policies and Services
Fees
We pride ourselves on being extremely competitive when it comes to our fees. We understand being investors ourselves, that every penny counts in today’s climate. We aim to provide a first rate service, at the most affordable prices.- Let Only – Half the first months rent (Only payable upon successful, tenant finding, referencing, and move in).
- Full Management – Half the first months rent, initial setup fee, 8% of monthly rent
Advertising
After registering your property with Eastside Properties we will begin our advertising immediately. This will be in the form of our website, as well as through our network of partner websites. We also contact companies directly with our property list, along with contacting our extensive list of waiting tenants.Securing Tenant and Full Referencing
Once a tenant for your property has been found a full reference will be taken. This reference is subcontracted to a professional referencing company who will then contact the tenants employers, previous landlords etc, and compile a full reference report for us to evaluate. This ensures that we only provide high quality tenants with impeccable references.Deposits
A deposit equivalent to one month’s rent is taken on application of the property.As part of our Terms and Conditions, should the tenant withdraw their application and decide to not continue with the proposed Tenancy we will pass this deposit to you. On commencement of the Tenancy the deposit will be held by the DPS (Deposit Protection Service) as laid down by current legislation. For their full Terms and Conditions please visit www.depositprotection.com
Safety Certificates
As part of the Gas Safety Regulations 1994 it is a legal requirement to have an annual Landlord’s Gas Safety Certificate issued for the property prior to the commencement of the Tenancy. The Electrical Equipment Regulations 1994 strongly recommends that all electrical appliances, plugs and sockets are tested prior to the initial letting of the property and annually thereafter. Properties managed by Eastside Properties must have a valid electrical certificate. Please read the following landlords guide from the Electrical Safety Council for further information
Download PDF
Furniture and Furnishings Regulations 1988 requires all upholstered articles to have fire resistant filling material and for such articles to have passed a match resistance and cigeratte test. Eastside Properties have a team of contractors that can ensure you have correct certificates, please contact us for information if required.
Rental Payments
After the initial First Month Rent and Deposit has been cleared by our bankers, we will set up relevant standing orders for subsequent rental payments depending on the type of service you have requested. For fully managed properties we are responsible for collecting all the rent on your behalf. These monies will be passed to your account within 7 days of collection. You will also receive a monthly statement for your records. If you have decided to manage the property yourself, we will set up a standing order from your Tenant’s account to pay directly in to your bank account each month. We have made it mandatory that your tenants pay you by standing order.Inventories and Inspections
For our fully managed properties we will produce a formal inventory at our expense. In addition to this, digital photos will be taken of every room and held on our system. Every three months a formal inspection will be carried out (this is included in the Full Management service and fee). An inspection report will be sent to you making you aware of the visit and our findings. Let-only Landlords are required to prepare their own inventory prior to the commencement of the Tenancy and are also responsible for carrying out quarterly inspections throughout the Tenancy.Transfer of Utilities
As standard, we manage all aspects of transferring the utilities over to the new tenants. Meter readings are taken on the day of handover, transfer of names are organised and if applicable, standing orders set up.Maintenance and Repairs
Fully managed properties benefit from our specialised team of experts when undertaking any maintenance or repairs. If there is a problem with your property we will arrange for free quotes on your behalf. We will liaise with your tenants in order to arrange a mutually convenient time for our contractors to go ahead with the job.For problems that may arise out of office hours Eastside Properties has a 24hr emergency contact number.
Tax Obligations
Landlords based in the UK are completely responsible for their own tax matters. Eastside Properties will not deduct for tax at source and will pay directly in to your bank account. Non UK Landlords are required to register with the Financial Intermediaries and Claims Office (FICO) in order to be exempt from paying UK tax. Please note that this will not avoid the necessity for you or your Accountant to complete tax returns, but will allow you to pay the tax due at the end of each tax year. We recommend that you employ a qualified Accountant to agree your assessment each year with the Inspector of Taxes. For more information please visit the HM Revenue and Customs Home Page. www.hmrc.gov.uk.Insurance Policies and Services
We advise all Landlords that it is their obligation to inform their insurance companies (buildings and contents) that their property is going to be let. The insurance companies will advise on any variation to current terms.
