Find out how we can help you
Find out how we can help you
You are responsible for notifying the Inland Revenue of the tenancy and for your own tax liability if you reside within the UK. If you reside abroad for 6 or more months of a tenancy, the Inland Revenue will hold us, as your managing agent (or your tenant where the tenant pays the rent directly to you), responsible for the payment of any tax liability which arises on rents collected by us on your behalf, unless an Approval Certificate is provided by the Inland Revenue pursuant to The Finance Act 1995. You can apply for the Inland Revenue exemption by filling out an NRL1 form quoting Northfield’s reference number: NA 010715. More information is available at www.hmrc.gov.uk/international/nr-landlords t. 0300 200 3300/+44 135 535 9022
If the Inland Revenue does not provide Northfields Estates or your tenant (for let-only tenancies) with a valid approval certificate, it will be necessary for the tax to be deducted at source at the appropriate rate (currently 20%). This money will be forwarded on a quarterly basis to the Inland Revenue and you are advised that the money will not earn interest on your behalf. The eventual liability for tax may be less than the amount forwarded to the Inland Revenue and, in this event, you will have to liaise with the Inspector of Taxes directly for any reimbursement, and Northfields will not be liable for any refunds to you. Should you at present reside within the UK but subsequently move abroad, please let us know the name of your accountants or tax advisors at that time.
In the event that you are not accepted for the Non-Resident Landlord Scheme, we shall make an administration charge of £42 inc VAT (£35 plus VAT) per quarter for forwarding monies to the Inland Revenue.
Since 2006 there has been a requirement to have a Mandatory license for properties where the property is over three storeys, there are two or more households and there are five or more people living in the property. Local councils have also been allowed to require licenses under ‘additional’ and ‘selective’ schemes. From 1st October 2018, a Mandatory License is required where the property is occupied by 2 or more households and there are 5 or more people thus removing the ‘3 storey’s requirement. There are some exemptions. As a landlord, you need to ensure that you are familiar with the local licensing requirements and are compliant with them. Penalties for non-compliance can be an unlimited fine as well as not being able to serve notice to take back possession of the property. License requirements can be driven by the location of the property or the mix of the tenants so it is very important to consider these factors when looking to let. Your local branch or council can give you further specific guidance and assist with any application (additional charges apply.) Also see local links below :
Northfields are happy to oversee your HMO application on your behalf and can, where appropriate, stand as the ‘fit and proper person’ where we are instructed under our full management service. There is an additional cost for this service. Please ask your local branch for a leaflet.
The Energy Efficiency (Private Rented Property) (England and Wales) Regulations 2015 mean that, from April 2018, private non-domestic (and domestic) landlords must ensure that properties they rent in England and Wales reach at least an EPC rating of E before granting a tenancy to new or existing tenants. A valid EPC, issued by a Domestic Energy Assessor, must be available to prospective viewers at the commencement of marketing and we shall ensure that a copy of the EPC is provided to the tenant prior to the commencement of the tenancy. Northfields are happy to arrange an EPC on your behalf at a cost of £120 incl VAT.
We know that there is a lot of information contained within this booklet but please understand our wish to ensure that you have all of the information that you need before you decide to rent out your property, and are legally compliant. We urge you to take the time to read the contents in full and ask us about anything you do not understand.
As a helpful reminder you should ensure that all items below are adhered to in full:
-Superior Landlord Consent
-Buildings Insurance that adequately covers your rental property
-Contents Insurance including public liability insurance
-Energy Performance Certification
-Safety Certification for:
-Electrics checked – fixed wiring (EICR)
-Electrics checked – portable appliances if applicable (PAT)
-Working smoke detectors on every floor
-Legionnaires risk assessment
-Furniture and furnishings safety compliance check
-CO (carbon monoxide) detectors fitted and working within 1.5m of any
-solid fuel appliance
If you have any questions feel free to contact a member of staff:
Ealing Broadway: 20 New Broadway Ealing W5 2XA t: 020 8566 5500
Northfield Avenue: 130 Northfield Ave Ealing W13 9RT t: 020 8567 6660
Pitshanger Lane: 1 Albert Terrace Ealing W5 1RL t: 020 8998 3111
Shepherds Bush: 127 Askew Road Shepherds Bush W12 9AU t: 020 8740 8833
Head Office and Accounts: 130 Northfield Avenue Ealing W13 9RT t: 020 8799 4367
Please ask for further details and up to date prices.