mandymoochops

A celebration is well deserved!!!! It just all seems to be coming together i'm really pleased hun!

i'm sure (tho I could be wrong) but walking a dog for an hour burns off about 2 bottles of elplonko - so you got some replenishing to do

skyturner

No, agencies make it easier (and costlier) just one more piece of advice....check the letting agency, if they are a large well established company you should be ok, but watch out for the smaller companies that have not been around too long. I am sure all will be cool.

maddhobs

Congratulations and best wishes!

London-England-Lads

Congrats Bandit !

Good things happen to those who wait.

I would suggest there are a number of things to sort out.

1) As a landlord you need to get a gas safety certificate, most agencies can arrange that for you !

2) Make sue the agency gets you to fill out a tax exemption form, so you do not pay any tax on the income from the property - it can sometimes take 6 weeks to be procesed. Great thing is that you can claim back all the commission you pay the age and also certain repairs and i believe part of the mortgage (maybe the interest only)

3) Get the agency to pursuade the tenants, to have it written in the contract that when they stop renting the property,that they pay for the check out inventory.

4) Check which deposit scheme the agency uses, it just good to know whether its the one that allows the agent to hold onto the deposit or not.

5) With out tenants we had an assured 12 month tenancy, with a break at 6 months (helps if they are a nightmare - problem is they can also leave at 6 months). Not sure if this is standard on all contracts.

6) Its also helpful to know what frequency the agency goes into to heck on the property, show be every 6 months, ours is quarterly.

7) If any white goods that you are leaving are insured, ring the companies and authorise them to deal with you agency in your absence.

8) Offically, if you have a mortgage, unless its a buy to let, you are meant to get permission for you bank. I know not everybody does this.

9) Makes sure any furniture you are leaving meets BS fire regulations.

10) You may also want to get someone just to check the electricity and wiring, its not essential now, but it will be law soon.

11) There is the new government regulations regarding home enegry, not sure whether you fall within the date one of these is needed. Worth checking.

Finally, make sure you know how much you agency wants to be able to spend on repaird before notifying you. Ours is £150.00

Hope some of this is helpful, and if its a bit granny eggs suck, i apologise.

Rob

JonboyE

See the wiki here as there is some essential information about taxes.

Yes, you can claim the agency commission, repairs and maintenance, house insurance and the interest portion of your mortgage payment (if it is an interest only mortgage then that is all the mortgage payment).

Lorna_D

Congrats Bandit, I hope all goes well for you, a party in the US sounds like fun have a great time

bandit

When you say 'claim' - do you mean claim any tax on the above costs?

I'm slowly working my way through the HMRC documents and trying to understand it all....

London-England-Lads

Hey Bandit

The long list man here, as far as we have been told, we are entitled to claim the commission and the Vat on their services.

Rob

JonboyE

You start with the gross rent you receive. If you have filed the form NRL1 this will be the rent the tenant pays. From the gross rent you deduct the total of all the agents fees (including VAT as LEL says), mortgage interest, buildings insurance and any repairs and maintenance costs. Whatever income is left is taxable. This will likely be less than your personal allowance in the UK. If so no tax will be payable in the UK.

Rent received (UKP1,000 a month).......12,000

Agents fees (inc vat)................1,410
Mortgage interest.....................8,760
Building insurance........................635
Repairs and maintenance..............443
.............................................-----
.................................................. .-11,248
.................................................. . -------
You pay tax on this profit -------------->752

If you don't pay any tax in the UK you will in Canada. This is because your personal amount will already have been used up in calculating the tax your employer deducts from your wages.

bandit

I love it when I can see figures like this - makes things so much easier.

I am filing a NRL1 form this week.

Fingers crossed the tenants get their refs cleared and I can hand in my notice and then get cracking on getting the house ready, and packing up my life of in the UK........

London-England-Lads

As far as I am aware, you agent needs to fill out a form for you to, not just the one you fill out.


Rob

bandit

They've said that they will register with HMRC aswell, and the NRL1 form asks for their registration number too, so I think we're all covered on this one!!!

Blimey - this moving lark is hard enough with out immigration!!!! LOL!