Landlords

FREQUENTLY ASKED QUESTIONS

There may be many questions that you need answered before making the decision to let your property. Below are the most frequently asked questions.

If, however, you need further explanation or have another question regarding the letting process, please feel free to contact us and we will be glad to help.

I am paying a mortgage, can I rent out my house?
Yes, this is quite normal but you should advise your Building Society or bank and also contact Inland Revenue

Am I taxed on the income from renting?
If you make a profit from it then you will need to declare the profit gained. You will be entitled to
certain expenses as tax deductible allowances i.e. repairs, rates, mortgage interest, collection and management fees, cleaning, painting and maintenance and furniture depreciation etc.

I am going abroad for one year and want to rent out my house. Can you see any problems?
There are generally no problems. Inland Revenue however require the tax on rental income to be paid by the agent or tenant before passing it to the Landlord. It is possible and usual for a dispensation to be obtained from Inland Revenue to allow the landlord to receive rents gross then deal with his own tax affairs. We can advise.

Should I rent furnished or unfurnished?
Generally houses are let furnished although in some cases, particularly with more recently built
properties or those which have never been let before, it is possible to rent unfurnished. We can
provide you with specific guidance in each case.

What furniture should be included?
This is no set guidance for this although the basic essentials should be included in the house. Such items as adequate beds, wardrobes, dressing table lounge suite, table & chairs, cooker and fridge, cleaning equipment, carpets, curtains, etc.

Are there any regulations regarding furniture?
Yes. The Furniture Fire Safety Regulations make it a criminal offence to include non fire retardent furniture in a tenancy. Most furniture constructed from around 1990 onwards meets these regulations. Labels confirming this are usually found either on the base of the item, on a mattress or below cushions on a chair. Again can advise on this.

What about items such as cookers, fridges and any other portable appliances?
These should be checked regularly to ensure they are safe and an appropriate certificate obtained
from the electrical contractors.

What sort of contract is prepared?
In the vast majority of cases the agent looking after the letting can prepare a simple tenancy agreement. This sets out all the tenancy conditions and is usually for a set term.
From the electrical contractors.

I have heard a lot about Landlord Registration. Is it absolutely necessary?
Yes – This was introduced in 2014 for all new tenancies and all existing tenancies then had to be registered by February 2015.  It can be easily done on line www.nidirect.gov.uk and needs to be updated every 3 years.

What is the Tenant Deposit Scheme?
The Tenant Deposit Protection Scheme has been applicable and England and Scotland for a number of years. It was introduced into Northern Ireland in 2013 and it is now a legality that all tenant deposits must be protect under the Scheme. There are two types of scheme available and landlords may choose which one they opt for.

1. Custodial Scheme – Whereby the deposit is retained by a Government Approved company until the end of the tenancy. Once the tenant has vacated the property and it has been checked against the original inventory, the deposit is requested back from the Company. If the property has not been returned in a satisfactory manner or the tenancy has been breached, negotiations can be entered into between tenant, landlord and the scheme assessor. Further information can be obtained from our staff.

2. Insurance Scheme – Whereby the landlord/agent may retain the deposit and pay an insurance based fee to the Approved Company to protect it. As above, if the property has not been returned in a satisfactory manner or the tenancy has been breached, negotiations can be entered into between the tenant, landlord and the scheme assessor. Further information can be obtained from our staff.

Why TRC?

Since The Rental Company was established in 1995, we have remained 100% dedicated to lettings. As residential letting legislation is constantly changing, our extensive industry knowledge ensures that Landlords are kept both fully informed and compliant.

Local Knowledge

Over the years we have grown to become the largest and most recognised Letting Agent in East Belfast. All our staff have extensive local knowledge and you can rest easy that your property is being looked after by specialist letting personnel who not only really know the area but also your property.

Contractors

We pride ourselves on our transparency in all financial dealings.  We only use contractors that have been tried and tested over a period of years and whose workmanship is of excellent standard coupled with competitive pricing – what they charge is what you pay.

Reputation

We pride ourselves on having an excellent reputation within the industry and many of our clients have been referred to us from other satisfied clients.

Landlord Downloads

The PDF downloads below provide all of the information you require.

Property Dressing Service

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Thinking of buying a holiday home in the sun or perhaps relocating to Spain?

We have teamed up with Coles of Andalucia who are based in Mojacar in Southern Spain. They are currently marketing many great value properties from 1 bed apartments to luxury villas with private pools in this beautiful area of Spain as well as many other towns and villages in Southern Spain.

Simon Cole is an ex-pat who has indepth knowledge of the buying and/or relocating process and is best positioned to offer advice on all aspects of Spanish purchase.

Why not use the link to check out his website!

www.colespain.com
www.colesofandalucia.com