If you have a mortgage or other loan secured on the property you must obtain permission from your lender before you enter into a tenancy agreement.
If the property is leasehold, you may need to obtain permission to let from the freeholders or the Managing Agent for the property. This will be explained in your head lease, a copy of which will need to be given to your tenant who will be expected to adhere to the terms of the lease during the Tenancy. If the property is owned by more than one person, consent for letting must be given by all owners before we can commence marketing.
All rentals from your property are subject to taxation and you will need to disclose this on your annual tax return. You are, of course, allowed to make certain deductions from the income before the tax is calculated and we would strongly recommend that you contact the Inland Revenue or your tax advisor for advice.
If you are not resident in the UK, your agent is required to deduct the tax before paying the rent to you. If this is the case, we recommend that you apply to the Inland Revenue to receive rent with no tax deducted by completing an NRL1 form. This can be found on the HMRC website www.hmrc.gov.uk.
There are several areas of legislation covering the safety of tenants in rented accommodation. These are in respect of gas installations, electrical appliances and upholstered furniture. Please see our separate leaflet with details of the current regulations and our requirements.