Landlords’ Fees
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Many tenants extend their tenancy and in some cases for several years. If no notice is served on the tenant, the tenancy automatically continues on a statutory periodic basis.
The landlord can terminate the tenancy at the end of the initial tenancy period or at any time thereafter by giving the tenant a minimum of two months’ notice on the rental due date. The tenant can either leave on the last day of the initial tenancy period or can give one month’s notice at any time thereafter.
Overseas landlords are responsible for obtaining their own exemption certificate and the appropriate forms should be submitted as early as possible as they can take several weeks to process. The Team at Estates East can advise you on how to sort this out.
Estates East advise arranging the inspection before a tenant is found, to avoid delaying the start of the tenancy. Breach of this regulation can result in heavy fines or even imprisonment so tenants are not allowed to occupy a property without a certificate.
- Interest on mortgage
- Property repairs
- Letting and management charges
- Buildings insurance
- Ground rent
- Service charges
The Non-Resident Landlord (NRL) scheme is for taxing the UK rental income of persons whose “usual place of abode” is outside the UK. If you are treated as a non-resident Landlord you still have to pay UK income tax on rental income from your UK property. Unless the landlord can provide Estates East with a current Inland Revenue exemption certificate, the law obliges us to deduct basic rate tax from rents received and for us to account to Inland Revenue on a quarterly basis. Any Landlord named on the tenancy agreement, when living overseas, requires a separate exemption certificate.
Estates East keeps a constant monitor on the above and updates landlords of any changes.
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