WHAT SHOULD I DO BEFORE THE TENANCY?
It is important for your property to be in good structural and decorative condition, with all machines, fittings and appliances in working order: -
DECORATION
All decoration should be fresh and in neutral colours wherever possible to give the property wider appeal. BATHROOMS: Bathroom fittings should be modern, clean and in good working order. To prevent any water leakages, which may be costly, always ensure installation is sound and check seals around baths, basins and showers.
KITCHENS
The minimum requirements for an unfurnished property should include a cooker.All appliances left should be clean and in good working order. Please ensure that you have copies of all instruction manuals for all appliances including boilers,electric storage heating and showers.
SECURITY
Our representative will advise on security issues, however it is advisable to fit security locks to windows and ensure alarms are in good working order. Building regulations require that in all new homes built since 1/1/92 smoke detectors must be installed. We strongly recommend that a smoke detector should be installed in all properties together with fire blanket and extinguisher.
GARDENS
Gardens should be left in a neat and tidy condition. It is the tenants' responsibility to maintain the garden during the tenancy and you should leave gardening equipment as necessary, usually a lawnmower as a minimum. REMEMBER A BETTER QUALITY OF PRESENTATION IS LIKELY TO ATTRACT BETTER TENANTS!
TAXATION FOR UK RESIDENTS
As a U.K resident landlord you have a liability to pay tax on any profit earned from letting your property. The Inland Revenue allow a number of expenses that can be offset before calculating your rental profit. Since 6/4/96 any person with income arising in the U.K have to complete a self-assessment form. You must disclose income from any source including rental income.
TAXATION FOR OVERSEAS LANDLORDS
As a landlord residing overseas you are still liable to pay income tax on the rent from letting your home. Since 6/4/96 you are also required to declare such income on a self-assessment tax return. Up until the change in the law, your agent was responsible for the payment of income tax on your rental profits. Providing that you complete a tax exemption form (NRL7) your agent can pay rental income to you gross of tax. Hunters can assist you in obtaining and completing the form if applicable.
