01383624600 info@kingdomletting.com
01383624600 info@kingdomletting.com
We outline on this page a basic, quick guide and overview for Landlords, to explain what is typically involved with letting property. If you need any further information or advice, please don't hesitate to contact us.
If you'd like one of us to conduct a valuation or review of your property, please don't hesitate to contact us at info@kingdomletting.com.
This service includes:
We strongly advise our Landlords to carry out a full inventory for each separate tenancy. The purpose of checking an inventory is to establish damages, which can only be done if descriptions and conditioning remarks are sufficiently detailed at the commencement of the tenancy, and then at the end of the tenancy.
Under the terms of the tenancy agreement, the tenant is required to return the property and contents - at the end of the tenancy - in the same condition as they were at the commencement (fair wear and tear accepted). It is almost impossible to ascertain whether damage was caused during a tenancy without a proper inventory signed by all relevant parties.
If instructed we will arrange a professional inventory and check in on your behalf, the cost of which is borne by the landlord.
If the landlord has a mortgage, it is normal for mortgagees to require notification of any proposed lettings and the landlord should seek their initial consent. In the case of leasehold premises, the consent of the Head Lessee of Freeholder will be required. The landlord should also advise his insurance company of the proposal to let the property, as this could either invalidate the insurance altogether or increase the premiums. You should obtain written documentation of these consents prior to letting.
The tenant will be responsible for the payment of gas, electricity, water, telephone, council tax and television licence. (Unless otherwise agreed and stated).
As the landlord you are still responsible for the payment of service charges and buildings insurance.
Under the Taxation of income from Land (non residents) Regulations 1995, the rent receiving agent (or where there is no agent, the tenant) will be required to deduct an amount equivalent to Basic Rate Tax from the rent (after taking deductible expenses paid by the agent into account) and pay the balance to the Inland Revenue each quarter.
However, the overseas landlord can apply to the Inland Revenue for exemption from this requirement. Provided the landlords tax history is good and tax affairs are up to date, the overseas landlord will be issued with a certificate that will be sent to his rent receiving agent. This will authorise the agent to pay the rent to you with no tax deducted.
We can provide you with an NRL1 form which you must complete and send to the Inland Revenue. Neither your rent receiving agent, nor your tax advisor can file this application for you - it must be done by you. Failure to return this form in time may result in the exemption certificate not being issued before the payments become due. We would have no alternative but to make the required tax deduction before paying the rents to you.
Any Non-resident Landlord Tax payments deducted by us, in the first quarter can be refunded, if the exemption certificate is in our possession before the first quarter has ended. Any deductions after the first quarter can only be reclaimed after the first year has ended. Any refunds due after the first quarter are made by the Inland Revenue.
