Moving abroad and letting-out my property: advice please

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    Moving abroad and letting-out my property: advice please

    Hi all,

    I need some advices. I am moving to Spain and I did not manage to sell my place so I ma going to rent it out.

    I leave everything in the hands of an agencies.

    I’d like to get clarifications on the following:

    Is it worth to get a Rent guarantee insurance?

    Is it worth to get for example British Gas 400 cover in case of a breakdown (we only have electricity anyway)?

    Also my place has minor problems. For example one window does not shut properly. I put on some draught excluder and worked fine for us (we lived there for 4 ys). Do I need to mention to the agent/potential tenant?

    Any other advices would help. It is the first we rent a place and I have no experience whatsoever.

    Thanks to you all.

    #2
    The whole house needs to be in good condition, fix the window, properly, and any other niggling jobs, you are only storing up trouble if you don´t. You will need to get an EPC done for the property, if you have a mortgage have you got the permission of your lender to let? You need a good agent to explain everything you need to do, make sure they are ARLA registered. Rent guarantees are good in some situations, weigh up the costs.
    And when you have done all that then Bienvenido en España.
    I offer no guarantee that anything I say is correct. wysiwyg

    Comment


      #3
      Topini16: is it:
      a. a house/bungalow; or
      b. a flat/maisonette?
      JEFFREY SHAW, solicitor [and Topic Expert], Nether Edge Law*
      1. Public advice is believed accurate, but I accept no legal responsibility except to direct-paying private clients.
      2. Telephone advice: see http://www.landlordzone.co.uk/forums/showthread.php?t=34638.
      3. For paid advice about conveyancing/leaseholds/L&T, contact me* and become a private client.
      4. *- Contact info: click on my name (blue-highlight link).

      Comment


        #4
        Hi it is a purpose built flat

        Comment


          #5
          Originally posted by Topini16 View Post
          Hi it is a purpose built flat
          Si you need to be extra-careful; acts by your sub-tenants are imputed to you, so you may find yourself being in breach of the covenants in the lease which you hold even if not yourself personally committing the breach.
          JEFFREY SHAW, solicitor [and Topic Expert], Nether Edge Law*
          1. Public advice is believed accurate, but I accept no legal responsibility except to direct-paying private clients.
          2. Telephone advice: see http://www.landlordzone.co.uk/forums/showthread.php?t=34638.
          3. For paid advice about conveyancing/leaseholds/L&T, contact me* and become a private client.
          4. *- Contact info: click on my name (blue-highlight link).

          Comment


            #6
            Originally posted by Topini16 View Post

            Is it worth to get a Rent guarantee insurance?
            I would say its worth gettin rent guarantee, it doesn't cost that much and usually if your agent is competent enough to jump onto the claim straight away there should be a minimal amount of disruption to the rental income.
            My views and posts are based on my opinion and any advice given is just that, advice. If you decide to act on any advice given it is with the full knowledge that I am not perfect and anything I say could be wrong!

            Comment


              #7
              You will need to deal with HMRC - or suffer 20% tax deduction as a non-resident landlord. This an aspect an agent can deal with.

              Comment


                #8
                I knew it was going down to 20% from 22% when did it happen?

                Comment


                  #9
                  6 April 2008
                  The advice I give should not be construed as a definitive answer, and is without prejudice or liability. You are advised to consult a specialist solicitor or other person of equal legal standing.

                  Comment


                    #10
                    I am completing the NRL1 form but I assume i will need to pay taxes first and then i will get the refund.

                    is it Retrospective? i know they are slow at the tax office so it will take a while for them to look at my file.

                    in the tax return can i include every penny i spend towards the property? ie if i buy a sofa, a lamp, etc.

                    Also i will be paying interests only on my mortgage. can i include overpayments in my tax return.

                    thanks a lot for your suggestion guys.

                    Comment

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