Do I need to pay tax on rental income?

Yes, rental income is taxable whether you live abroad or in the UK. It’s important to consult with an accountant to understand your tax liability. Further information can be found at Renting out your property: Paying tax and National Insurance - GOV.UK (www.gov.uk)

If I want to let out my property, do I need to let my mortgage lender know?

Yes, you’ll need to have consent from your mortgage provider. However, it’s unlikely that you’ll need permission if you have a buy-to-let mortgage, but it’s always worth checking the terms and conditions to be sure. If you’re letting a leasehold, such as a flat, you may also need permission from the freeholder.

Why should I have an inventory and check-out report?

It’s important to have a detailed report of the contents and condition of your property taken before and after a tenancy. If there’s a dispute over damages at the end of the tenancy, you have proof of the original condition of the property. It’s recommended that the schedule of condition is carried out by a third-party inventory clerk to avoid any bias.

What protection do I have if a tenant doesn’t pay the rent?

We advise all landlords to take out Rent and Legal Protection, so if your tenant falls into rent arrears, you won’t incur any financial loss. We’re partnered with Goodlord Rent and Legal Protection to provide our Landlords with comprehensive cover. Please enquire for more details.

How do I give notice to end the tenancy?

Circumstances change, and sometimes a landlord is required to give their tenant(s) notice to end the tenancy. This is commonly done by issuing the tenant(s) a Section 21 notice. It’s important that the Section 21 notice is served correctly, please speak to a member of our property management team who will be able to advise on current legislation and next steps.

What happens with my tenant’s deposit?

Landlords and letting agents are required to register tenant deposits with an approved Tenancy Deposit Scheme (TDS) within 30 days of receipt of the deposit. We can do all this for you. The deposit is then either held by the landlord or the agent (known as the insured scheme), or the deposit is held by the scheme itself (known as the custodial scheme). Deposit schemes are there to protect the deposit and help resolve any disputes over the deposit at the end of the tenancy.

Can I enter my property during a tenancy?

Your tenant(s) will need to be provided with appropriate notice before you can enter the property. 

How often can I increase the rent?

If the tenancy agreement is periodic (or commonly referred to as rolling), you’re usually limited to one rent increase a year and will need the tenant’s agreement for anything further. If the tenancy is in a fixed-term (running for a specific period) you’ll need the tenant’s permission before you can increase the rent. If they don’t agree, you can’t make any changes until the fixed-term ends.

Who pays the utility bills and council tax?

Unless the tenancy agreement states otherwise, tenants are responsible for all utility bills and council tax during the tenancy. During any void periods, the landlord will be responsible for council tax and utility bills.

How often should the property be inspected?

If we’re managing your property for you, we’ll carry out our first inspection three months after the tenancy start date, and then every six months thereafter. We’ll send you a digital inspection report with our observations, highlighting any matters that require attention. 

What happens if my tenant damages the property?

Either the tenant would need to repair the damage, or the cost for repairing the damage may be deducted from the tenant’s deposit at the end of the tenancy.