Landlord FAQ’s
I want to let out my property; do I need to tell the mortgage lender?
Yes, you must obtain permission from your mortgage lender and inform us of any special conditions that they impose. We may require written evidence of this. They may wish to see a copy of our Tenancy Agreement and this can be supplied upon request.
What is an EPC (Energy Performance Certificate)?
Energy Performance Certificates (EPCs). All properties that are let out are required by law to have an EPC. They are currently valid for ten years and will assess the property for its energy performance. The property will be graded in much the same way as an appliance with a grade from A to G, A being most efficient.
How do I improve the chances of letting out my property?
Properties should be clean and tidy. A well decorated property with quality floor coverings, a well fitted kitchen and modern sanitary ware will always attract a better quality tenant. You should always try to use light neutral tones. Vacant properties without curtains, light fittings, adequate power points and smoke alarms indicate an uncaring landlord, who will only attract uncaring tenants.
How do I know how much rent to charge?
Using our local knowledge and professionalism we will assess the potential rental value taking into cosideration current market conditions and recommend the type of tenant that would be most suitable for the property. We will also agree with you the terms on which the property will be marketed, including any restrictions.
If I let out a property do I have to provide the tenant with any furniture?
No, you can let out your property; fully furnished, partly furnished or unfurnished. However when deciding whether to provide furniture with a property or not consider the type of tenant you are targeting and what their needs are likely to be. REMEMBER A FURNISHED LET MAY LEAD TO MUCH GREATER RESPONSIBILITY FOR ONGOING REPAIRS .
How do I know I am getting a good tenant?
We conduct identity and residency checks on all applicants. We also obtain a credit reference and take up employer and current landlord references.
For applicants who fall outside our basic criteria we either ask for a guarantor or obtain full settlement of rent in advance for the tenancy term.
For non-UK applicants we have access to international referencing facilities, which cover many countries.
If you require Rent Guarantee then we will reference the Tenant using ‘Rentshield’ . A successful application will enable you to purchase a Rnet Guarantee policy at very competitive rates.
What do I do about a deposit?
We collect a security deposit from the tenant as cleared funds before the Tenancy Agreement is signed and register the deposit with an approved Tenancy Deposit Scheme if applicable. The size of a deposit will depend the tenants circumstances.
Who has to pay the council tax on the property?
A tenant is responsible for the payment of council tax during the period of the tenancy (as long as this is stated in the Tenancy Agreement). However when the property is vacant as the landlord or homeowner you will be responsible for paying the council tax. Some exemptions may apply but these will be applied on a case by case basis.
Who is responsible for the TV licence, the tenant or the landlord?
It is both the landlord and tenant’s responsibility to ensure that the address has a valid TV licence. However the responsibility on who has to pay for the licence is usually stated in the Tenancy Agreement. However if the landlord provides a television with the property then they would be expected to pay for the TV licence, particularly in any communal areas.
What is an inventory?
A schedule of the condition of the property, usually checked by all parties on the day the tenant moves in and signed by all parties. MRL provide a bespoke Inventory service provided by an Independent Inventory Clerk, providing you with the best possible protection in the event of a dispute over dilapidations.
What happens about insurance when I let out a property?
It is a good idea for the landlord to have insurance on the property and for any contents, such as furniture and white goodsincluded in the Let. Tenants are responsible for insuring their own contents and there attention is drawn to this fact.
How do I receive my rental income?
We arrange for the tenant to sign a standing order or direct debit mandate for rent and account to you for all rent received, less outgoings, fees and commission accompanied by a statement. We are able to give you access to our Landlordsonline service enabling you to check a balance, reproduce a statement, check on the status of your property or send us a secure message 24/7, 365 days a year.
Do I have to pay income tax on rental income?
Paying tax on your rental income, and if you are living outside of the UK we ask you to apply for approval to receive rent with no tax deducted. In the absence of this approval we must deduct tax at source from your rental income and pay these monies to the Inland Revenue on your behalf. If you are resident in the UK then your tax liability will depend on your personal circumstances. Our best advice would be to speak to a qualified tax specialist who will be able to ensure that you fulfil your obligations under to the Inland Revenue.
Can a tenant change the locks without consent from a landlord?
Yes, even if the tenancy agreement says that prior consent is needed beforehand, but the tenant must “make good” the locks at the end of the tenancy.
What should I do if a tenant has left furniture in the property after they have moved out?
Property left behind is still classed as the tenants and if removed, or sold a claim can be made against the landlord for the value of the goods. The landlord becomes a bailee when the goods are left behind and can only legally sell or remove them under the Torts (interference with goods) Act 1977. Landlords are not permitted to sell the goods for compensation on any damage caused by the tenant or for any unpaid rent. However in practice a landlord cannot get a court order for each tenant that leaves property behind, and a landlord has to make a judgement, and with items of value keep clear evidence that they have done all they can to contact the former tenant in question.