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Frequently Asked Questions
At Belvoir, as an independent property expert, we are often asked for advice on a number of common issues facing landlords about to let their property. If it’s your first let, or one of many, these issues can be complex. Have a look at our frequently asked questions and see if we can answer any of yours!
Q. Do I need to tell my mortgage provider that I intend to rent out my house?
A. Yes - you should obtain authorisation from your mortgage provider before letting it, and pay special attention to any restrictions that may be placed. There may be legal concequences so it’s worth having that conversaion formally before proceeding.
Q. What is TDP (Tenancy Deposit Protection)?
A: Any deposit taken since April 2013 deposits must be protected within a tenancy deposit scheme. If you don’t place your tenant’s deposit, you could be answerable to the law and potentially lose it all. At Belvoir, we make sure to adhere to this legal requirement.
Q: What are my responsibilities in regards to repairs and maintenance?
A: Generally, the landlord is legally required to repair and maintain the structure and exterior of the property including drains and gutters. You’re required to ensure water, gas and electricity are in working order, and for the installations for the provisions of space and water heating. You’re also required to maintain the safety of these fittings for your tenants.
Q: I don’t live in the UK. Are there any legal implications?
A: You must complete an NRL1 form (non-resident landlord) and send it to the Inland Revenue who will provide authorisation to the letting agent that they can pay the full monthly rent to you without deducting tax at the standard rate.
Q: What happens if my tenant won't move out?
A: Providing the tenancy has been lawfully terminated (i.e. the correct notice served) you can apply to the courts for a possession order. If this ever happens, we can advise on the best course of action – we also work with you to decide on suitable clauses in your lease to protect you from this.
Q: Can I offset the cost of repairs and redecoration against my tax liability?
A: Repairs and maintenance from the time the property is let can be offset against tax liability on rental income; but not costs incurred prior to letting. You could however add the cost of refurbishment work to the capital expenditure which will affect the amount of capital gains tax you would pay if and when you were to sell the property.
Q: Should I rent my property furnished or unfurnished?
A: If the property is furnished you will be responsible for the repair and replacement which means costs are generally higher. However, it’s possible that furnished properties may be seen as more attractive rentals to specific demographics which could mean a quicker let.
Q: Can the agent’s fees be offset against tax on rental income?
A: Yes – these can be offset against tax.
For more information or if we didn’t manage to answer your question here, please call: 02892679020
Email us at: Lisburn@Belvoir.co.uk