Should I sell or risk tenants buying at undervalue price?9:08 AM, 25th September 2019
About 4 weeks ago 48
We have just purchased a house with attached land recently for future development. The house was already let and we have retained the existing tenants and is being managed by a local letting agency.
We have signed up with them for 6 months with a view to handling the tenancy directly ourselves or perhaps just maintaining the arrangement with the agents for the foreseeable future.
Our question is really what do we need to do in terms of registering our landlord status (currently in my wife’s name) with the local authorities and/or HMRC etc. Everything seems to be covered as we own the property outright and no BTL loan or mortgage is required.
We have landlords insurance in place and the agent is managing the safety certification etc and has not requested any further action from our side. Being new to the landlord business we wanted to check that all our obligations are being met and we realise that of course we will be responsible for maintenance and the upkeep etc.
My other question is do we need some form of landlords license as we checked with HMRC and there is nothing specific to our situation that we can see.
Any help/advice would be appreciated.
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