Landlord Information

When you let your Property with Bowman Rebecchi Letting you can be sure that the process will be stress-free and we offer a broad range of services to suit any landlord.

whether you’d prefer to just give us your keys and let us take care of everything or would rather self-manage your own let, hands-on.  As detailed below we have various levels of service ranging from a Let Only or Full Management. 

Our fees are flexible and be can bespoke dependent upon location, type of property and number of properties you are proposing to let. Contact Us today to arrange a free property appraisal and agree to a fixed fee.

Please note that legislation requires Landlords to provide proof of ownership and personal photographic identification when letting a property.

If you are letting for the first time we have also detailed a list of associated budget costs relating to works and other legal requirements you will need to complete prior to marketing and a tenant moving in.

Bowman Rebecchi Letting is subject to the Letting Agent Code of Practice (Scotland) Act Regulations 2016 and our Letting Agent Registration Number is LARN2112001.

All rent and other payments received are held in a protected “Ring Fenced” designated client account currently with the Bank of Scotland. Client Money Protection is in place through our ARLA Client Money Protection Scheme and all our deposits are held by SafeDepositsScotland.

ASSOCIATED COSTS

When you initially set up a property to let there may be additional associated costs to ensure you and your property are fully compliant with current legislation. We have made a list of the main requirements for guidance only:

  • Landlord Registration.

  • Gas Safety, Boiler Service, PAT Test, Legionnaire Assessment.

  • Electrical Certificate Test (EICR).

  • Smoke and Heat Detectors.

  • Carbon Monoxide Alarms.

LANDLORD INSURANCE

Finding specialist insurance for rental property can sometimes be a challenge and all too often, landlords find their property is not adequately covered by standard insurance policies. Landlords specialist insurances are available which provide comprehensive property insurance solely for the rental market.

Bowman Rebecchi Letting is not regulated to:-

  • Give advice, recommendations or endorsements in respect of any insurance product

  • Assist in the completion of proposal forms.

  • Collect, handle or receive any premiums.

  • Manage Claims, deal directly with Insurers/Loss Adjusters or supervise contractors.

OVERSEAS TAX LIABILITY

When living abroad it’s even more important to know that your most important asset, your property, is in good hands.

We have many Overseas landlords and therefore we understand the importance of communication; keeping in touch, responding to queries promptly and we know it goes a long way to have regular feedback from property visits and on potential repair works.  We are here to make letting your property as stress-free as possible whilst living abroad.

On the legal side, there are extra considerations for overseas landlords and we help you understand and address them in an efficient manner.

What you need to be aware of:

  • We will have to verify your identity and get proof of ownership as we start working

  • To assist you through the Overseas Tax process please follow the Overseas Tax Information link, which will allow you to either download or complete online, the necessary application form. During the application process, you will require to give our Agents Tax Number which is: NA065299B

  • The HMRC will then issue a Tax Exemption Certificate to ensure you receive your UK rental income without deduction of tax.

  • For joint overseas landlords, a tax exemption form and number will be required for each landlord.

  • If you apply for tax exemption we will forward you the gross rental income and provide an annual statement that is suitable for use by HMRC.

  • If you do not register for tax exemption, the basic tax rate (currently 20%) will require to be deducted from the rent and paid to HM Revenue and Customs (HMRC) each quarter – in this case, we will submit accounts to HMRC on a quarterly basis and send you a certificate on taxes paid on your behalf; we will charge £30 per quarter for the submission of accounts.

BUY TO LET

With rental incomes steadily increasing over recent years letting out a property can be a good way to bring in a regular income. If you can find the right property and the right mortgage it is possible to make a rental yield of around 5 – 10% depending on the location. 

Buying a property to let as a medium to long term investment to generate an income has become an increasingly popular option over recent years, especially at a time of low-interest rates and stock market productivity. A demand from would-be tenants of the rental property remains strong in many areas of the region.

Although buy to let can be a good investment there are also risks to consider too. It’s really important to make sure you’ve got your sums right and thought about everything renting out a property entails before committing to a mortgage and becoming a landlord.

Bowman Rebecchi Letting can guide you through the purchase, letting and management of your buy-to-let property or portfolio and listed below are some simple factors you should consider first:

Research the Market

  • Carefully research the local market and tenant demand in the area you intend to buy

  • Establish the tenant demand and the most sought-after size, style and type of property required

  • Consider local amenities and main lines of communication and employment that will all help to ensure your property is let quickly; choose an area where people want to live

  • Do not let personal taste cloud your judgement

Get Your Sums Right

  • Will the rent cover borrowings and costs after allowing for void periods?

  • As a landlord, you will continue to be responsible for maintenance costs and servicing of fixtures and fittings to include boilers and buildings insurance. 

  • It is best not to purchase a property that will require lots of ongoing maintenance.

  • What will the cost of refurbishment prior to letting be? The less you have to do the better

  • Think of buy-to-let as a medium to long-term investment

  • Do not be over-ambitious and opt for a realistic yield and capital growth

Finances

  • If you intend to borrow, ensure you choose a mortgage that best suits your current and future needs

  • Take advice from an experienced independent mortgage advisor

  • You will need money to cover upfront costs including the deposit, legal fees and stamp duty

  • The income from renting properties is taxable but you will be able to offset some of the costs you incur as a landlord including:
    - Agency fees
    - Insurance premiums
    - Cost of repairs and renewals
    - Accountancy and other professional fees

  • If and when you decide to sell your buy-to-let investment, the proceeds could be subject to capital gains tax

  • There have been many recent changes to the way in which a buy-to-let investment is taxed and you must ensure you are fully aware of these. Visit www.hmrc.gov.uk for more information.

What are Your Landlord Obligations

As a buy-to-let landlord, you have obligations to your tenants and need to comply with certain regulations including:

  • Gas Certificates

  • EIRC Certificates

  • Energy Performance Certificates

  • Legionnaire and PAT Test Certificates

  • Repairing and maintenance obligations

  • Deposit protection

  • Tenancy agreements and notices

  • Landlord Registration

Look After Your Investment

You will need to decide how you would like your property to be managed during the tenancy.  Bowman Rebecchi Letting can offer a number of tailored services to suit everyone. 

Many buy-to-let landlords require a fully managed service as a third party will be dealing with all aspects of the letting and management of the property, including the collection of rent.  

You may wish to manage the tenancy and property yourself and therefore might prefer our Rent Collection or Let Only services. To find out more about our services please Contact Us.

Protect Your Rental Income

We take pride in looking after and protecting your investment and aim to remove the stress from letting your property by:

  • Offering tailored letting and management services that ensure your property and money are looked after

  • Using a qualified and Regulated ARLA Agent to ensure property assets and money are protected

  • Consider rent guarantee insurance to protect your rental income and investment - please contact a member of staff to find out more

Contact us.

lettings@bowreb.com
01475 639000 (Option 1)

32-36 Kempock Street
Gourock, PA19 1NA