You are considered an Overseas Landlord if you live abroad or go to work abroad for lengthy periods of time, being so means the payee of rent must be approved by HMRC to do so with out deducting any tax. You must apply to the Inland Revenue Financial Intermediaries Claims Office (FICO) for authorisation (by way of an exemption certificate NRL1 Form this is required by law.
As an agent the financial penalties for non compliance are very high .
Your London's Agent number to be quoted is: 904/NA051825
*WITHOUT AN EXEMPTION CERTIFICATE 20% OF YOUR RENTAL INCOME WILL BE DEDUCTED, YOU WILL NEED TO CLAIM BACK THE FUNDS AT THE END OF THE FINANCIAL YEAR*
Under common law, the Landlord must ensure that properties to let are safe, failure to comply with Safety Legislation is considered a criminal offence resulting in legal action and prosecution.
(The Gas Safety (Installation & Use) Regulations 1994 (amended 1998) – the Landlord must maintain gas installations and all gas appliances through annual inspections and safety checks carried out by a GAS SAFE registered engineer and a copy of the Current Inspection Certificate must be left at the property.
Smoke detectors need to be fitted to each floor of the property and a Carbon Monoxide Detector in the rooms where solid fuel burners are fitted and in use, good practice recommends a Carbon Monoxide Detector is fitted in each room with a gas supply also.
Portable Appliance Testing (PAT) individual tests for items supplied by the landlord, these test are recommended each change of tenancy.
The Furniture and Furnishings (Fire) (Safety)Regulations 1988 (amended 1989 & 1993) - Soft furnishings (such as mattresses, settees, bed bases, cushions and padded headboards) must meet fire resistance standards and bear a permanent label confirming this. If compliance cannot be proved, the item must be removed and replaced.
- Written consent must be obtained from your Mortgage Provider and Freeholder (If property is leasehold along with informing the management agent of our contact details if you wish Your London to manage the tenancy) A corporate tenant will not sign and a tenancy agreement without mortgage consent due to risk of repossession.
- Your insurance company must be notified that the property is to be rented out and appropriate insurance obtained for a tenanted property, your insurance policy will not cover tenants possessions.
Your London can provide you with the details of an insurance company who can provide specific insurance policies to comply with your requirements: Homelet
Most professional Tenants prefer the property to be unfurnished and it has been found that a Tenant is likely to respect the property more if they have their own possessions and also due to the cost of moving, stay in the property for a longer.
The difference between rent for furnished or unfurnished is negligible but the Landlord remains responsible for the repair of replacement of any furnishings which become broken or worn due to natural wear and tear (unless this was caused by an act of the Tenant) - The Deposit Protection Scheme