London Landlords: Property Management FAQ's
Do I need permission before I rent out my home?
If the property is subject to a mortgage, consent is normally required from
the lender. Also if you are not the freehold owner of the property, permission
is usually required from the freeholder. You should deal with this before
instructing isaac anthony to let your property.
Do I need to pay income tax?
This will depend upon your circumstances but income from property in the
UK must be declared to the Inland Revenue. If the landlord is resident overseas
the agent may be taxed but we can advise on how you can receive rent without
us having to pay tax on your behalf. Landlords can claim personal allowances
against income from property and husbands and wives may decide to opt for
separate taxation. Expenditure incurred in connection with letting can be
offset against income and a wear and tear allowance may be granted in the
case of furnished properties. It may be prudent to take independent financial
advice in connection with your tax affairs.
How long should I let for?
There are various types of tenancy but most lettings are for at least six
months.
Do I need to furnish the property?
9/10 tenants in Central London do not own their own furniture and therefore
seek fully furnished properties. You must ensure that any soft furnishings
you supply comply with current fire safety regulations. The Furniture and
Furnishings Fire Safety Regulations 1988 (as amended 1993) require that
all furniture in rented properties must meet the standard. Of particular
concern is foam filled or upholstered furniture manufactured between 1950
and 1988. Furniture manufactured before 1950 is exempt and may remain in
the property but any other soft furnishings, bedding etc left on the premises
should be appropriately labelled. isaac anthony offer a full executive furniture
package aimed at attracting professional tenants. Please click here for
more information on this service.
Do I need to insure the building and contents?
Landlords are normally responsible for insuring the property and isaac anthony
recommend landlords also insure their contents. We can arrange a policy
specifically designed for rented properties.
Who is responsible for repairs?
The Landlord and Tenant Act 1985 section 11 (as amended by section 116 of
the Housing Act 1988) requires the landlord to keep in repair the structure
and exterior of the property together with installations for supply of water,
gas, electricity and sanitation, and to keep in proper working order installations
for space and water heating. Our rapid maintenance response team are on
hand 7 days a week 365 days a year and can be relied upon to provide timely
and cost effective remedial works as required.
Are there any other safety issues?
Landlords have a duty to ensure that the premises, fixtures, fittings and
appliances are safe. isaac anthony recommend that appliances which burn
fossil fuel such as gas, coal or oil should be serviced regularly.
The Gas Safety - Installation & Use Regulations 1994 (as amended) require landlords to ensure that all gas appliances or installation pipe work are maintained in safe condition and that they are inspected annually by an approved contractor. There are requirements for keeping records and issuing certificates to tenants. All tenants must receive the gas safety inspection certificate before the start of a tenancy. This is required in addition to any servicing arrangement which you may make.
Landlords have a duty to ensure that electrical equipment is safe. There are several pieces of legislation affecting the safety of electrical equipment, including the Low Voltage Electrical Equipment Regulations 1989, the Electrical Equipment (Safety) Regulations 1994, the General Product Safety Regulations 1994 and the Plugs and Sockets (Safety Regulations) 1994. So far as isaac anthony are aware landlords do not have to obtain an electrical safety certificate prior to letting but landlords must maintain electrical systems and electrical appliances under their control in safe condition. isaac anthony recommends that an appropriately qualified electrician should inspect the property and electrical fittings at the start of the tenancy and regularly thereafter. The Furniture & Furnishings Fire Safety Regulations have been mentioned above. In addition we recommend the installation of smoke detectors and the provision of fire blankets etc.
Contact us to rent out your property.
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