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.

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.