As a potential Landlord there are a number of decisions that you will need to make with a view to letting your property. It would be useful to have considered some issues prior to the initial rental appraisal, although we will be more than pleased to discuss these with you. There are also matters you will need to address prior to the actual letting of your property.
In today’s discerning market, the condition of any property offered to let should be first class and the decorative presentation will depend on the type of the property, the area which it is in and the expectations of the market to which you appeal.
In today’s market place, by far, the primary demand is for unfurnished properties. Unfurnished properties will be expected to be fitted with permanent fixtures and fittings to kitchens and bathrooms. The property would be expected to have satisfactory heating, floor coverings, window dressings and a cooking appliance.
For example, whether you wish to permit the keeping of pets in your property or, allow smokers or consider taking applications from people on Housing benefit. These decisions are often influenced by whether you are letting your own home for a period or an investment property. It is worthwhile remembering that any limitation narrows your market to a degree, but ultimately, as the Landlord the decision is yours.
Tenants on Housing benefit, for example, a single parent unable to work due to child care commitments, can often present an opportunity for a reasonably long term let. In an instance such as this we would take a Guarantor to the tenancy who would be referenced and verified in the same way as a working Tenant. A deposit and one month’s rent in advance would also be required.
If there is a mortgage or a secured loan against the property, you will need the permission of the Lender in order to let your property. This is not usually difficult to obtain but you should be aware of any conditions or restrictions imposed.
As Landlord, the buildings insurance will remain your responsibility, and again you will need permission from your Insurer, we of course can offer help and advice on Insurance.
Should the property be leasehold then you should check whether there are any restrictions in the head lease, or whether any specific permission is required with regard to the letting of your property.
If you are to be an Overseas Landlord you are required by the Inland Revenue to register as a non- resident Landlord, for the purposes of taxation. You will be issued with an approval number, the benefit of which is that we may pass gross payment on to you but without this approval number we are required to withhold income tax and pay it over to the Inland Revenue, on your behalf. We can provide you with the appropriate application form for submission to the Inland Revenue.
If there is to be more than one Owner/Landlord to the property, then you will each, individually, be required to fill in a form and send it to the Inland Revenue, gaining individual approval.