A reference is one of the best ways to help assess the potential risk when vetting new tenants for your property. Here are 5 tips for writing a tenant reference or click here for a template letter. Keep the letter formal Introduction e.g. Dear / To whom it may concern Clearly show what the letter
Will I have to pay tax? It is very likely that you will have to pay tax even with a small property portfolio. If you are a full-time landlord HMRC will treat this as a business and tax accordingly. If you work and let out a few properties it is more likely that you will
When you are calculating the net rental profit for your property lettings portfolio, allowable expenses should be deducted from the income to determine the net profit. Rental income on foreign property needs to be declared separately as foreign income. You should also know: You’re allowed to deduct expenses on one property against the receipts on
If your house has been unoccupied for a while it may begin to smell stale. All buildings smell even if there is nothing wrong with them. The trick is to identify which smalls are natural and which may point towards underlying problems. The house smells stale A stale smell is probably due to lack of
Do you need to pay inheritance tax on property When someone passes away tax is charged on their estate which includes money, possessions and property. In most cases the deceased’s estate will cover the tax liability, you may be required to pay if the estate will not or cannot cover the charges. You will need
If your tenant has stopped paying their rent it doesn’t have to turn into a nightmare. The first thing to remember is the difference between a tenant who can’t pay their rent as opposed to a tenant who won’t pay their rent. Here are some suggestions about how to resolve the situation. It’s good to
Rental property can provide a good income but there are costs involved as well. Letting agents The basic service offered is to find you a tenant, including advertising, interviews and credit checks. Agents will also offer a full management service which includes finding a tenant plus managing the property and tenants for you, collecting rent
Once someone has died the validity of their will have to be officially proved – this is called probate. Once probate is granted the process of administering the estate including money, possessions and property can go ahead. Time limit for applying for probate The probate application has no time limit but other elements of the
Is your commercial property underinsured? Lockyers are working in partnership with Rebuild Cost Assessment Ltd (RCAL) who are the market leaders in the provision of high quality rebuild cost assessments of both residential and commercial buildings in the UK. According to RCAL more than 9 out of 10 UK buildings are insured for the wrong amount
As many commercial and residential buildings remain empty over periods of lockdown, experts are concerned that these have the potential for a build-up of legionella bacteria, responsible for Legionnaires’ disease. Why it happens Legionella bacteria can grow and multiply in building water systems, particularly when water is left stagnant or tepid, or the system is
