Should I furnish my property or not?
Property can be let either completely unfurnished, part furnished or fully furnished. This will be reflected in the rent asked for the property. Decide whether to furnish the property or not and to what level. Remember to allow for reasonable wear and tear on any property that you provide.
Should I be telling anyone that I am lettings out my property?
You must inform and have consent from your mortgage lender and freeholder (if you are a leaseholder or a management company). Keep any written consents safe along with any other documents regarding the property.
Do I need to take out insurance?
You will need to make sure that you have third party insurance and that you are covered for public liability and against defective premises risks. You will also need to make sure that the building itself is insured and that any furnishings or contents provided by you are covered. You may also like to consider special insurance for landlords which gives cover for legal costs if you have any disputes with your tenant.
Who pays for the council tax?
When the property is let the tenants pay the council tax direct to the local authority. If the property is not occupied, the landlord is accountable for the council tax on that property. It is in the best interest of the landlord/agent to let the council know when there is a change of occupancy as the landlord will continue to be held responsible by the council until they are informed of the change in occupancy status of the property.
What about the maintenance of the property?
As the landlord, you will usually be responsible for maintaining the property. It is also normal for the landlord to pay the ground rent and any service charge on the property.
Do I have to pay tax on rental income?
The short answer is yes. How much will vary on whether you are classed as a
UK
resident or not.
What sort of information should I give the tenant?
Leaving a folder of information about the property, its fixtures and fittings and other information such as emergency telephone numbers may help you avoid tenants having to contact you at awkward times with questions about the property. You may wish to include:
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