Landlords Letting Guide – Five important tips for landlords
There have been many changes in property rental legislation in recent years. This has resulted in more pressure for landlords to keep up to date with the legal updates. Here Matthew James Letting Agents Coventry has compiled a list of five critical pieces of information that landlords should know.
Inform your mortgage provider
The mortgage provider needs to be advised if you are renting your property. The mortgage must be a buy-to-let when buying a new property to rent out. Failure to have the right mortgage in place can invalidate any tenancy offered and could run the risk of fines from the provider.
Complete a tax return
Any rental income received from a property is taxable. In addition, a landlord must complete a self-assessment tax return annually. As a result, the tax office is under increasing pressure to catch people who are avoiding tax, and finding landlords who avoid paying tax on rental income is an area specifically targeted.
Register the deposit
It is a legal requirement that all deposits taken for assured shorthold tenancies are registered with a government-approved scheme. Any notice served on a tenant will likely be invalid if the warranty is not registered. This will make it very difficult to ask a tenant to vacate. The landlord also risks being fined up to three times the deposit amount.
Make sure the property meets safety legislation.
There are many safety checks and responsibilities that a landlord must adhere to. Most notably is the landlord’s gas safety certificate. This must be provided annually, and failure to provide a safety certificate can result in a hefty fine or even prison for the landlord.
Check that tenant are in the UK legally.
Recent legislation changes mean landlords have to check that a tenant has the legal right to reside in the UK. If the landlord has doubts, they must inform the home office immediately.
Due to extensive legislation that covers the private rental industry, many landlords opt to use letting agents manage their property. Matthew James Letting Agents Coventry offers a fully managed service.
To arrange a free no-obligation consultation, please call or email us at firstname.lastname@example.org.