Landlord Commonly Asked Rental Questions
Q. Should I let my property furnished or unfurnished?
A. This depends on the market you are looking to attract for your property. Typically family homes tend to be unfurnished and city centre one-beds and studios let better furnished. Talk to your representative from Accommodation Unlimited at the time of valuation to discuss what is best for your property.
Q. How much deposit can I charge?
A. The maximum deposit is the equivalent of two months’ rent. However, few people can afford to pay that amount in advance along with a month's rent in advance. We recommend a deposit of one month's rent plus £100.
Q. I have a new job away from the area and want to let out my property while I am away. Do I have to tell my mortgage company what I am doing?
A. Absolutely. Your mortgage lender has a charge on your property and you must inform them of any changes. Failure to do so could put your property at risk.
Q. Who pays the Council Tax and utility bills?
A. Typically your tenant will pay all utility bills.
Q. I have a flat and I pay a monthly management charge. Can I ask the tenant to pay this?
A. This is a charge that is the landlord's responsibility.
Q. Is my rent taxable?
A. The short answer is YES.
The longer answer is that you pay tax on rent after allowable expenses have been deducted. Tax is a complex area and if you have any queries regarding your property and tax you should talk to a tax specialist. We have trusted tax advisors you can talk to. Visit our Trusted Partners page for more details.
Q. I am moving abroad. What happens about tax on my rent?
A. You are still liable for tax in the same way as you would be if you were in the UK. However, your agent, representative, or tenant (whoever you nominate) will pay your rent with the 20% tax already deducted.
If you wish to receive your rent without tax deducted you must complete an NRL1 form stating that you will declare your income to HMRC and pay any tax that is due.
In order to receive gross rent you must use an approved letting agent, such as Accommodation Unlimited.
Once again, non-resident landlord tax is a complicated issue and you really should get professional advice. Please visit our Trusted Partners page for details of tax experts. Also visit the HMRC website for their FAQs.
Q. Do I need to insure my property?
A. There are two main types of insurance: buildings and contents. Buildings insurance covers the fabric of the building, and contents insurance covers what is in the property.
- Buildings Insurance
If you own an apartment it is very likely that your monthly or annual charge invoiced by the block management company will include buildings insurance. If you own a house then it is most likely that you will need to have your own buildings insurance.
- Contents Insurance
You are responsible for insuring the contents left in the property that you own when you rent it out. The tenant's contents are their responsibility.
Q. I am letting my property unfurnished. Do I really need contents insurance?
A. Yes. Although you are letting the property unfurnished it is likely that you will be leaving a cooker, carpets, and curtains in the property. The total value of replacement of these items alone is likely to be more than the deposit held. So, in our opinion, it is essential to have contents cover. We have access to specialist landlord insurers. Call Naomi Heal on 0117 973 9394 or email firstname.lastname@example.org to get a quote.
Q. How long will it typically take before a tenant moves in?
A. Typically we would recommend putting your property on the market 4-6 weeks before you want people to move in. This will give us time to advertise the property, get an EPC, conduct viewings, take up references, reference guarantors (if necessary), prepare an agreement, organise the inventory, organise a Gas Safety Certificate and generally make sure that the property is ready for move-in.
That said, we pride ourselves on our ability to rent 97.5% of our listed properties in under 4 weeks, and will do everything in our power to ensure you benefit from this success without compromising on your rental income potential.
Q. Can you guarantee my rent?
A. We can arrange specialist insurance that will cover lost rent and legal expenses. Speak to Peter on 0117 973 9394, or email email@example.com for a quote.
Q. I would like to sell one or more of my buy to let properties, can you help?
A. Yes we can. We also have an estate agency that specialises in buying and selling buy to let properties. Find out more here or give us a call on 0117 973 9394 and speak to Peter
Q. I would like to add another property to my portfolio, can you help?
A. Yes. Our Personal Shopper Service has been designed specifically to help landlords locate suitable investment properties for their portfolios. Find out more here or give us a call on 0117 973 9394 and speak to Peter
If you have any other landlord related questions or queries please feel free to pick up the phone or drop us an email. We would be only too happy to help.
0117 973 9394