Whether your an experience landlord or just beginning to look to starting a property portfolio you will have lots of questions you want to ask. Galley Properties are here to help guide you along the journey of building your property portfolio. Because we are experienced property developers ourselves and also deal with all sorts of lettings queries on a regular basis we are confident we can help. Below are some of the frequently asked questions most landlords have, for anything else feel free to get in touch with us.
I want to rent my property out. Do I need to inform my mortgage lender?
Yes, you must obtain permission from your mortgage lender and inform us of any special conditions that they impose. We may ask you to provide written evidence of this.
How do I know how much rent I can charge?
We will assess the potential rental value taking current market conditions into consideration and recommend the type of tenant that would be most suitable for your property.
I live abroad. Do I have to pay income tax on rental income?
If you are living outside of the UK then you need to apply for a tax exemption certificate. In absence of this certificate we must deduct tax from your rental income and pay these monies to the Inland Revenue on your behalf.
How can I know that I am getting a good tenant?
We thoroughly vet all our tenants. This includes: a credit reference report, identity and residency checks, Bank validation checks, previous landlords and current employers references. Occasionally we may ask the applicants for a guarantor. For those applicants that come from outside of the UK we have access to international referencing facilities.
Who pays the council tax on the property?
When the property is vacant (for example while being refurbished) the landlord or homeowner is responsible for paying the council tax. After a tenant moves into the property then they are responsible
Do I have to notify the local council about new tenants?
No, we will contact the local council on your behalf and provide them with new tenants details.
Do I need an Energy Performance Certificate (EPC)?
From 1st October 2008, all rental properties with a new tenancy in England and Wales are required to have an Energy Performance Certificate (EPC).
What is an Energy Performance Certificate (EPC)?
Energy Performance Certificates (EPCs) give information on how to make your home more energy efficient and reduce carbon dioxide emissions. All homes bought, sold or rented require an EPC. Find out what EPCs look like and what they contain.