Insurance & Tax

Insurance

As a Landlord, you are responsible for insuring your property. You need to make sure that the buildings and contents insurance company are aware that the property is being let to a third party (it is not sufficient just to continue paying a premium for insurance if you were previously in residence). We recommend that you should shop around for different quotes as this is a specialist area of insurance and prices/policies will vary from one company to the next. We are able to offer you a quotation through our professional contacts with selected insurance companies – please ask our staff for further information. You may also wish to consider Legal/Rent Protection insurance to cover instances during a tenancy that require specialist legal assistance to resolve particular problems.

Tax

We advise all landlords to enquire with their accountant or the local tax office to ascertain the implications in letting property. If you are going to be living abroad and instructing us to collect the rent on your behalf, we will advise you that you need to complete a ‘NRL1 form’ and send it to the tax office. The tax office will then normally write to us confirming that we do not need to deduct tax from the rental income. Without this, any non resident landlord would expect the agent to deduct tax from the rent and hold this money back for the Inland Revenue to account.