Wallace Lettings, 52 bromham road, bedford 01234 350360
About Us
 Trained professional and friendly staff operates continuing professional development by course attendance keeping us well informed of current letting legislation, enabling us to give you the best possible advice.
Individual attention gives us the flexibility to tailor our service, best suiting your personal requirements, ensuring also that we track your tenancy closely.
Having received instructions to act on your behalf in the management of your property, we will actively market the property to secure a suitable tenant or tenants.
Your property and its description will be colour-featured in our advertisement within the property rental section of the local newspapers, displayed in our window shop front, marketed on Rightmove and on our web-pages.
A Wallace Lettings‘To Let’ board can be displayed outside your property on your instructions.
All viewings to your property are accompanied, and at the earliest opportunity we will direct feedback to you.
Some lenders will charge a fee for approving a let.
Wallace Lettings, as the Agent, will arrange the Assured Shorthold Tenancy Agreement between the Landlord and the Tenant, but the Agent is not party to this Agreement and cannot be held responsible for any breach by either party.
 An Assured Shorthold Tenancy Agreement will usually run for six months, thereafter it can continue on a month by month basis (periodic) or extended by a further agreement (fixed term) if both parties are agreeable. Wallace Lettings can advise you on this.
A separate Terms and Conditions of Business agreement between the Agent and the Landlord will also be prepared and before commencement of any property rental this agreement will need to be signed by the Landlord and returned to Wallace Lettings. However, your providing of a set of keys to the Agent constitutes an agreement whether a signed document exists or not.
We are careful to prepare our documents in accordance with the law but Wallace Lettings are very happy for you to consult with your solicitor to verify that your position is safeguarded.
Tax Implications of UK and Non-UK Resident
If, as an expatriate you use our services the Income Tax Management Act 1970 makes it clear that we are assessed for your tax due and in these cases we reserve the right to retain income to meet this demand. (Form IR 140 explains the current rules).
Allowances can be set against rental income and we would strongly advise you seek professional tax advice.
This custodial scheme is free of charge to users and deposits are held by the scheme provider during the tenancy.
 The Dispute Service (TDS).
This is primarily aimed at letting agents and major landlords and is an insured scheme with an annual fee is payable but it allows the agent or landlord to hold the deposit.
This insurance based scheme enables agents and landlords (either directly or through agents {not available to overseas landlords}) to hold deposits. The cost is in the form of a charge made on a per tenancy basis together with an annual joining fee.
Landlords can avoid the requirements of the scheme altogether by not taking tenancy deposits. This alternative should only be adopted where the risk of default is low, the prospective tenant has good previous references, or has been covered by an appropriate rent guarantee or insurance policy. More information on ‘deposit free’ letting can be accessed by going to www.letlink.co.uk, fact sheet number 24.
Wallace Lettings have chosen the ‘mydeposits’ scheme.
Scheme and Useful Contacts:
Scheme name—The Deposit Protection Service
Address—The Pavilions, Bridgwater Road, Bristol BS13 8AE
Phone—0870 7071707
Web—www.depositprotection.com
Email—webform
Scheme name—Tenancy Deposit Solutions Limited
Address—TDSL, 3rd Floor, Kingmaker House, Station Road, New Barnet, Hertfordshire EN5 1NZ
Phone—0871 7030552
Web—www.mydeposits.co.uk
Email—info@my deposits. co.uk
Scheme name—The Dispute Service Limited Address—PO Box 541, Amersham. Buckinghamshire HP6 6ZR
Phone—0845 2267837
Web—www.tds.gb.com
Email—info@tds.gb.com
The Government—The Department for Communities and Local Government (DCLG)
Address—The Tenancy Deposit Team, Floor 2 Area J10, Eland House, Bressenden Place, London SW1E 5DU
Phone—020 79444400
Web—www.tenancydeposit.gov.uk
Email—tenancy.deposits@communities.gsi.gov.uk
[Note: we take no responsibility for difficulties with the BACS or telephone systems beyond our control and will accept no liability for charges incurred by the clients as a result.].
Note: If you require an inventory listing by an independent inventory clerk please ask for details and charges. You may provide your own inventory; this is not recommended.
On vacating we will conduct a check-out visit and dilapidation’s will be attended to (in conjunction with the deposit scheme’s directive) if necessary .
It is essential that Landlords continue to insure their property and contents. Tenants are advised to insure their own personal contents, belongings and damages to the Landlords property.
Council Tax This is payable by the tenant but it is for you the Landlord to notify the Local Authority of the change of occupancy. The law only requires the Agent to provide relevant details as and when requested to do so.
 We cannot take responsibility for services provided by the telephone companies. Under their own remit, it is the Landlords or Tenants responsibility to notify them of any changes. Increasingly telephone companies will only deal with the Landlord or the Tenant and are not willing to liaise with the agent being a third party.
It is worth noting that incoming tenants can take over these telephone services at no extra cost, providing there is no break of service.
Legislation re Landlords and their Properties From the 1 March 1993 furniture must comply to fire and safety regulations (see accompanying leaflet).
 All properties with a gas supply must have a Gas Safety Certificate issued by a registered Corgi engineer (see accompanying leaflet). Energy Performance Certificates (EPCs) are needed before marketing your property. Electrical Safety Requirements (see accompanying leaflet).
 Letting your property can create anxious times for you. The law, legislation, and the Housing Act of 1988 are all complex. Wallace Lettings aims to smooth the path to letting, bringing you financial rewards.
Our highly competitive fee structure is set out below
Full Management Service 10%
Non-UK Resident Full Management Service 12%
Rent Collection 8%
Tenant Finder 6% on 6 months tenancy rental
Tenancy Set-up Fee £120
Tenancy Renewal £50
Serving Possession Notices
Preparing Court Papers
Advising on ‘Buy to Let’
Advice on where to buy
Advice on what to pay
tel: 01234 350360
fax: 01234 302727
web-site: www.wallacelettings.co.uk
email: info@wallacelettings.co.uk
Homeall Ltd t/a
Wallace Property Management
52 Bromham Road
Bedford
MK40 2QG
Company Registration No 2928805
VAT Registration No 817271138
Why Choose Wallace Lettings?
Wallace Lettings is an established local Bedford based company providing residential management services to landlords in Bedford and the surrounding towns and villages. Our local knowledge ensures that your property rental level is set accurately, based on size, location, facilities and furnishings. Trained professional and friendly staff operates continuing professional development by course attendance keeping us well informed of current letting legislation, enabling us to give you the best possible advice.
Individual attention gives us the flexibility to tailor our service, best suiting your personal requirements, ensuring also that we track your tenancy closely.
First Steps to Letting Your Property
Once we have visited the property and assessed it, we will discuss all your requirements with you.Having received instructions to act on your behalf in the management of your property, we will actively market the property to secure a suitable tenant or tenants.
Your property and its description will be colour-featured in our advertisement within the property rental section of the local newspapers, displayed in our window shop front, marketed on Rightmove and on our web-pages.
A Wallace Lettings‘To Let’ board can be displayed outside your property on your instructions.
All viewings to your property are accompanied, and at the earliest opportunity we will direct feedback to you.
Your Mortgage
If you have a mortgage, and if necessary, you should obtain the lenders permission to let the property. We may need to sign or stamp your lender’s consent form and might have to supply copies of the contractual documentation including the Tenancy Agreement and Tenant guides.Some lenders will charge a fee for approving a let.
Tenancy Agreement
The preferred agreement is that of an Assured Shorthold Tenancy Agreement which conforms to the 1988 Housing Act and 1996 Amendment Act. This agreement provides the Landlord with maximum legal protection if possession of the property is at issue. It is worth noting that at present there is no difference between furnished and unfurnished tenancies in terms of recovery of possession.Wallace Lettings, as the Agent, will arrange the Assured Shorthold Tenancy Agreement between the Landlord and the Tenant, but the Agent is not party to this Agreement and cannot be held responsible for any breach by either party.
 An Assured Shorthold Tenancy Agreement will usually run for six months, thereafter it can continue on a month by month basis (periodic) or extended by a further agreement (fixed term) if both parties are agreeable. Wallace Lettings can advise you on this.
A separate Terms and Conditions of Business agreement between the Agent and the Landlord will also be prepared and before commencement of any property rental this agreement will need to be signed by the Landlord and returned to Wallace Lettings. However, your providing of a set of keys to the Agent constitutes an agreement whether a signed document exists or not.
We are careful to prepare our documents in accordance with the law but Wallace Lettings are very happy for you to consult with your solicitor to verify that your position is safeguarded.
Tax Implications of UK and Non-UK Resident
Landlords
Income Tax from the rental of a property is treated as unearned income and therefore subject to tax at the standard rate, whether you are resident in the UK or not.If, as an expatriate you use our services the Income Tax Management Act 1970 makes it clear that we are assessed for your tax due and in these cases we reserve the right to retain income to meet this demand. (Form IR 140 explains the current rules).
Allowances can be set against rental income and we would strongly advise you seek professional tax advice.
Tenant Introduction
We interview potential tenants and assess their suitability. Comprehensive references from employer or accountant, bank, previous landlord, credit checking agency and nominated character reference are sought. Subject to satisfactory replies, and after discussing the full details with you, we will agree to a tenancy.Rent Guarantee
In association with ‘Homelet’ we offer a rent guarantee to our Landlords, please ask for information on this service. As your Agent we DO NOT guarantee your rent. [Note: Your property is at risk if you do not keep up repayments on a mortgage or other loan secured on it.]Tenants Deposits
Since the 6 April 2007 all tenant deposits held against an Assured Shorthold Tenancy must be protected in a government authorised scheme. There are four alternatives available.Deposit Protection Service (DPS).
This custodial scheme is free of charge to users and deposits are held by the scheme provider during the tenancy.
 The Dispute Service (TDS).
This is primarily aimed at letting agents and major landlords and is an insured scheme with an annual fee is payable but it allows the agent or landlord to hold the deposit.
My deposits.
This insurance based scheme enables agents and landlords (either directly or through agents {not available to overseas landlords}) to hold deposits. The cost is in the form of a charge made on a per tenancy basis together with an annual joining fee.
No Deposits.
Landlords can avoid the requirements of the scheme altogether by not taking tenancy deposits. This alternative should only be adopted where the risk of default is low, the prospective tenant has good previous references, or has been covered by an appropriate rent guarantee or insurance policy. More information on ‘deposit free’ letting can be accessed by going to www.letlink.co.uk, fact sheet number 24.
Wallace Lettings have chosen the ‘mydeposits’ scheme.
Scheme and Useful Contacts:
Scheme name—The Deposit Protection Service
Address—The Pavilions, Bridgwater Road, Bristol BS13 8AE
Phone—0870 7071707
Web—www.depositprotection.com
Email—webform
Scheme name—Tenancy Deposit Solutions Limited
Address—TDSL, 3rd Floor, Kingmaker House, Station Road, New Barnet, Hertfordshire EN5 1NZ
Phone—0871 7030552
Web—www.mydeposits.co.uk
Email—info@my deposits. co.uk
Scheme name—The Dispute Service Limited Address—PO Box 541, Amersham. Buckinghamshire HP6 6ZR
Phone—0845 2267837
Web—www.tds.gb.com
Email—info@tds.gb.com
The Government—The Department for Communities and Local Government (DCLG)
Address—The Tenancy Deposit Team, Floor 2 Area J10, Eland House, Bressenden Place, London SW1E 5DU
Phone—020 79444400
Web—www.tenancydeposit.gov.uk
Email—tenancy.deposits@communities.gsi.gov.uk
Payment of Rent
 We prefer tenants to pay rent by standing order monthly in advance. We account to you, the Landlord, on a monthly basis, transferring payment directly into your account via electronic transfer with The Royal Bank of Scotland. A statement will be sent to you monthly at the time of the rent transfer.[Note: we take no responsibility for difficulties with the BACS or telephone systems beyond our control and will accept no liability for charges incurred by the clients as a result.].
Inventories/Condition of Property
Prior to each occupancy still photographs will be taken along with a comprehensive written check-in log, these are singed by the Landlord/Landlord’s Agent and the Tenant on the day of occupation. Copies are supplied to the Landlord and Tenant with a further master copy held by the Agent.Note: If you require an inventory listing by an independent inventory clerk please ask for details and charges. You may provide your own inventory; this is not recommended.
On vacating we will conduct a check-out visit and dilapidation’s will be attended to (in conjunction with the deposit scheme’s directive) if necessary .
It is essential that Landlords continue to insure their property and contents. Tenants are advised to insure their own personal contents, belongings and damages to the Landlords property.
Council Tax This is payable by the tenant but it is for you the Landlord to notify the Local Authority of the change of occupancy. The law only requires the Agent to provide relevant details as and when requested to do so.
Utilities
Your tenant is responsible for gas and electricity and in most cases water rates during the tenancy. Whilst we will take gas, electricity, and where possible water meter readings at the start and completion of a tenancy, it is the tenants responsibility to inform the relevant utility company, however we of course are willing to assist if required. We cannot take responsibility for services provided by the telephone companies. Under their own remit, it is the Landlords or Tenants responsibility to notify them of any changes. Increasingly telephone companies will only deal with the Landlord or the Tenant and are not willing to liaise with the agent being a third party.
It is worth noting that incoming tenants can take over these telephone services at no extra cost, providing there is no break of service.
Legislation re Landlords and their Properties From the 1 March 1993 furniture must comply to fire and safety regulations (see accompanying leaflet).
 All properties with a gas supply must have a Gas Safety Certificate issued by a registered Corgi engineer (see accompanying leaflet). Energy Performance Certificates (EPCs) are needed before marketing your property. Electrical Safety Requirements (see accompanying leaflet).
 Letting your property can create anxious times for you. The law, legislation, and the Housing Act of 1988 are all complex. Wallace Lettings aims to smooth the path to letting, bringing you financial rewards.
Our highly competitive fee structure is set out below
Fee Structure
Full Management Service 10%
Non-UK Resident Full Management Service 12%
Rent Collection 8%
Tenant Finder 6% on 6 months tenancy rental
Tenancy Set-up Fee £120
Tenancy Renewal £50
Additional Services Available
Serving Possession Notices
Preparing Court Papers
Advising on ‘Buy to Let’
Advice on where to buy
Advice on what to pay
No Hidden Charges
All Charges are subject to VAT, are current as at 1 April 2008 and are subject to changeRESIDENTIAL LETTINGS:
natasha smith, sandi bettag & margorie hulkesDIRECTOR:
peter fishertel: 01234 350360
fax: 01234 302727
web-site: www.wallacelettings.co.uk
email: info@wallacelettings.co.uk
Homeall Ltd t/a
Wallace Property Management
52 Bromham Road
Bedford
MK40 2QG
Company Registration No 2928805
VAT Registration No 817271138
