As Landlords one of the decision you must carefully make is choosing the right property firm to Manage or Let your property. There are many factors that should be taken into consideration,
Rest assured Bloomingdale Residential have all the above and can produce any certification upon request.
Bloomingdale Residential are regulated by the Property Ombudsman and strictly abide by their Codes of Practice.
As members of the Property Ombudsman Bloomingdale Residential are required to have Professional Indemnity Insurance, and also require Client monies to be maintained in a separate account, which means that Rent collected on behalf of the Landlord and Deposit held for the Tenant are kept in an audited Client Funds account.
Bloomingdale Residential has a wealth of knowledge and experience in the residential lettings market, commitment to best codes of practice and exceptional service to our clients,
Making us the right residential lettings firm for your property asset management.
Landlord Fee:
A) Let Only - 2 Weeks Rent Processing fee
B) Letting & Mangement Service 10% Capped at Monthly rent
C) Rent Guranteed Service - No charge only agreed rent Paid to Landlord
There are currently many legislations a property must comply with, which can become very time consuming and stressful for landlords, at Bloomingdale Residential we can ensure that you and your property comply with all the legislative requirements.
Here are some legislative requirements that you must comply with,
The Energy Act 2011 contains significant provisions to ensure that from April 2018, it will be unlawful to rent out a residential property that does not reach a minimum energy efficiency standard which will be revealed in an Energy Performance Certificate ("EPC"?).
An EPC provides information on a building's energy efficiency on a sliding scale from 'A' (very efficient) to 'G' (least efficient). The purpose of the EPC is to show prospective tenants the energy
Although it is not yet a statutory requirement, when enacted, the Household Safety (Carbon Monoxide Detectors) Bill will require installation of an audible carbon monoxide detector at the property.
Regulations will be made to require annual testing of the carbon monoxide detector as part of the annual gas safety check.
Bloomingdale Residential recommends that you do not wait for this to become law.
Under legislation, all portable electric items require testing before each tenancy commences
Although it is not required by Law to have an Annual Electrical Safety Test it will increase risk on the Landlord to be prosecuted if electrical equipment and system fail to meet regulated standards.
Therefore Bloomingdale Residential recommends that a safety inspection is carried out every 5 years.
Housing Act 2004 Chapter 4 and the Localism Act 2011
Deposits are a standard and essential feature of resident lettings. They are taken as security against damage to the property or contents, issues that generally arise at the end of the tenancy upon check-out.
Deposits can also be used as security in the event of non-payment of rent or other monies payable by the tenant.
Since 6 April 2007, deposits taken on all Assured Tenancies are subject to mandatory regulation.
Company lets and non-assured tenancies (Lettings at more than £100,000 rental per year) are not regulated by this legislation.
There are very significant sanctions for failure to complywith the requirements of the regulations.
The policy behind the regulation is simple
Approved schemes:
The Housing (Tenancy Deposits) (Prescribed Information) Order 2007 makes it mandatory to inform the tenant ofhow and by whom it will be held, anddeposit holding provisions.
This can be conveniently given in the form of a leaflet published by the relevant Tenancy Deposit Scheme.
All schemes offer independent dispute resolution services.
Landlords and their agentin all cases where the deposit fallswithin the regulations they must within the prescribed 30 day timeframe:
Failure to meet these requirements within the specified time framecould have significant sanctions which include a possible block on regaining possession.
The tenant has up to 6 years after the end of the tenancy to apply for a sanction to be imposed, even if the deposit was returned in full.
Besides from ordering immediate return of the deposit, the court can also impose a penalty of up to three times the amount of the deposit.
Health and Safety at Work etc. Act 1974 and the Control of Substances Hazardous to Health 1999.
All hot and cold water systems in residential properties are now within the scope of the revised Approved Code of Practice and guidance Legionnaires’ disease (ACOP).
All landlords and Letting Agents in control of private rented properties are now required to protect their tenants against the risk of contracting Legionnaire's Disease.
Legionella bacteria can multiply in hot or cold water systems and storage tanks in residential properties, and then be spread, e.g. in spray from showers and taps.
Landlord must carry out a risk assessment to identify and assess potential sources of exposure. You must then introduce a course of action to prevent or control any risk you have identified.
How to comply with your new legal responsibilities regarding control of Legionella is given in the ACOP which can be found at
Under UK tax laws, the Landlord is obliged to pay tax on UK rental income. UK residents do this through their self–assessment returns.
The NRL scheme requires UK letting agents to deduct basic rate tax from any rent collected for non-residentlandlords.
As letting agents, by law we must deduct tax unless and until HMRC notifies us in writing that the non-residentlandlord has successfully applied for approval to receive rents with no tax deducted
It is possible to make application to HM Revenue & Customs (HMRC) to receive rent without prior deduction of tax. See:
Taxation is a highly complex ever-changing subject and we highly recommend that landlords always retain a Chartered Accountant or Chartered Tax Consultant to deal with their tax liability.
67 Grosvenor Street,
Mayfair, London, W1K 3JN
24 Westham Lane,
Stratford, London, E15 4SA
Copyright Bloomingdale Residential 2023. All rights reserved.
Web Design by Companies Web Design