Updating post from Reddit.
Hi all, I will be moving to Denmark with my work for a couple of years and would like to rent out my studio flat in London while I'm away. My flat is a leasehold.
Received consent to let from my mortgage provider. Asked the freeholder for permission (still waiting to hear back but plenty of flats in the complex are rented so I would hope no problem there). Found a lettings agent that I like and has comparable rates. I will probably go with a full management option, as I will be out of the country and have not done this before. Checked my EPC is in date. Booked in an EICR. Got a quote for landlords insurance. Started fixing up any snags in the flat.
I have 3 off market viewings booked in already (haven't signed the terms with the letting agent yet but they think it will go quickly). Is there anything else I need to sort out?
Thanks!
Gas cert in the unlikely event you have gas.
You can also negotiate with agents to get their management down to match someone else.
Registration with HMRC as overseas landlord.
Thank you. Hadn't thought about this
If you’re going through a legitimate letting agent, they have to sign you up to HMRC. There is a form you have to fill out. You do receive the rent gross.
What happens if you don't out of interest
Well it’s a legal requirement. If you don’t pay your taxes you’ll get fined.
To be honest, you should be asking your agent all this stuff - that’s what you’re paying them for. But then again, agents gonna agent, and it’s your head on the block, so you’re probably right to check here.