© Copyright Glaric Consultancy Ltd. 2014
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Guide to moving home
East of Exe
A guide to Renting Property
Choosing to let your property is a big decision that takes careful
thought and planning. Using the services of East of Exe will give you
peace of mind that you are doing everything necessary to maximise
your return, protect your asset and stay within the law.
At East of Exe we have the flexibility to tailor our services directly to
your specific needs and, because we specialise in both lettings and
sales, we can help you make the best decisions to maximise your
property’s investment potential.
We have produced a detailed “Guide for landlords to renting your
property” which will help you understand all of the items you need
to consider when renting a property. Please ask us for a copy or
download one from our web site. Below are listed some of the key
areas you need to consider but further details are available in the
guide.
Preparing the Property
We have found that a good relationship with Tenants is the key to a
smooth-running tenancy. As Property Managers this relationship is our
job, but it is important that the Tenants should feel comfortable in their
temporary home, and that they are receiving value for their money.
It follows therefore that a well presented and maintained property in
a good decorative order will go towards this, whilst also achieving
a higher rental figure. Tenants are also more inclined to treat such a
property with greater respect.
Financial considerations
Taxes
You are responsible for paying tax on your rental income and, if you
are living outside of the UK, applying 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. Of course, if the property is not tenanted,
then you are responsible for paying the property’s council tax and
utility bills and must keep your own records for VAT and personal
taxation purposes.
Legal considerations
Assured Short Tenancy
Most tenancies will automatically be Assured Short hold Tenancies
(ASTs), provided the rent is under £25,000 a year and the property is
let to private individuals. Tenancies are usually granted for an initial
fixed term of either 6 to 12 months.
When the fixed term has expired the landlord is able to regain
possession of the property provided he gives two months written notice
to the tenant. In addition, if the tenant owes at least 2 months or 8
weeks rent on the property he can apply through the court to seek a
possession order.
Alternatively at the end of the tenancy the agreement will
automatically roll over to a periodic tenancy which entitles the tenant
to give one months notice, or the landlord two months notice, to depart
from the date of the next tenancy payment.
Health & Safety considerations
As a landlord you have a number of health and safety legal issues
to consider and be complied with. Where you have signed our Full
Management Agency Agreement, they are also our responsibility.
Therefore where we are managing we will need to ensure compliance.
Please refer to our full guide for more details.
Insurance considerations
You should ensure that you are suitably covered for letting under
both your buildings and contents insurance. Failure to inform your
insurers may invalidate your policies. We can advise on Landlords
Legal Protection, Rent Guarantee Cover and Landlords Contents and
Buildings Insurance if required, but below we have detailed some
background on the different insurance policies available.
East of Exe landlords have access to a specialist insurance broker,
who can advise and organise some very competitive insurance cover
for your property. Apart from the insurance mentioned above this
can include landlord liability insurance and rent guarantee / legal
protection insurance which covers landlords if tenants should default
on rent.
For more information please visit our website for an in depth guide to
letting your home,
