Mortgaged PropertiesIf your property is mortgaged, you should obtain your mortgagee's written consent to the letting. They may require additional clauses in the tenancy agreement of which you must inform us.
Leasehold PropertiesIf you are a leaseholder, you should check the terms of your lease and obtain any necessary written consent before letting.
InsuranceYou should ensure that you are suitably covered for letting under both your buildings and contents insurance policies. Failure to inform your insurers may invalidate your policies. We can advise landlords on buildings and contents insurance, legal protection and rent guarantee cover, if required. Endsleigh Insurance Services' Landlord policy has been specifically designed for the property rental market to provide extra security and peace of mind.
Bills and Regular OutgoingsWe recommend that you arrange for regular outgoings, such as service charges and maintenance contracts to be paid by standing order or direct debit. However, where we are managing the property, we may make payment of certain bills on your behalf, by prior written agreement, provided such bills are received in your name at our office and that sufficient funds are held to your credit.
Council Tax and Utility AccountsYou will need to notify all relevant authorities, and arrange to transfer council tax and utility accounts to the tenant. Meter readings should be taken to allow your closing gas and electricity accounts to be drawn up. Where you choose our Full Management service, we will handle all these matters for you. However, BT will require instructions directly from both the landlord and the tenant.
Income TaxWhen resident in the U.K., it is entirely the landlord's responsibility to inform the Inland Revenue of rental income received, and to pay any tax due. Where the landlord is resident outside the U.K. during a tenancy, under rules effective from 6 April 1996, we, as the landlord's agent, are obliged to retain and forward to the Inland Revenue every quarter, an amount equal to the prevailing basic rate of income tax from rental received (less certain expenses), unless an exemption certificate is held. An application form for exemption from such deductions is available from this agency, and further information may be obtained from the Inland Revenue.
InventoryIt is most important that an inventory of contents and schedule of condition be prepared, to avoid any misunderstanding or disputes at the end of a tenancy. Without such safeguards, it will be impossible for the landlord to prove any loss, damage or significant deterioration (over and above fair wear and tear) of the property or contents. If required, we can arrange for an independent inventory clerk, to prepare an inventory and schedule of condition, at a cost to be agreed.
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