January 1, 2008
If you are planning to rent out a property here are some useful tips to bear in mind:
1. Get the details of your referees ahead of time. You will need this information to hand.
2. Get a receipt for any deposit.
3. Read any tenancy agreement very carefully -check how often the estate agents plan to inspect the property.
4. For contemporary and inspiring designs check out this site: http://www.ochigo.co.uk
Article by Leeds lettings
Flats to let in Leeds
January 1, 2008
When letting out your property, you might find it helpful to keep some of these general tips in mind.
1. Consult your mortgage lender first – renting out may conflict with the terms and conditions of your mortgage. You can usually update this quickly by getting in touch with your mortgage company.
2. Take out lettings insurance. This is one form of insurance that is particularly advisable.
3. Ensure that all the gas appliances are checked according to the regulations.
4. Check that furniture complies with the Fire Safety Regulations.
5. If you are an overseas landlord, apply to H&M Customs for an exemption certificate.
6. If the property is leasehold, you will need to obtain permission from the person who sold you the lease.
November 1, 2007
October 20, 2007
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 fairly neutral in style, giving a wider appeal. 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.
The minimum requirements for an unfurnished kitchen should include a cooker. All appliances should be clean and in good working order. Ensure that you have copies of all instruction manuals for all appliances including boilers, storage heating and showers.
SECURITY
It is advisable to fit security locks to windows and ensure alarms are in working order. Building regulations state that – in all new homes built since 1992 – smoke detectors must be fitted. We suggest that a smoke detector should be installed in all properties together with fire blanket and extinguisher.
GARDENS
Gardens should be left in a 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.
October 20, 2007
TAXATION FOR OVERSEAS LANDLORDS
As a landlord overseas you are still required to pay income tax on rent from letting. Since 1996 you are also required to declare such income on a self-assessment tax return. Up until the law change, 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.
