Frequently asked questions
FAQ
How much rent can I achieve?
This will depend on the local market and the configuration of your property. Please contact us (josh@cityscan.uk) and we will arrange a valuation of your property free of charge.
What costs will I pay?
Landlords are responsible for paying estates management charges, ground rent and agency fees. These are set by your developer and agent.
Tenants normally pay for utility costs including gas, water, electricity, council tax, heating and cooling.
Do I need to provide furniture?
Furnished properties generally attract a higher price for rent by anything up to 10%. However, we recommend waiting until tenant applications have been received as it may be possible to find tenants who do not need furniture saving significant cost.
How much tax should I expect to pay?
Normally 20% of any profits retained however it is a good idea to confirm this with an accountant or tax adviser as it depends on your individual circumstances.
Do I need insurance?
Some landlords choose to take out specialist landlord insurance to protect the contents of their property.
How can I find good tenants?
By completing careful background checks and using experience to spot red flags to avoid future problems. Experienced agents and landlords are far less likely to encounter legal problems, property damage or unpaid rent than those with only a few years experience..
How long do people typically rent for in the UK?
It is best to start with a 12 month contract when accepting new tenants who are unknown.
How much security deposit can I take from my tenant?
A maximum of 5 week’s rent.
By law, all deposits must be protected within a government backed scheme. A claim can be made from the scheme if needed providing all documentation has been served correctly by the landlord or agent.
Who collects the rent?
An agent normally collects the rent and sends this to you at an agreed upon schedule.
What happens if my tenant stops paying rent?
If tenants are properly vetted and chosen carefully this is an unlikely scenario. However, If this does happen it is the agent’s responsibility to attempt to recover any unpaid rent. If this is not successful there is a legal process to be followed to recover any unpaid rent.
If something needs to be repaired what happens?
Your agent will normally arrange for repairs to be completed at a fair price with your approval. Tenants will report any issues to your agent.
What does an agent normally cost?
This depends on service levels and is agency specific.
For a fully managed service including tenant finding, maintenance and rent collection the market rate is 10 – 14% plus VAT at 20%. Most agencies charge additional costs for condition reports, producing contracts and inspections (usually £150 to £300).
What do you cost?
We price ourselves competitively at 8% inclusive of any VAT. Our fully managed service includes tenant finding and management of the property with no additional fees for producing contracts, condition reports or inspections.
We provide everything needed for a safe, successful and sustainable tenancy for 8% of your annual rent receipts.
How is this possible?
We are an exclusively online agency which means we do not have the additional costs of high street branches. This allows us to price ourselves very competitively with an innovative business model and to focus purely on providing a high quality service.
What about taxes?
We can help with setting up your tax position as an overseas resident and arrange accountancy services for you.
Can you help with furniture?
We can supply and install furniture and blinds if needed on a bespoke basis.
Will you be there when I need you?
Yes! Our number one feedback from clients is that we are very reliable and very responsive. Your messages and emails will always be responded to promptly and we hope to build a long lasting relationship with you..
We are landlords too - therefore we think like landlords – we want our decades of experience to keep your portfolio running smoothly so that we grow together.