Landlords

Letting a property can be a stressful process and at Red Key we aim to ensure all Landlords have peace of mind and are safe in the knowledge that they are being given the right advice to ensure a smooth transaction.

 

Below are a few important things for a Landlord to bear in mind when letting their property:

 

ü  Permission to let is required from your mortgage lender and freeholder if the property is leasehold

 

ü  Check your Buildings and Contents Insurance to make sure that you are covered while tenants are in the property

 

ü  Landlords need to comply with the following Legislation when letting a property:

 

ü  The Gas Safety (Installation and Use) Regulations 1998 – ensure a Gas Safety Record is in place prior to a tenancy commencing and that this is renewed annually

ü  The Electrical Equipment (Safety) Regulations 1994 – ensure that all electrical equipment is safe and we strongly recommend a Portable Appliance Test including a Visible Wiring Test is undertaken

ü  The Furniture and Furnishings (Fire) (Safety) Regulations 1988 (as amended1993) – ensure that all soft furnishings have a fire safety label attached

 

ü  An Energy Performance Certificate will be required on instruction to market the property

 

ü  The property should be in good decorative order preferably with neutral colours and the property should be professionally cleaned including carpets prior to any tenancy

 

ü  An Inventory and Schedule of Condition is highly recommended as this details the condition of the property at the start of the tenancy and this document will be relied on when looking at any deductions from the deposit

 

ü  The deposit will be held by us as stakeholder and will be protected under the rules of the TDS scheme to which we are a member.

 

ü  Rental Income is taxable and advice should be taken from your accountant in this regard. If you are residing outside of the UK you will need to provide us with an Approval Number from the Inland Revenue in order to receive your rent without any tax being deducted as by law we must withhold tax if we do not have this number