Tenant’s safety is of utmost importance to us and our landlords, who could be held liable if any accidents happen in their property. There is a raft of legislation to protect all parties and we are extremely familiar with it.
An annual Gas Safety Certificate is a legal requirement and, while an Electrical Safety Certificate isn’t demanded by law, it is the landlord’s responsibility to ensure electrical equipment and systems are safe. We recommend a Portable Appliances Test (PAT) for items such as toasters and kettles and we work with our clients to ensure your furnishings are compliant with current safety standards. You will also need an Energy Performance Certificate (EPC) for your property before marketing begins.
Legislation also demands that the majority of tenants’ deposits must be held in a government-authorised Tenancy Deposit Protection Scheme, so we will advise on which scheme to use. Since the introduction of this scheme, property inventories are being increasingly used to settle disputes so it is vital to get a good quality, preferably photographic, inventory done before your tenant moves in. We seek the best inventory clerks to compile these documents on your behalf.
As well as protecting your tenant, you must protect your property, not just with buildings insurance but contents insurance as well. Specialist landlord insurance is available and we can organise this for you. You may also need written permission from the freeholder or mortgage lender if your property is held on a lease or subject to a mortgage. You must ensure that your insurance provider knows that you are letting the property as it is important to have the correct policy in place.
Landlords are taxed on their rental income, but if you find a good accountant, they can help you minimise your annual tax bill. There are additional rules and regulations concerning non-UK resident landlords. We will work with your accountant so that relevant costs can be offset against yourtax bill, including your mortgage, safety inspections, agent’s fees, insurance costs and inventory fees. It is vital to keep a note of everything you spend on your rental property. At Moreland we use the most up-to-date computer accounting systems so that our records are held accurately and relayed to you efficiently. These systems ensure that rent monies are collected and paid to you in a timely manner. At Moreland we understand that your funds must be remitted to you immediately.