As a landlord, it’s your duty to stay on top of all aspects of the letting experience, but let’s face it; there are a lot of things to worry about. Things you might not have known you needed to worry about, and questions you may not have thought to ask. For your convenience, our London property consultants comprised a list of a few popular questions that landlords often ask and offer our advice on letting a property.
London Property Consultants: FAQs from landlords
Why should I use a letting agency or managing agent?
It’s simple; you can’t focus on a million things at once. With the right letting agency, you won’t have to deal with the potential problems that may arise, such as deposit disputes and vacant periods. For example, if you don’t live locally, the agents at Irvine & Cole have extensive knowledge of the local market, enabling us to find the best possible deals and provide expert advice. If you simply don’t have the time to deal with each detail, your letting agency will handle everything from sourcing new tenants to utility and council tax transfers.
Should I let my property furnished or unfurnished?
This is entirely up to you, as furnishing can, but is not guaranteed to, increase the rental value. However, if you do decide to let a furnished property, you must ensure all furniture is compliant with legal regulations. For example, any upholstered furniture must be fire resistant. Furthermore, you must consider that all furnishings you provide will need to be properly maintained and, if necessary, replaced if something should happen to it.
What kinds of taxes affect the rental property?
There are various costs you will have to be aware of when letting a property. One tax that you as a landlord are responsible for is paying tax on your rental income. As this can become more complicated than it seems, it’s best to ask your managing agent for the right advice. A tax that your tenant would be responsible for paying is council tax, however if your property has no tenant, you as the landlord would have to pay this tax.
What do I do with the tenant’s deposit?
The tenant’s deposit should be immediately registered with a Tenancy Deposit Scheme. Our property consultants at Irvine & Cole can make sure that your tenant’s deposit is protected and carefully held until the end of the tenancy.
How do I deal with any property damage and/or repairs?
You are required to ensure that your rental property meets certain standards. Structural maintenance, plumbing, electricity, gas and heat all must comply. Luckily, with an agency handling your property management, any maintenance problems that should arise are taken care of with little to no involvement needed on your part. We can take care of more than just the maintenance, such as: cleaning, safety and security, building management, local authorities, utilities and more.