Tue 06 Dec 2016 View all news articles
Q: Do I need to advise my mortgage company before I let?
A: Short answer, yes. If your property is mortgaged then you will almost certainly require the written consent from your lender before you can let the property. Not always, but occasionally you may find that your interest rate is adjusted as a result.
Q: Do I need to acquire any type of specialist insurance?
A: It is vital that you inform your home insurance provider that you are planning to rent your property and advise them once your tenant has moved in. Essentially your cover needs to be switched from homeowners to landlords building insurance. Remember to insure any contents that are to be left. However it is the tenants responsibility to insure their own items. We can offer quotes for Landlords building and contents insurance along with offering cover to tenants for insuring their possessions also. If you would like more information, please get in touch. Don’t forget to strongly consider Rent Guarantee and Legal Insurance too.
Q: Will I be subject to tax on my rental income?
A: Any income received directly from letting your property will be subject to UK income tax and you will need to declare this income on a self-assessment tax return each year. However, you can claim certain expenses to offset against your rental income and reduce your tax bill. This includes, for example, mortgage interest payments, if you have a buy-to-let mortgage, letting agent fees and maintenance costs.
If you live abroad you may be able to receive your rent without tax implications. For this you would need to complete an NRL1i form. Details are which can be found here: https://www.gov.uk/government/publications/non-resident-landlord-application-to-receive-uk-rental-income-without-deduction-of-uk-tax-individuals-nrl1i
Q: Can I keep items within my loft, shed or garage?
A: This is a common question, the short answer being, yes. You are not legally bound to offer full use of the entire accommodation. We can insert a special clause to the tenancy agreement detailing any exclusion necessary.
However, put yourself in the tenants shoes, would you expect full use of the property, including loft space and the garage? Not only can exclusions have an effect on the rental price, they can also impact on the ability to rent the property, meaning tenants might be drawn to properties whereby they will have full access to all the accommodation.
In relation to sheds, things like garden tools and anything else that can help a tenant maintain the outdoor areas are often appreciated.
Professionally qualified, Daryl has over nine years managerial expertise in both lettings and estate agency. Prior to joining Karl Tatler, he managed a number of sales and lettings offices across West Wirral. Carrying a passion and enthusiasm for property, along with delivering excellent service, Daryl manages the West Kirby lettings office and is backed by a highly qualified and dedicated team.
If you have any questions about legislation, or any other lettings based queries, please contact our Lettings team who would be delighted to help. Details below.
Tel: 0151 342 5777
Do you have a property you are thinking of renting out? For a free, no obligation, valuation please complete our quick form here.
Heswall Branch Manager
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