Have you received a Landlord’s statement?
Need help understanding it?
Use our guide and FAQ below to learn about each section of the statement
Understanding your rental statement
1. Opening Balance – This is the balance carried forward on the landlord’s account from the previous statement.2. Income – The income section shows income received. For overseas landlords, it will also show any tax credits.3. Expenditure – This section shows expenditure that has been deducted from income, such as management fees, supplier invoices, and withheld tax. 4. Landlord Payments – This section shows payments that have been made into the landlord’s bank account.5. Closing Balance – This shows the funds that are left on the landlord account at the end of the statement. This includes any interest earned, funds on account for works and float withheld.6. Invoices – Highlights all invoices raised against the landlord. This section provides more information on the invoices that also appear in the payments section of the statement. It also provides an invoice number for the landlord to use for accounting purposes. It is not a duplicate or additional charge.
Should you have any further questions regarding your statement, please do not hesitate to contact the accounts department on accounts@thornleygroves.co.uk
FAQ
We have a useful guide to help you in reading your statement, please check above.
A reserve funds or float generally means that we are holding money towards some planned works which your property manager or our compliance team will have notified you of.
If you are unsure why a Float or reserve funds may have been retained, then the query would be best directed to your allocated Property Manager.
Common Compliance reserve funds costs you may see on your statement:
Gas Cert £89.00
EPC £98.00
EICR £225.00
LRA – £99.90
Smoke Alarms (additional to another compliance cert) £19.99
CO Detectors £90.00
Fire alarm Cert £174.00
Emergency lighting £162.00
Pat – £115.00
** Please note we offer bundles so the cost can vary, for more information please contact compliance@thornleygroves.co.uk **
At Thornley Groves we pay our landlords Monday to Friday once we have cleared funds in our account (unless agreed with you otherwise) the reason you have had a partial payment is because the tenant(s) have made a partial payment. Please note where there are more than 1 tenant on your tenancy they may choose to split the payment between themselves, and this can cause a partial payment to be sent to you. Once we receive the additional funds these will be forwarded to you.
As managing agents we charge management fees on the total rent due, not on rent received, therefore we will deduct the full management fee from the partial payment of rent. Please note when the additional rent is received you won’t be charged an additional fee.
Please email clientaccountsteam@thornleygroves.co.uk – Please note, there is a charge of £70.80 (net £59.00) inc. VAT for this, if you don’t wish to pay, then our monthly statements are still sufficient for tax purposes.
Generally, in line with your terms of business your Property Manager may instruct a contractor to attend where the work required is £250.00 + VAT or less. If you see a repair charge that you are unfamiliar with, then please contact your allocated Property Manager for more information.
For a detailed list of our charges, please click the following link: https://www.thornleygroves.co.uk/fees-for-landlords/
If you still have questions about your statement, then please contact the finance team by email on clientaccountsteam@thornleygroves.co.uk or by phone on 0161 245 1111 Opt 3 (please note our turnaround time for email queries is 3/5 days.