Helpful Hints for Property Owners and Landlords
Upon deciding to rent your property
Apply for mortgage lenders consent.
Notify your insurance companies.
Obtain gas and electrical appliance safety certificates. (Oil & Solid Fuel C.H. Systems must also be checked & serviced annually – record to be kept)
Decide what furniture and /or fittings you intend to leave in the property. It is not advisable to leave bedding, televisions, videos and personal items.
Ensure furnishings to be left in the property comply with fire regulations.
Carry out any necessary repairs and remove anything potentially dangerous.
Make sure the property is in a clean and tidy condition, particularly the kitchen, bathroom, carpets and curtains – as YOU would hope to find it if moving in yourself! A Tenant can tell if the property is well cared for and is more likely to look after it during the tenancy if it is clean at the start.
Overseas landlords apply for tax exemption certificates – click here to download the form or please ask Xact Lettings for more details.
Immediately you are notified that an application for tenancy has been received by Xact, please:
Remove all personal items from the property.
Remove all unwanted and non compliant furniture.
Ensure that the property is clean and the garden is tidy.
Arrange re-direction of your mail via the Post Office.
Landlord to inform all utility companies of the change of occupancy along with British Telecom or other supplier that you will not be requiring further use of the telephone line from the commencement of the tenancy. Whilst Xact try to ensure that utility companies are furnished with the correct readings, Xact can not be held responsible for the utility companies failure to recognise the information provided.
Let Xact have three separate sets of access keys / 2 sets on a Let Only.
Ensure that the central heating boiler pilot light is lit.
Should you require rent indemnity or legal protection, buildings, contents insurance cover, please inform Xact Lettings.
N.B. INSTRUCTION MANUALS or LEAFLETS, in ENGLISH, must be left at your property for all APPLIANCES, THE CENTRAL HEATING BOILER AND SYSTEMS before the Schedule of Condition & Inventory can be undertaken. By LAW, copies of these must be given to each Tenant at the commencement of the Tenancy. ALTERNATIVELY, CLEAR HAND WRITTEN OR TYPED INSTRUCTIONS WILL BE REQUIRED. (Failure to provide these will result in unnecessary delays)
Information for Overseas Landlords
Section 42a Income and Corporation Tax Act 1988 and Taxation of Income from Land (Non-residents) Regulations 1995, SI 1995 No 2902.
For Landlords who live abroad the Xact Offer a Full Management Service is available. Overseas landlords are regarded as non-UK residents for tax purposes, and need to apply to the Inland Revenue for Non-Resident Landlord status.
The Non-resident Landlords Scheme is a scheme for taxing the UK rental income of nonresident landlords. The scheme requires UK letting agents to deduct Basic Rate tax from any rent they collect for non-resident landlords. When working out the amount to tax, the letting agent can take off deductible expenses. Letting agents don’t have to deduct tax if the Inland Revenue tells them not to. The Inland Revenue will tell an agent not to deduct tax if non-resident landlords have successfully applied for approval to receive rents with no tax deducted. But even though the rent may be paid with no tax deducted, it remains liable to UK tax. So nonresident landlords must include it in any tax return the Inland Revenue sends them.