Page 9 - A&P Guide to Lettings

5. Consents Check out the requirements of your lease in terms of sub-letting and make sure you get the necessary consent if this is required. This consent may also be required if you have a mortgage on the property.6. Insurance It is the responsibility of the landlord to make sure that the property and its contents are fully insured. You will need to inform your insurance company that the property is to be let and adjust your policy accordingly. Arnold & Phillips can recommend [NAME] to those in need of specifc landlord cover. Give us a ring and we’ll fll you in with all the details. 7. Tax implications The income generated from your rental property will be eligible to UK tax, whether you as the landlord live in the UK or not. If you are not a resident of the UK you will need to apply to HMRC to pay tax on your rental income through Self-Assessment in order to receive UK rental income without deduction of tax. You will have to pay tax on any proft you make from letting out the property, not including deductions for ‘allowable expenses.’ We recommend that you seek the advice of a property tax specialist to minimise your liabilities as these will vary from person to person. At Arnold & Phillips, we can recommend [NAME]. Give us a shout if you would like more information. 8. Legal ownership Any co-owners of the property must be named on all the terms and conditions and on the tenancy agreement.