Tag Archives: hints and tips for letting-only landlords in bristol

Was the Summer Budget positively focused on buy-to-let landlords in Bristol?

Here at City Rental Services, we like to keep an eye on industry legislation, so we’re better placed to advise and assist our buy-to-let landlords in Bristol.

A significant piece of Government legislation recently has, of course, been the Summer Budget – and it’s sparked a huge amount of debate in the lettings industry and Bristol rented property market in recent weeks.

advice for buy-to-let landlords in bristol from letting agency City Rental Services

We found a useful industry article here, covering a few concerns that the recent Budget would force private landlords and buy-to-let investors in Bristol to raise rents.

For us, as experienced independent letting agents in Bristol, there are two main areas of concern for landlords with the Summer Budget – namely:

  1. The restriction on ability to claim interest rate relief on the higher rate for taxpayers (40%) on buy-to-let mortgages
  1. The loss of 10% wear & tear allowance against income – in future, receipts must be available to prove that expenditure has been incurred

We’ve seen a number of legislative and financial attacks on buy-to-let landlords and property investors in Bristol during this year, and we’d advise all potential new private landlords and property market investors to seek professional industry advice before ploughing pensions pots into property.

We’re not accredited financial advisors here at City Rental Services, but we’re always happy to help and assist our private landlords in Bristol, and often find each week sees a number of our property portfolio landlords in Bristol popping in to see us and discuss the Bristol property market in depth.

To find out more about our letting agency services in Bristol, simply call into 58 Gloucester Road to see us.

The importance of record keeping for letting-only landlords in Bristol

We work with many letting-only landlords in Bristol at City Rental Services, and part of our remit includes giving these landlords the very best advice possible from our experience as a leading independent letting agency in central Bristol.

This advice sometimes also covers basic hints and tips on keeping effective records, to make sure that tax matters and legal financial obligations are met.

advice for letting-only landlords in Bristol

Tax advice is not, of course, something we provide as financial advisors – as we are not regulated by any relevant Ombudsman or financial regulatory body – but here are some simple hints and tips for letting-only landlords in Bristol looking to increase the effectiveness of their record keeping practices. Ensure that you keep records for the following:

* Tenants and Guarantors contact information

* Deposit Scheme, Tenancy Agreement & Inventory details

* Rents

* Start & stop dates for all tenancies

* Gas Safety notices

* PAT and NECEIC dates for electrical safety

* Property inspection dates

* Other maintenance records, such as garden tidying

* Records of all invoices and receipts

* Invoices for all expenditure on rented properties in tidy order

If you’re a new letting-only landlord in Bristol, the importance of setting up an efficient and thorough filing system straight away cannot be stressed enough.

Also, don’t forget clearly-marked keys for your rented properties – but not with the address attached to them, in case they get stolen by a third party!

If you’re looking for advice on letting-only services in Bristol, call in to 58 Gloucester Road to see us.