New Section - Frequently asked questions for Landlords
This will be added to on an adhoc basis as or when we havesomething to say.
Have a question regarding letting? Why not email us. We will try and answer your questions. Common Q & A's will be added to this page.
E-mail: info@rebletting.co.uk
Q1. I want to increase the rent that my tenant pays - how is this done?
A1. Normally you can propose a rent increase at the end of this initial tenancy period (normally 6 months for most AST's). This should be done in the correct format - Section 13(2) notice. Many tenants will be happy with a simple note as long you have agreed the increase, however it is not legally valid - so best do it right. The notice is also slightly different in England (Form 4b) and Wales (Form 4d). After this rent increases need a minimum 12 months apart and should be based on market rent for the property at thetime.
Q2. Do I have to declare the rental income for tax purposes?
A2. Of course you do! And as an Agent we have to notify the Inland Revenue each year about all the monies we have received and who we paid them to.
The good news if that many things can be offset against the rental income to reduce your potential liability. These will include:- mortgage interest, insurance, agents fees, repairs and maintenance plus 10% for wear & tear in furnished properties.
