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Inventory

It is extremely important that as a Landlord you have an inventory of all contents left in the property and a schedule prepared in respect of the condition of the property, in order to avoid any misunderstanding or dispute at the end of a tenancy. Without such safeguards, it will be impossible for you as the Landlord to prove any loss, damage, or significant deterioration of the property or contents and hold the tenant liable, or alternatively, make a successful insurance claim.

Insurance (Buildings and/or Contents)

You should ensure that you have suitable Landlord’s (Buy-to-Let) Insurance to cover both your buildings and any contents, however small in value, in the property. If you intend to let out a property previously occupied by yourself, you must inform your insurers as failure to do so could invalidate your policies.

Information for the Tenant

It is helpful if you leave information for the Tenant, e.g. on operating the central heating and hot water system, washing machine and alarm system, and the day refuse is collected etc.

Income Tax

When resident in the UK, it is entirely the Landlords responsibility to inform the Inland Revenue of rental income received, and to pay any tax due. Where a Landlord is resident outside the UK during a tenancy, under rules effective from 6 April 1996, unless an exemption certificate is held, it should be noted that Letting Agents are obliged to retain and forward to the Inland Revenue on a quarterly basis, an amount equal to the basic rate of income tax from rental received, less certain expenses. An application form for exemption from such deductions is usually available from most Letting Agents, and further information may be obtained from the Inland Revenue.