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Letting a property has never been easier with Darlows and its National partners, we are here to make
your letting experience as smooth as possible. We believe the moving experience starts the minute you decide to
let, this guide is designed to give all the information you could possibly want to know in order to get you on your way.
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| finding the right tenant |
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The type of tenant you go for will depend on your requirements. The majority of tenants are working professionals, on
company relocations, or overseas relocations. Which ever, you need to be sure they will be fully referenced and the
relevant information forwarded to you for your approval. Make sure you give the letting agent of your choice the
profile of the type of person that you wish to let your property to, at the same time you need to be mindful that
the tighter you are with your requirements the longer it can take to find you a tenant.
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| the tenancy agreement |
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The letting agent will prepare a professionally drafted tenancy agreement to suit your requirements. Some companies,
in particular banks prefer to use their own agreements, these are usually drafted by the relevant legal department
and suitably prepared. Which ever, you will be provided with a copy of the same in order that you may familiarise
yourself with the content and take advice if necessary. Letting agents will be happy to offer any additional
information if you request it, many are personally assisted by a firm of solicitors with the specialist knowledge
of the property law and are continually informed of any changes in respect of the same.
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| know more about inventories |
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All landlords are advised to provide a detailed inventory when renting out their property. This is necessary to
protect any possessions remaining in the property. It is impossible to make deductions from a tenants deposit
without a schedule of condition of all the items before commencement of tenancy and afterwards. Once an
inventory has been prepared, it may be possible to use the same for a number of years, by simply updating it.
Why not let us prepare your inventory for you and save yourself the hassle.
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| know your tax implications |
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Income tax is payable on all rental income arising from property in the United Kingdom regardless of the residential status
of the landlord. Landlords living in the UK should include details of their income and expenditure when completing their
income tax returns in the usual manner. Under the 1995 Finance Act, the lettings agent is obliged to advise the Inland
Revenue that a letting has been arranged for a landlord who is non resident for UK tax purposes.
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The Agent is liable for the payment of any tax, which arises from the letting and must therefore retain monies at the
current tax rate, to cover this liability. Non resident landlords can apply to the Inland Revenue for an assessment on
income from rental property. If this is granted, then the Inland Revenue will issue an exemption certificate and the
agent will then be no longer bound to retain tax on the rental income.
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Agents do not undertake to submit your tax returns and would recommend that you appoint an accountant to handle your tax affairs.
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| lettings and your mortgage |
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If your property is under mortgage then you are required to inform the lender of your intention to rent out the premises.
There will usually be no objection, provided payments are up to date, but there maybe an annual administration charge
applicable, which will vary from lender to lender.
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| rental payments |
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If your letting agent is instructed to collect the rental on behalf of the landlord, they can make the payment via the bank
automation clearing system (BACS). This system allows them to transfer rent directly into your account from theirs and
ensures that you receive your rental as quickly as possible after it is collected.
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Agents do however, remind their landlords that the time taken to transfer monies does vary and very much does depend on
your bank. Bank Holidays and weekends obviously slow this process down and may cause a delay. On request, they can make
deductions for any bills payable by landlord from the rents they receive.
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| ask an expert |
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This Landlord section is constantly updated with our members most common questions, if you have a question that isn't answered here
please take advantage of our panel of experienced lettings agents.
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