It is the landlord’s responsibility, prior to instructing Chase Macmillan, to ensure that the property is in good repair, the services and appliances are operational and in working order and that gas fire, electrical equipment (safety regulations and smoke alarm legislation are complied with, as detailed by the following legislation: - By signing this agreement the landlord indemnifies Chase Macmillan from and against all costs, claims, damages and expenses arising because of the landlord’s negligence or failure to comply with the said statutory requirements.
HMO (HOUSING IN MULTIPLE OCCUPATION) – LICENSING RULES:
As from April, 2006, new legislation has come into force for landlords who are letting properties three or more storeys with five or more people living as two or more households However, some councils may choose to license landlords with smaller HMOs as well. To check whether your property falls into this category, please log into www.odpm.gov.uk, which will provide you details on how to apply for license, how much it costs and whether additional or selective licensing will be used locally.
Income from all residential lettings in the UK is subject to Income Tax. A non-resident Landlord may apply to the Inland Revenue for Self Assessment Status and a CNR number, if granted, you will receive the rent gross and account yourself to the Revenue each tax year. Chase Macmillan is required to deduct basic rate tax and account to the Inland Revenue for all overseas Landlords who have not provided a valid and current CNR number. Any such tax withheld will be placed on deposit in Chase Macmillan’s Client’s Account. (paid to Inland Revenue quarterly). Any marginal rate of interest earned through aggregation of accounts will be retained by Chase Macmillan to defray bank charges and audit costs. If the Landlord is not granted Self Assessment Status the landlord may need to apply to the Revenue for a refund of excess tax once his accounts are up o date. The agent is required to complete quarterly return to submit to the Revenue and the Landlord. For the additional work involved where a Landlord does not obtain Inland Revenue approval to receive rent gross, we will make a charge of £500 plus Vat per three-month period.
"Dear Jay and Jayshree, Thank you for the support and help with regards to the purchase of the above property. I would like to add that the service provided by you was very professional, timely and patient. You provided valuable guidance and dealt with queries very efficiently. You organised viewings and sent reminders which were helpful. Also, the help to liaise with others example solicitors, managing agents was also very helpful. Thanks again for this Best Wishes Dr. J .Shah "