Blog
Accidental Landlord?
Monday, June 1, 2015
Firstly discuss letting your property with your insurers. Failure to notify your insurer that your home is now a rental property is likely to invalidate your insurance policy which could be a very costly mistake. It is probably worth taking out public liability insurance to protect you against any issues that arise through letting your property. You should also talk to your mortgage provider - depending on the type of mortgage you have you may be required to change contracts.
As a landlord you have legal obligations including safety requirements and lodging any deposits in a government backed tenancy deposit scheme. A legally binding tenancy agreement is essential as is a proper inventory to avoid potential conflict. Utilities such as gas, water and electricity should be transferred into the tenant’s name and responsibility for payment of these should be stated in your tenancy agreement. Work out your financial and tax liabilities including any capital gains tax and be sure to keep tax returns up to date. There are tax deductions you can claim as a landlord; mortgage interest charges, repairs and maintenance, energy efficiency improvements to name but a few. At the end of the day make sure you’re protected if it all goes wrong and you need to evict your tenant.
If it sounds horribly complicated, however, you could just put your feet up, relax and ask an experienced ARLA letting agent to sort it all out for you. At The Frost Partnership we can take care of everything from finding suitable tenants to rent demand and property maintenance. Chris Cotton, our Lettings Manager for Middlesex explains, “Frosts is an independent family owned network with a commitment to quality service for our clients. Our company philosophy is “Looking after people and property” and we do just that, taking the stress out of the lettings process”.
For a free, no obligation market appraisal please call your nearest Frost Partnership branch or see our Lettings Guide for more details of our professional lettings service.
