Summary of your services and your legal responsibility.

PREPARING TO LET YOUR PROPERTY

This is a brief guide for landlords who are considering letting out their property. It details some of the things you will need to consider when renting a property out. For further information please contact our office to arrange a free, no obligation meeting with one of our trained advisers to discuss your options and advise the rental figure that we would expect to achieve for your property.

MORTGAGE

Consent is needed from your mortgage lender to let the property out. Failure to do so would result in breach of your mortgage terms and ultimately could lead to the property being repossessed.

BUILDING INSURANCE

The property must be covered by adequate buildings insurance and the insurance company must be informed that the property is rented. When gaining approval to rent or taking out a new policy make sure that you are covered for public liability.

GAS SAFETY

A landlord’s gas safety certificate is required on all rented accommodation by law to be carried out annually as stated in the Gas Safety (Installations and Use) Regulations 1994 (1996).

EPC

It is a legal requirement that to advertise a rental property an energy performance certificate is required. As of 2018 The Energy Efficiency Regulations 2015 changes will mean that any property with a rating of E or below will not be able to be marketed for tenants.

SMOKE ALARMS

The Smoke and Carbon Monoxide Alarm (England) Regulations 2015 requires that all rented properties have smoke alarms on each floor of the property and that they are regularly tested by the landlord or their Agent.

ELECTRICAL SAFETY

The Electrical Equipment (Safety) Regulations 1994 require that all electrical equipment left in rented accommodation must be “safe and of no risk or injury to human or animal”. The landlord has a duty of care to provide documented evidence that a qualified electrician has checked the property on a regular basis.

FURNITURE COMPLIANCE

All soft furnishings such as settees, sofas, beds, padded chairs, pillows, cushions and so on must comply with the Furniture and Furnishings (Fire) (Safety) Regulations 1988 (1993). Usually a label is attached to the item of furniture to confirm it is acceptable.

LETTING HINTS AND TIPS

When preparing your property for potential tenants to view make sure that the property is in a condition that you would find acceptable to live in yourself. The property should be cleaned, uncluttered with gardens tidy and clear of obstruction. Remove any unnecessary electrical items as anything left in the property becomes the landlord’s responsibility i.e. if they break down they will need to be repaired or replaced. When vacating the property make sure to contact Royal Mail and arrange redirection of your post as the tenants will not be able to forward this on.

NON RESIDENT LANDLORDS

If you are planning to move abroad whilst letting your property you will need to complete an NRL1 application form. Once accepted by Inland Revenue a certificate will be issued confirming that rent can be paid to the landlord without deduction of Income Tax. If you are unsure of how to apply please speak to one of our representatives or alternatively contact Inland Revenue for advice.

INCOME TAX

All income from property including rent is taxable. Some expenses can be claimed against tax owed, including Letting Agent fees. Tax returns will need to be submitted to the Inland Revenue every financial year. We are unable to complete these for our landlords. However, we can recommend independent accountants who are qualified to complete the returns on behalf of our landlords for an agreed fee.

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