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Becoming an accidental landlord.

Perhaps you have recently moved in with a partner, found a new job, started or expanded your family? Or maybe you have inherited property or need to move for your job. Whatever your circumstances, If you can’t or don’t want to sell your property,  the local rental market can offer a number of benefits.

Depending on the amount of equity or outstanding mortgage that you have on the property, along with the financial responsibility, it can be uncharted territory. If you have lived in the property, or it is has been a much-loved family home with treasured memories, the idea of strangers living there can be unsettling.

A reputable property management company can help, and C&D Properties can work with you on everything from finding tenants to securing your deposit in a Government-backed scheme and drawing up an agreement and thorough inventory so you, and your tenants are clear on your rights and arrangements.When it comes to receiving regular and timely rent, peace of mind that your property is cared for and being up to date with all legislation, a little help can go a long way. As well as your insurance provider, do talk to your mortgage provider to let them know as you may have to alter your current arrangement.

When it comes to your finances, tenants may come and go and it is inevitable that repairs and maintenance will be required at some point. That being the case, do make sure that you have some savings and contingency plans in place for when that boiler gives up over Christmas or the next gales blow your fences down. 

And finally, how can we forget to mention tax planning? Unless you have been on a desert island, it is impossible to get away from the debate on tax efficiency, and knowledge is certainly power when it comes to working out your tax liabilities as a landlord. All rent you receive will be classed as income by HMRC and will need to be declared on your tax return at the end of the year. Remember, however, that deductions you are entitled to claim include interest charges, letting fees, repairs and energy-efficiency improvements.

If you are looking to let your property and want to have an informal chat, contact us today. 

Posted by
Jessica Bird
on 12th April 2016