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Belvoir! Newbury is open:
Mon-Fri 0900hrs -1700hrs
Sat 1000hrs - 1400hrs
Appointments are available at your convenience, at any reasonable time, any day of the week.
Landlords - Important Considerations
Before you make the decision to become a landlord there are several important factors that you must take into consideration, some of these include:
Mortgage Permission & Insurance
It is vital that if you have a mortgage on the property that you seek advice from your lender. Some mortgage lenders unfortunately do not allow you to let out your property and others may have certain restrictions, therefore you must thoroughly check your contract or speak to them directly. Before we can advertise your property to let we will need a “Permission to let” letter from your lender.
An existing owner-occupier insurance policy will not be appropriate for a property which is let, we can recommend a provider of suitable policies.
Safety Regulations & Energy Performance Certificate (EPC)
Gas Safety Record– If the property has a gas supply you MUST provide us with a Gas Safety Record. These are valid for 12 months and once it has expired it must be retested and another certificate provided.
Electrical Safety - All wiring, fittings and supplied appliances must be safe for the tenants to use. Belvoir Newbury suggest a fixed wiring check at the beginning of each new tenancy or every 5 years in line with IEE recommendations and PAT testing for appliances.
Furniture & Furnishing - The Government first introduced Regulations in 1988 requiring filling material used in furniture, furnishings and re-upholstered items to be fire resistant. Subsequent amendments to the original legislation now make it a requirement for any furniture and furnishings supplied in a property let for the first time since 1st March 1993 to meet such standards and to carry the appropriate label.
EPC - An EPC must be available to potential tenants before they arrange a viewing. It is therefore normally best to have one in place before advertising your property. The EPC is then valid for 10 years or until the property is sold, at which point a new one is required.
Legionella Assessment - A legionella assessment should be carried out, and advice given to tenants.
Right to Rent - Right to rent checks must be carried out on all tenants, and records kept.
From April 2016, tenants in properties which fall into bands F or G will be able to ask their Landlords to make improvements to the property's energy efficiency. The Landlord will not be able to unreasonably refuse to carry out these improvements.
From April 2018, properties in bands F or G will not be able to be let.
Resident Landlord (Resident in the UK for tax) - New Landlords should notify HMRC of the new source of income. The tax payable will be calculated via an annual return sent to HMRC. Tax is payable on the profit made and calculated as rents received less allowable expenses. Typical expenses that may be deducted include:
- Repairs and maintenance (not improvements, or initial expenditure to make a property lettable).
- Letting agent fees.
- Interest on loans to purchase or improve the property (ie only the interest portion of mortgage payments).
- Council tax.
- Accountants' fees.
- Subscription to a Landlords' association.
- Ground rents.
- Service charges.
Non-Resident Landlord - In order to ensure that we do not have to deduct 20% of rental income to pay to HMRC, non-resident Landlords will need to complete HMRC form NRL1i. HMRC will then approve the form, and send a Tax Exemption Form NRL8 to your agent.
48% of UK households own a pet. Refusing to allow pets at your property will therefore significantly reduce your pool of potential tenants. We do understand that Landlords can be wary of the potential for damage caused by pets, and can take steps to ensure that at the end of the tenancy your property is returned to you in good order. This may include a greater deposit, an agreement to have all carpets professionally cleaned, checking for evidence of infestation or damage during periodic inspections and recommendations for an appropriate insurance policy.