Landlords responsibilities

rsooty

I have been letting my property out for just over a year now as I have being living abroad. It has being let through an estate agents who take 10% of the rent. When I move back to the UK in March I am looking at renting the house out myself instead of using a middleman, does anybody know what my legal responsibilities are doing it this way? Also, do I need a solicitor to write a tenants agreement?

chappers

Not necessarily but I would draw one up specific to your property rather than a formula one.
You do have a fair few responsibilities as a landlord but I would not be put off managing the property yourself my only advice would be don't act on anything until you are sure of your legal position. Lots of info here http://www.landlordzone.co.uk/
http://www.lettingzone.com/

Maybe consider joining one of the landlords associations most will offer a free legal advice service.

surhattie

Tried my own management as my houses are in good order, hence low maintenance. Then somebody stopped paying rent and I now use an agent as they get stuck in to recover the rent/get them out-which is far less stressful

rsooty

Do you know of a good landlords assosiation? I will have a look on them links.
The reason I am looking is because currently I dont have to pay tax on the rent but when I move back I will have to so I will be paying tax plus 10% for management fees - its alot of pennies.
Many thanks

Sooty

sooz

rsooty wrote: »

Do you know of a good landlords assosiation? I will have a look on them links.
The reason I am looking is because currently I dont have to pay tax on the rent but when I move back I will have to so I will be paying tax plus 10% for management fees - its alot of pennies.
Many thanks

Sooty

Are you sure you don't have to pay tax?

try the National Landlords Association www.landlords.org.uk

Your membership will be tax deductable

rsooty

sooz wrote: »

Are you sure you don't have to pay tax?

try the National Landlords Association www.landlords.org.uk

Your membership will be tax deductable

There is a form you can send to the inland revenue if you are a landlord living abroad and if they think your circumstances are ok they will give make it so you dont need to pay tax on rental income as I am living abroad.

Sooty

Notlob

rsooty wrote: »

There is a form you can send to the inland revenue if you are a landlord living abroad and if they think your circumstances are ok they will give make it so you dont need to pay tax on rental income as I am living abroad.

Sooty

I suspect you are referring to completing a Non Resident Landlord form (NRL1) and the inland revenue will issue a NRL8, meaning the agent does not need to hold the tax and pay it the inland revenue quarterly on your behalf. It doesn't mean you are exempt from tax.

Oh, and just in case any tenants think they do not have to worry about this. If you are paying rent directly to a non resident landlord, the inland revenue put the onus on the tenant to withhold tax and pay it to them until a NRL8 has been issued. Last time I checked anyway!

pdtnc

Interesting stuff, its just what I've been looking for, thanks for those Links