Renting property whilst travelling - advice needed

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    Renting property whilst travelling - advice needed

    Hi there!

    Just wondering if there’s anyone out there who can give me some advice.

    I am planning on going travelling for 12-18 months starting later this year and I will be renting out my property for this period via an estate agent.

    As the rental business is completely new to me, I have a few questions:

    1. I am told I have to inform the mortgage company. Will they increase my payments?

    2. I also have to inform the freeholder. Does anyone have any experience of renting leasehold flats? Will the freeholder have any objections?

    3. Regarding the tax situation, I will not be in the UK in order to complete my self-assessment. Can I wait until the following year when I have returned to the UK to declare all rental earnings at once? I have been told I cannot apply for a non-UK resident tax exemption certificate because I am only going to be temporarily non-resident.

    Any advice would be most appreciated.

    Many thanks.

    #2
    Whatever you do........

    Choose an agent whose principal/director[s] is/are a member of NAEA/ARLA/RICS. A good agent should be able to answer all your concerns.

    To answer them briefly:
    1. You should obtain written permission from your lender [they shouldn't charge you a higher rate of interest - if they try to - tell them you might consider remortgaging, it usually does the trick!].
    2. Same with the freeholder but an administration charge might be applicable; they can't reasonably refuse your request.
    3. If you are out of the country AND are not paid in the UK you can apply for exemption to the IR at their dedicated office in Nottingham by completing NRL1 form. They will then approve or reject it.
    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.

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      #3
      Thanks

      Thank you Paul for the information. I have already contacted 2 agents and will check their details to make sure they are accredited.

      Comment


        #4
        Agents

        Hi Jezza,

        I have been badly stung by three agents, one of them Arla registered. I always thought that if I used agents again in the future I would ask them for contact details of their clients (landlords as well as tenants) so I can find out firsthand what kind of service they give.

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          #5
          Hannah. If the ARLA agent has broken their Rules of Conduct then you can make a formal complaint and it doesn't cost you anything. The ARLA rules are available on their website.

          Too many landlords and tenant shy away from complaining but unless you do the agent will carry on regardless.

          Just one point; all agents are going to have to completely reassess their management procedures as the Housing Act 2004 means they will need to do far, far more than at present, and if they are going to do it right will mean a big increase in fees. They don't realise what's coming!
          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


            #6
            Hannah, can I just ask in what ways have you been stung by agents?

            I have checked and both agents I am considering are ARLA registered. However I may take your advice and ask them for references.

            Thanks very much.

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