Landlord Responsibilities FAQ

Do landlords have to pay tax on earnings from rental property, and if so, how is it calculated?

ANSWER 1: Yes. Its income and therefore declarable. The rest of the question could take months to answer as its dependant on personal allowances etc. Ensure you know your tax obligations and speak to HMRC up front if in doubt. If you dont, ignorance is no defence, and you shouldn't be letting property.

I am letting a furnished property to my tenant. She has bought a few items of furnisher and wants me to move some of the old furnishings out so she has room for her newly purchased items. Is it my responsibility to remove and store the furnisher that came with the property?

ANSWER 1: My tenant did not want the bed I provided, as I did not have space to store the bed I insisted that he store the bed and return it to me at the end of the tenancy in good condition. You are under no obligation to remove the old furnishing as it was there at the start of your tenancy.

As an unfurnished property, does a landlord have to supply the kitchen with white goods e.g. washing machine, fridge, freezer?

ANSWER 1: Nope. There is no legal obligation for landlords to supply any furniture, and that includes white goods. However, white goods are extremely common, so a lot of tenants expects them to be there. Failing to supply white goods may push prospective tenants away.

Do I have to tell my mortgage lender that I am letting my property?

ANSWER 1: Yes. Failure is a breach of contract and they can withdraw the mortgage deal and or levy retrospective fees and charges. You must also inform the building insurers. It's a gamble not to do so - if anything goes wrong it can leave you without a mortgage or uninsured.

ANSWER 2: It will always depend on the lenders T&C's or mortgage offer. In most cases you will need to inform your residential lender you intend to let the property. You can then request a "consent to let" document. Remember your buildings insurance may also be effected so you will also need to speak with the provider.