THE current lack of availability in mortgage finance in conjunction with a growing requirement for many wanting or needing to move to a larger home, has dramatically boosted demand for rented homes in the UK, according to Savills.
This has, in turn, increased the number of investors with a lettings portfolio.
In addition, an increase in the number of accidental landlords — made up either of prospective vendors unwilling to sell in the current market or of families and professionals relocating abroad for work but who want to retain a residence in the UK — has led to an increase in rental stock.
In order to help assist its clients as much as possible, particularly those who are new to the industry or who are managing a large number of properties, international real estate adviser Savills offers a rent receipt service. This effectively means the company will collect and chase rental payments on behalf of the landlord, alleviating much administration and any potential awkwardness which may arise between a landlord and tenant regarding any financial transaction. This can be arranged either as a part of the Savills full property management service or separately as a rent receipt only service.
Tanya Blake is the Henley-based director and head of Savills Home Counties Lettings. She said: “We have a dedicated team of experienced professional accounts staff based from our Oxford office who oversee rent receipt for our clients.
“The service processes payments on a daily basis ensuring that landlords do not have to wait to receive funds once they have cleared in our account.
“This differs from many agents, where payments can take between a week to a month to be processed.
“For those landlords based overseas (a growing trend in the current climate) our service is able to provide an overseas landlord’s tax service, with the provision of an NRL6 form annually. We can also arrange for payments to be made to overseas accounts.
“The service includes the provision of consolidated statements free of charge for any specified period requested, which is especially helpful for tax purposes.
“Also, for landlords with an investment portfolio, we are able to provide statements individually for each property, or alternatively on a monthly basis across the portfolio.”
She concludes: “Many of the landlords who chose to use Savills do so because of the extra services we are able to offer and which set us apart from many of our competitors.”
For more information about Savills’ rent receipt service, contact Tanya on (01491) 843002.