You will need to obtain permission from your mortgage provider or lessor. You can do this by contacting them direct and advising of your intention to let your property, most providers will give consent in this instance.
Where the property is freehold, the Landlord is responsible for arranging suitable Landlord insurance. For Leasehold properties, the insurance is normally covered through a block policy arranged by the management company.
The tenant will be responsible for utility costs for the duration of their tenancy. We will take meter reads at the beginning and end of tenancy and advise the relevant suppliers accordingly.
This situation is quite rare at JKT, however, if tenants do fall into arrears we will be able to issues the relevant legal notices and have links to expert solicitors should this be required.
The Gas safety Inspection is a legal requirement and should be done annually, which we will manage. The electrical safety checks are required and Landlords have a duty of care to ensure the fixed wiring and any electrical appliances are safe to use. PAT (portable appliance testing) is required annually, with fixed generally being advised every 5 years.
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From 1st October 2008, all rental property requires an Energy Performance Certificate prior to the property being advertised to prospective tenants. An accredited assessor has to carry out this check and issue the certificate. Plum Property can arrange to have this carried out on your behalf. The Energy Performance Certificate is issued for 10 years
Depending on your circumstances, income from property in the UK must be declared to the Inland Revenue. Landlords can claim personal allowances against income from property. Expenditure incurred in connection with letting including interest paid on a mortgage can be offset against your tax liability and a wear and tear allowance in the case of furnished property may be granted. We will provide an annual statement itemising rental income received and all expenditure to enable your tax computation be completed. (We would advise you to take independent advice from a professional body with regard to your tax affairs). Further information on request.
Overseas landlords are classed as Non-Resident Landlords and all income from property is subject to tax. To enable rental income to be paid gross, you can apply for an exemption certificate from the Inland Revenue.