First BTL purchase and want to make sure we are fully compliant with all regulations
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.
Neil
Comments
Have Your Say
Every day, landlords who want to influence policy and share real-world experience add their voice here. Your perspective helps keep the debate balanced.
Not a member yet? Join In Seconds
Login with
Previous Article
Conservative peer speaks out against Tory tax grabNext Article
Need help with a s21 and s8 notice please
Member Since December 2015 - Comments: 452
10:38 AM, 10th January 2016, About 10 years ago
Reply to the comment left by “Puzzler ” at “10/01/2016 – 10:15“:
Last line was :
Does your council have selective licencing?
So the tip is, do you need any licence,
Wales, selective, most HMOs etc?
Another, is to advise tenants your insurance, does not (/ or does) cover rehousing, if there is a claim, and their contents are NOT covered.
Member Since July 2013 - Comments: 1266 - Articles: 1
12:03 PM, 10th January 2016, About 10 years ago
And my point was that in Scotland it is a central registration and not to do with the individual council.
I’m guessing the OP is not Scotland, I was just adding for anyone else’s benefit who is.
What is your problem with my comment, I see many others on this forum (in fact most of them, including yours above) which repeat, enlarge and contradict? Neil’s comment referred to council specifically and if you are English and considering Scotland as an opportunity then it is something you need to know.
Member Since December 2015 - Comments: 452
12:11 PM, 10th January 2016, About 10 years ago
Reply to the comment left by “Puzzler ” at “10/01/2016 – 10:15“:
I didnt want to ‘make a point’ or create a problem, simply that you said
“You will need a licence if the property is in Scotland, not in England and I don’t know about Wales or NI.”
The aim of this useful thread is to collect pointers of what MUST be done, and, ‘not in England’ might mislead, as it is SELECTIVE. I didnt know the Scottish position, nor NI so remained silent.
Any more tips anyone for FTRs – First Time Renters?
Member Since July 2013 - Comments: 1266 - Articles: 1
4:55 PM, 10th January 2016, About 10 years ago
Apologies, I wasn’t very clear in retrospect. I meant in Scotland the landlord needs a licence (well, to be registered to be precise), I took Neil’s comment to be the licence for the property.