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Your solicitor for the purchase. Please note that this conveyancing process is much quicker than normal process and we can recommend solicitors who are able to complete the purchases within the given time frames. Whilst you have freedom of choice to instruct a solicitor of your own choosing, we recommend using one of the solicitors whose details we can forward to you, as they have experience of conducting conveyancing in this geographical area which promotes efficiency and timely completions which are in everybody's interest. Their fees start from £950+VAT + disbursments.
Stamp duty surcharge of 5% for ‘additional’ properties over £40,000
Selective Licence fee for some properties - One off charge of up to £555 for a 5 yr period 1 April 2022 to 31 March 2027 (discounts available) please click on the following link for more details https://www.readylet.co.uk/blog/selective-licensing
Annual costs
Landlord’s buildings insurance approx. £200 a year (we can also put you in touch with someone to organise this for you)
Following the 1st gas service which is included in the price of the property, all tenanted properties require an annual cp12 gas certificate. We will arrange this and keep the records. The charge for this is approx. £80+VAT per year
Monthly costs
Following the purchase, we charge the greater of £45+VAT per month for a full management service, or 10% of rent + VAT
Ad-hoc costs
The properties are refurbished by our builders before you complete your purchase, and there is no charge to fix snagging issues for 6 months from your completion date, after that date any maintenance issues will be rechargeable but our maintenance team resolve any issues swiftly and are very competitive. The tenants bring their own white goods so you are not responsible for fixing these.
All tenanted properties require an EPC, and there will be one in place when you purchase the property but this will need to be renewed 10 years following the date the EPC was carried out. The charge for this is approx £80+VAT
All tenanted properties now require an electrical report, again there will be one in place when you purchase the property but it will need to be renewed 5 yrs after it was first done. Again we arrange this and keep the records. The charge for this is approx £250+VAT.
As part of the price of the property we find, vet, and appoint a tenant to the property, paying close attention to applicant history and references. The majority of our tenants are long term tenants, however if the tenant does decide to move out there is a charge of £200 to appoint a new tenant. This charge will not apply for the first 6 months of ownership.
If the property is empty you will be liable for the council tax, but the tenant will be reseponsible for this whilst the tenant is in situ (please note that if a tenant does decide to move out we can normally replace them quickly so this is rarely an issue)
All Inclusive Management Option
If you feel it will help you manage your budgetting we offer an all inclusive management serivce for 20%+VAT per month (minimum £90+VAT) which includes the following on top of our standard management service.
One Tenancy set up fee per property, per annum
One renewal of tenancy per property, per annum
One annual gas safety check per property, per annum
Up to £500 per property, per annum to cover any standard maintenance charges
Disclaimer
There are many responsibilities of being a property owner and a landlord and although the list above does give you a good idea of what can be expected, it should not be interpreted as comprehensive.
