Thinking of letting? Here are some things to remember.
PRESENTING YOUR HOME
When letting your property one of the most important areas to consider is the condition and cleanliness, the better you present it, the quicker it will let, the better quality tenants you will attract and more rent can be achieved. You must always think that there are other properties on the market at the same time, a fresh coat of paint and a spotless appearance will decrease the risk of void periods.
RATES AND SERVICES
The payment of water rates, council tax, gas, electricity and telephone bills are generally the responsibility of the tenants.
Regulations can be summarised as follows:
- Ensure the Annual Gas Safety Certificate is in place
- If the property is furnished, ensure soft furnishings comply with current regulations
Redirect personal mail if required.
The landlord is responsible for all repairs to the property unless the damage has been caused by the tenant. We have our own full time maintenance division so most repairs can be carried out by us or ones nominated by you. We will always ask for authorization from the Landlord before commencing any small or large scale repairs.
If appropriate, terminate utilities in your name (Council Tax, gas, electric, telephone, etc).
From the total rent received in a tax year you can normally deduct the following for tax purposes:
- Our fees
- Mortgage Interest
- Service charge
You then pay tax on the remainder of the rent.
We provide information and help on rent guarantee protection insurance, house building insurance and home contents insurance, all of which are important considerations when letting your home.
Ensure that an inventory of contents is carried out at the commencement and termination of the tenancy, we can provide this service if required
If you live or work overseas, or are planning to do so, and rent a property in the UK with us or any other agent you must be aware that the agent is obliged to deduct basic rate tax from your rents, irrespective of your personal tax situation, unless you hold gross rent approval. You can only apply for the approval by completing form NRL1. For more information on the scheme and to download form NRL1 please visit http://www.hmrc.gov.uk/cnr/nr_landlords.htm. The form is voluntary, you do not have to apply but without approval the agent must deduct tax. For more information please call us or HM Revenue & Customs on 0151 472 6258.
Once you have registered you will be given a certificate with an approval number, we will need a copy of the certificate for our records