Stanmore landlords wants the answers to these questions…
Questions, Questions, Questions – we all have them but often they don’t get answered. Being a landlord is a big responsibility and can be stressful and even confusing. There can be hundreds of questions rushing around a landlord’s head, so here we look at the most common questions landlords have asked us over the years.
How do I know the real rental value?
You need an experienced letting agent to value your home - renters are likely to be searching the local area so price your property competitively. Find a trustworthy, reputable agent, if you go for the cheapest agent then don’t complain when things go wrong.
Do I need to tell my mortgage lender?
Yes. Some mortgages don’t allow you to let the property so inform your mortgage lender, as they will need to give you permission. If you are buying a property with the intention of letting it out, you may need a buy-to-let mortgages.
Should I use a letting agent?
When letting a property, you can either do it by yourself or use an agent. If you do decide to use an agent, then remember you will benefit from their expertise, knowledge and help in finding a tenant. There are numerous agents out there, ranging in quality, service and price so shop around and ask your friends for referral.
What should I do with the tenant’s deposit?
You must put any deposit in an approved Tenancy Deposit Scheme. If you fail to do this, you could be fined and risk being able to get future tenants.
Why do I need references?
Nightmare tenants and rent arrears aren’t just something that happens in films. These things happen in real life and could easily happen to you so make sure you have references for all tenants. It doesn’t take long to get in contact with a tenant’s previous employer or landlord and you may soon regret it if you forget to do so.
Do I pay tax on the rental income?
All landlords could be liable to pay tax on their rental income, whether they live in the UK or are based overseas.
What happens with council tax?
The tenant is responsible for the council tax and you also need to remember that if the property is empty, it is the landlord’s responsibility to pay. It is also important to remember that the tenant is responsible for a TV license.
How do I go about visiting the property?
The landlord should give the tenant notice that they will be entering the property.
What if the tenant damages the property or doesn’t pay?
Landlord insurance will protect you in the scenario of the tenant not paying. Regarding damage to the property, either the tenant pays to fix it or the cost for fixing the damage is removed from the tenant’s deposit. As a landlord, you need to be realistic and allow slight wear and tear.
How can I remove the tenant?
If your tenant refuses to leave the property, then legal action will be necessary. Try to resolve disputes first but if you need extra information, Stones Residential always on hand to offer help and you can even go to the Citizens Advice Bureau.
Whether buying, selling, renting or letting – the property market is a constant learning curve but being well prepared and well educated is often the only thing that makes a real difference.
Finally, it’s important to remember that there aren’t any stupid questions because ultimately, these questions are helping to make your final decision. If you are a landlord and would like to speak to an expert, then please get in touch our lettings Director, Neil Lux on 020 8954 0045 or email him neil@stonesresidential.co.uk
