renting out a uk property while living abroad

linkin52

We're renting out our London property and moving to Germany, but we're a little in the dark with the tax situation in a situation like this.

We're first time landlords and it's made all the more daunting by the fact we will be in another country!

Has anyone had any similar experience? Any tips or things we should look out for? Any input is greatly appriciated

Thanks

BitterAndTwisted

There are tax-implications for your tenants by being a non-UK resident. Are you going to try and administer this rental yourselves or go through an agent?

tbs624

Google "Non Resident Landlord Scheme" and " HMRC "

Have you obtained lender consent, if the property is on a resi mortgage?

You must provide an address in England or Wales at which notices relating to the property may be served or your rent can be deemed to not be due from the T.

This does not have to be an actual Letting Agent, it can be a friend or relation etc

Werdnal

And read this:

http://forums.moneysavingexpert.com/showpost.php?p=41160642&postcount=12

There is a link in there about the non-resident landlord tax issues.

You also need to give tenant an address (postal not email) in England or Wales for serving notices, otherwise they do not need to pay you rent! Thsi can be a relative or friend, not necessarily an agent. However, how are you going to manage repairs and maintenance and problems with tenants not paying etc, whilst you are so far away. Whilst agents are not always recommended, with a LL overseas, I always feel its a wise investment.

Have you already got consent to let?