Whether you’re renting out your property for the first time, or have a property portfolio which may have many different requirements, there can always be something you feel you need some more information on.
Please find some of the most frequently asked questions we receive from landlords…
Yes. Mortgages and their conditions vary, so please speak with your mortgage lender to ensure you have the right permissions prior to marketing your property.
As a landlord you have statutory maintenance which includes keeping the structure and exterior of the property; including roof, walls, windows, drains and doors in a reasonable state of repair. Also pipes supplying gas, electricity or water are a landlords responsibility as well as heating and hot water, gas boilers and ventilation.
You will need to complete compliance tests on the property prior to a tenant moving into the property. Some of the compliance tests are on an annual basis and others on a longer period.
Landlords and letting agents can take a deposit which can only be 5 weeks’ worth of rent maximum. Once a deposit has been taken from a tenant this must be registered with an approved tenancy deposit scheme.
All landlords could be liable to pay tax on their rental income. This can differ based on whether you live in the UK or are overseas. Further information can be found on the Inland revenue’s website.
In many cases standard home insurance will not cover you for some of the instances that may arise during a tenancy. We would recommend that you take out specialised landlord insurance in order to cover your yourself and the property. Tenants would be responsible for insuring their own contents left in the property.
Sometimes tenants do fall into rent arrears and this needs to be managed and communicated between all parties. We would recommend that you take out a landlords rental policy in case of non-payment of rent. These often cover the loss of rent and also the legal fee’s should an eviction need to take place.
