Before a property can be let there are several matters which the owner will need to address to ensure that the tenancy runs smoothly -
If the property is mortgaged you should obtain your Mortgagees written consent to the letting as this may require additional clauses being placed in the Tenancy Agreement.
If you are a Leaseholder you should check the terms of your Lease and obtain written consent before letting.
- Sub -Letting
If you are a tenant yourself you will require your Landlords consent.
You should ensure that you are suitably covered for letting under both your Contents and Home Insurance. Failure to inform your Insurers may invalidate your policy.
- Council Tax
Council Tax is the responsibility of the occupier. You should inform your Local Authority that you are leaving the property. With unfurnished property there is normally no charge for the first 6 months whilst it is vacant.
It is important that an inventory of contents and a schedule of basic condition is prepared to avoid misunderstanding or dispute at the end of the tenancy. Where possible the inventory will be supported by photographic evidence.
- Income Tax
Where the Landlord is resident in the U K it is entirely his responsibility to inform the Inland Revenue of rental income received and to pay any tax due. However where the Landlord is resident outside the U K during the tenancy under new rules PLM as Landlords agents are obliged to retain for the Inland Revenue on a quarterly basis an amount equal to the basic rate of tax on rents received less certain expenses. You should obtain further information from the Inland Revenue. Alternatively PLM strongly recommend entering into the Non - Residents Landlords Scheme, where approval will be given not to deduct tax at source. Further information including application forms can be found at www.hmrc.gov.uk