Understanding your finances is crucial. Having enough funds to cover essential maintenance is just as important as ensuring your tenants pay rent on time. We recommend setting aside £20-£50 monthly from your rental income for unexpected repairs. It’s wise to have at least 3 months’ worth of mortgage payments saved up to cover void periods.

Ensure you have permission from your mortgage company to let your property. Failure to do so could breach your terms and conditions. Consider switching to a buy-to-let mortgage to avoid penalties. Book a free property valuation with us for confirmation of achievable rental income and advice on meeting your mortgage company’s requirements.

If you own a leasehold property, you may need permission from the Freeholder/Superior Landlord or management company to let it. Provide us with a copy of the leasehold agreement if there are any restrictive clauses for tenants.

Inform your insurance company about letting your property to ensure coverage in case of accidents like fire or flood.

Declare all rental income to HMRC and seek advice from a qualified accountant on tax implications. Planning for tax changes is crucial to avoid unexpected bills.

Prioritize tenant safety by hiring qualified contractors for gas and electrical certificates. Ensure furnished properties comply with fire-resistant standards and appliances are PAT tested.

Contact us if you need assistance making your property safe for letting or indicate your requirements in our Agency Agreement.

Provide valid photographic ID and proof of property ownership for drafting the tenancy agreement. Land registry title deeds are preferred and can be obtained from the Land Registry.

If you plan to be overseas for over 6 consecutive months, obtain a Landlords NRL number from HM Revenue & Customs to avoid additional tax. Reach out to us for further assistance.

Approach letting your property as a business or financial investment for your future. While it may be someone else’s home, maintaining a business mindset is essential for success.