Overseas landlord insurance for rental property

liveandlearn_2

Hi,
I've recently inherited a property in the Uk which I am going to let. I live abroad aand have done for quite some time, and am not tax resident in the UK. 
I've tried to get quotes online for mandlord's insurance but keep getting turned down.
Can anyone recommend a company that might be able to help?
It's a one-bedroom leasehold flat. I have a serious tenant.
Thanks in advance.

El_Torro

Are you using a letting agent to manage the rental property? If not then if you do use one insurance companies might be more willing to work with you. The letting agent fees would eat into your profits of course but it might be a solution. 

I don't know if this will work, just a suggestion.

Stubod

You will probably need to us an agent. Assume the flat is in England? (Would expect to cost you about 10%-15% of the rental value, +VAT for fully managed service).

(NB If Wales then you must use an agent if you live abroad).

theartfullodger

Try some insurance brokers.. e,g, Alan Boswell...  or Lansdown...

Perhaps your agent can suggest something...

Done ANY training in being a landlord?? The alternative - ignorance - is usually painful,

SDLT_Geek

liveandlearn_2 said:

Hi,
I've recently inherited a property in the Uk which I am going to let. I live abroad aand have done for quite some time, and am not tax resident in the UK. 
I've tried to get quotes online for mandlord's insurance but keep getting turned down.
Can anyone recommend a company that might be able to help?
It's a one-bedroom leasehold flat. I have a serious tenant.
Thanks in advance.

As an aside, have you looked into the non UK resident landlords’ tax scheme?  There is an explanation here: https://www.gov.uk/government/publications/non-resident-landord-guidance-notes-for-letting-agents-and-tenants-non-resident-landlords-scheme-guidance-notes/what-the-non-resident-landlords-scheme-is

Murphybear

You will find it difficult to manage the property yourself  if you live abroad.  For example you should do regular inspections, not to “check up” on the tenants but to make sure there are no problems.  If there is a problem eg fire, flood etc you would need quick access if the tenants are not available.  You should keep at least one spare key in case the tenant loses theirs (yes it does happen  ).  It’s not really possible to do these things unless you are local.

You will need to find out about the Non Resident Landlord Scheme  (NRLS).  NRLS taxes the UK rental income of people whose ‘usual place of abode’ is outside the UK.  Full details are on the .gov website.

A good agent should know all about this plus the ever changing tenant/landlord laws.  

liveandlearn_2

Thank you for your help.
The tenant is a family friend. I'm back in the UK every 6-8 weeks, family members have spare keys, and I'm clued up on tax and regs.
I really don't need a letting agent.
Buildings insurance is covered in the maintenance charges. 
I'll follow up the leads, thank you.

theartfullodger

Many landlords, me included, think never rent to friends or family.  A very quick way to ruin a relationship.

But, hey, free country!

Done any training in being a landlord?  

Which country (eg Wales, NI...)?