Costs associated with Letting a house in the uk for an irish resident

[Gary 23]

Hi
Could anyone tell me the costs associated with letting a house/apartment in the uk whilst living in ireland. i understand that letting agency costs vary but what are the other overall costs such as property licence, average management fees average letting ageny fees, bills and charges, taxes etc etc
Any info would be apprieciated.
Yours
Gary

 

[Pegasus]

Don't forget rates - applicable to residential property in UK.
Possibly water rates - not applicable in Northern Ireland.

 

[propertyprof]

Don't forget rates - applicable to residential property in UK.
Possibly water rates - not applicable in Northern Ireland.

possibly council tax and service charge if applicable when vacant

 

[erw fran]

From experience;

Fees when occupied;

Estate Agent (Mgt) 10% rent + VAT (17.5%) monthly
Buildings Insurance about £42 monthly (this is compulsory for the UK mortgage company)
Gas Certificate (yearly) Labour £60
Maintenance / Upkeep

when Vacant
Council Tax: Paid proportionally depending on the band the house is in about £300 yearly I think for 2-bed terrace
Utilities : Water/ electricity / gas / phone line

Tax is payable if rent exceeds cost of upkeep / mortgage - I am unsure of what the rates are and where you pay them as we pay a higher mortgage so as to break even
this is off the top of my head - apologies if I have missed anything

Also, if a finders fee is relevant this is about £200 intially to get the tenant in the door.

 

[propertyprof]

From experience;

Fees when occupied;

Estate Agent (Mgt) 10% rent + VAT (17.5%) monthly
Buildings Insurance about £42 monthly (this is compulsory for the UK mortgage company)
Gas Certificate (yearly) Labour £60
Maintenance / Upkeep

when Vacant
Council Tax: Paid proportionally depending on the band the house is in about £300 yearly I think for 2-bed terrace
Utilities : Water/ electricity / gas / phone line

Tax is payable if rent exceeds cost of upkeep / mortgage - I am unsure of what the rates are and where you pay them as we pay a higher mortgage so as to break even
this is off the top of my head - apologies if I have missed anything

Also, if a finders fee is relevant this is about £200 intially to get the tenant in the door.

The building insurance covered in the service charge will suffice if its a flat you are letting out, but you need to check that

 

[erw fran]

The building insurance covered in the service charge will suffice if its a flat you are letting out, but you need to check that

can you define the "service charge" please?

 

[propertyprof]

Charge levied by management company to cover all communal costs inc maintainance, repairs, lifts, electric, roller shutter door on the parking down to repainted the exterior

 

[erw fran]

aha

just to clarify - my post was regarding a 2 bedroom terrace where the company that manages the tenancy is completely independent and not associated with the property - I have no experience of renting out a flat.

 

[propertyprof]

aha

just to clarify - my post was regarding a 2 bedroom terrace where the company that manages the tenancy is completely independent and not associated with the property - I have no experience of renting out a flat.

sorry, I did highlight that my comment was in relation to a flat

 

[erw fran]

I was just clarifying with the original poster what the costs I posted where associated with - I wasn't criticising you

 

[propertyprof]

I was just clarifying with the original poster what the costs I posted where associated with - I wasn't criticising you

I know, and vice versa

 

[Propman]

If it is an apartment, you do not necessarily need to have additional (renters) insurance; (some) banks will waiver you from having to have it insured, provided the apartment block insurance is in place and paid through the service charge etc.

 

[propertyprof]

If it is an apartment, you do not necessarily need to have additional (renters) insurance; (some) banks will waiver you from having to have it insured, provided the apartment block insurance is in place and paid through the service charge etc.

is there an echo in here??