Ensure your property meets requirements
The following information outlines the various requirements for landlords to ensure their property is compliant and meets the regulations for renting. For more information on each, please contact us to find out more detail and how best to organise all this.
Preparing your Property for the Rental Market
- Landlord Registration
- Inform Mortgage Lender
- Obtain suitable landlords buildings and contents Insurance
- Landlord tax implications on rental property
- Stamp Duty Land Tax on the initial purchase.
- Income tax on rental profits.
- VAT on expenditure incurred on maintenance of the property.
- Capital Gains Tax when the property is sold.
If you are a landlord who lives outside the UK, you are considered a ‘Non-Resident Landlord’ and are required to complete a NRL1, which can be obtained from http://www.hmrc.gov.uk/forms/nrl1i.pdf
- Ensure your property is fully kitted out
- Displaying an EPC (Energy Performance Certificate)
- Obtaining HMO (Housing of Multiple Occupancy) certification
Health & Safety Requirements
- Upgraded Fire Safety & Smoke Detectors
- Furniture & Furnishings
- Electrical safety including EICR (Electrical Installation Condition Report or EICR) and PAT (Portable Appliance Test) certificates.
- Gas Safety Certificate
- Carbon Monoxide alarms
- Legionella Risk Assessment
- Ensuring your property meets the Repairing Standard
- Tenancy Deposit Scheme
All of the above are now requirements for letting a property out, though legislation is constantly changing, so please contact us to find out more and we can help you keep on top of this.