Income And Accounts

Income And Accounts

For landlords utilising our Letting & Rent Collection and Full Management services, Fairview Property will collect rent from tenants and account to landlords on a monthly basis.

We have dedicated Client Rent and Client Deposit accounts, ensuring at all times that tenant and landlord monies are accounted for separately from our own company trading accounts. Tenants are required to pay rent into our Client Rent account on a monthly basis, on the anniversary of the check-in date, by standing order. Fairview Property will deduct the applicable management fee, plus any other ad hoc expenses (e.g. repair bills incurred on the landlord’s behalf), before arranging for the automatic transfer of the balance to your nominated bank account. We aim to have the funds in your account within 5 days of the receipt of rent payment.

Using our market leading property management software, Fairview Property will provide landlords with a full statement each month, showing all income and expenditure for that month (normally via email but by post if required).

For landlords who are resident overseas for tax purposes, Fairview Property will, if applicable, deduct Tax at the basic rate from all rental income collected on the landlord’s property. These monies are held in an interest bearing account for payment to the Inland Revenue as and when requested. Please refer to our section on Overseas Landlords for further details.