Energy Performance Certificate (EPC) – It is a legal requirement to have a valid EPC when marketing your property and a copy must be made available to prospective tenants free of charge. Door2Let can arrange this for you and they are valid for up to 10 years. From 1st April 2018 all rented properties must have a minimum energy performance rating of E or above.
Consents to Let – Please remember to obtain permission to rent the property from any co- owner(s) as well as permission from any mortgage provider or freeholder, if applicable. Ensure all property owners are named as ‘the Landlord’ on the lettings paperwork.
Right to Rent Checks – These have been introduced as part of the Immigration Act 2014 within the private rental sector across England and place restrictions on illegal immigrants accessing rented accommodation. From 1st February 2016 the immigration status or ‘right to rent’ of all prospective occupants aged 18 and over must be proven by a tenant and confirmed by a landlord before a tenancy can be granted. The Immigration Act 2016 imposes criminal sanctions on landlords for non-compliance. Please consulthttp://www.gov.uk/righttorentchecks for more information.
Tax on Rental Income – All rental income arising from property in the UK is subject to tax. UK residents can usually complete a HMRC Self Assessment tax return to declare this income. Overseas landlords have to be taxed at source, unless their agent has permission from HMRC to pay rent to them gross of tax. Please consult http://www.gov.uk/personal- tax/non-resident-landlord-scheme for more information. Deductible allowances can help minimise tax on rental income. We recommend taking professional tax advice to ensure that you are maximizing your allowances.
Insurance – As a landlord you must have buildings and contents insurance in place at all times and these should be specific to a rental property. Even if your property is not furnished, it is still worth considering having contents insurance as some offer public liability cover, replacement locks and potentially the cost of rehousing tenants in the event of fire/flood. Unfurnished properties that contain white goods such as a washing machine and fridge-freezer are still worth insuring under a policy specific to a rental property since the cost of repair/replacement can be considerable.
Money Laundering Regulations – All estate agents are subject to the Money Laundering Regulations 2007 and the Proceeds of Crime Act 2002. As a result we will need to ask you for proof of identity and proof of address. We will require sight of all original documents or alternatively certified copies. Below is a table of acceptable identity documents for landlords acting as an individual. Door2Let requires two different documents, one from List A and one from List B which must be dated within the past three months.