Help at hand for ac­ci­den­tal land­lords

Staines Informer - - NEWS -

RE­CENTLY, an in­creas­ing num­ber of home own­ers have be­come ‘ac­ci­den­tal land­lords’ – ones who are obliged to let their prop­erty due to a change in cir­cum­stances rather than as a planned de­ci­sion.

They may have in­her­ited a prop­erty, are get­ting di­vorced or have had to re­lo­cate for work. But what­ever the rea­son, their best op­tion is to let the prop­erty rather than sell it or stay there.

It may turn out to be a highly pos­i­tive move rather than an un­happy ac­ci­dent but by their very nature ac­ci­den­tal land­lords lack ex­pe­ri­ence of let­ting prop­erty. So, with that in mind, here are some top tips from The Frost Part­ner­ship.

First, dis­cuss the mat­ter with your in­sur­ers. Fail­ure to no­tify your in­surer that your home is now a rental prop­erty could in­val­i­date your in­sur­ance pol­icy – po­ten­tially a very costly mis­take. It is also prob­a­bly worth tak­ing out pub­lic li­a­bil­ity in­sur­ance to pro­tect you against any is­sues that arise as a re­sult of let­ting your prop­erty.

You should also talk to your mort­gage provider as, de­pend­ing on the type of mort­gage you have, you may be re­quired to change con­tracts to com­ply their re­quire­ments.

Land­lords have many le­gal obli­ga­tions such as Right to Rent checks and fi­nan­cial du­ties in­clud­ing lodg­ing de­posits in a gov­ern­ment backed ten­ancy de­posit scheme. A legally bind­ing ten­ancy agree­ment and a proper in­ven­tory are es­sen­tial.

Util­i­ties such as gas, wa­ter and elec­tric­ity should be with trans­ferred into the ten­ant’s name and fi­nan­cial li­a­bil­ity for these should be stated in your ten­ancy agree­ment. Cal­cu­late your fi­nan­cial li­a­bil­i­ties and be sure to keep tax re­turns up to date. There are tax de­duc­tions you can claim; mort­gage in­ter­est charges, re­pairs and main­te­nance, en­ergy ef­fi­ciency im­prove­ments to name but a few. What­ever else, make sure you’re pro­tected if it all goes wrong and you need to end the ten­ancy.

If it sounds too com­plex, how­ever, you could just put your feet up, re­lax and ask an ex­pe­ri­enced ARLA let­ting agent to han­dle it all for you. At The Frost Part­ner­ship we can take care of ev­ery­thing from find­ing suit­able ten­ants to rent de­mand and prop­erty main­te­nance.

Chris Cot­ton, man­ager let­tings for Mid­dle­sex ex­plained: “Frosts is an in­de­pen­dent fam­ily owned net­work with a com­mit­ment to qual­ity ser­vice for our clients. Our phi­los­o­phy is “Look­ing af­ter peo­ple and prop­erty” and we do just that, tak­ing the stress out of the en­tire let­tings process”.

For de­tails of our let­tings ser­vice please call the Staines-upon- Thames branch on 01784 464606 or Feltham on 020 8890 4225.

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