28th January 2017
I am often asked a number of common questions in relation to letting out a property, be it a landlord’s home or an investment property. Over the coming weeks I will be answering your questions, so please feel free to contact me with anything you would like to ask.
Some common questions I am asked…
How do I know I am getting a good tenant?
As a lettings and management specialist I devote more time to ensuring the prospective tenant is fully vetted and qualified to meet our criteria. We carry out identity and residency checks on all tenants. We use a referencing company to carry out credit, affordability and bank verification checks and call previous landlords to ensure there is no adverse history. If a tenant does not meet ALL of our criteria they will be asked to provide a guarantor (who will undergo the same checks as the tenant). We also have the facility to reference check international tenants.
Do I have to provide furniture for my tenants?
No. It is your choice to decide whether you would like to offer your property furnished or unfurnished. We will discuss this with you before we commence any marketing. Many landlords stay flexible on this option and base their decision on the incoming tenant
What is an inventory and do I require one?
An inventory is an integral part of letting your property. Your property is a very valuable asset and an inventory is there to protect your property and its contents. An inventory lists the condition of your property (such as walls, ceilings, woodwork, doors) and all items being left in the property (such as beds, wardrobes, appliances). This document is signed by all parties to agree the condition of the property at commencement of the contract. This way there are no discrepancies at the end of the term.
An accurate inventory can save you money in paying for works and decoration that clearly is not needed, provides proof in disputes and most importantly ensures you have that extra peace of mind.
Who pays my income tax on my rental income?
If you are a UK landlord it your responsibility to pay any income tax due on rental income earned.
If you are an overseas landlord then the rules are different. You will need to complete a NRL1 form (which we can provide you). This will mean that all rental income earned from your property is paid directly to you less any fees and outgoings. If you do not fill in the NRL1 form either we, as your managing agent, or the tenant must hold back 20% of the gross rent and send this to the Inland Revenue on a quarterly basis.
If you are struggling with any lettings issues at all please do email me at lettings@sowandreap.co.uk and we will publish your question and response in the coming weeks.
Richard Bond
Lettings Manager
