RentalMarket™

Month: January 2023

Landlord Tax And National Insurance Responsibilities In 2023

When you rent out property you may have to pay tax. Running a property business You have to pay Class 2 National Insurance if your profits are more than £11,908 a year and what you do counts as running a business, for example if all the following apply: If your profits are under £6,725, you can make voluntary Class 2 National Insurance payments, for

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What Is A House In Multiple Occupation (HMO)?

A house in multiple occupation is a house occupied by people who do not live as a single household. This can include bedsits, shared houses, hostels, non-self contained flats and houses converted into flats. Hotels, guest houses and bed and breakfast establishments that are used to accommodate homeless people or asylum seekers are also HMOs. Houses or buildings occupied by

Read More »

Who Pays The Council Tax – Landlord or Tenant?

The tenant is responsible for the council tax (unless you decide to include this in the rent) but this needs to be clearly stated in the tenancy agreement. If the property is standing empty, it is the landlord’s responsibility to pay.

Read More »

Can My Tenant Refuse An Increase In Rent

For a periodic tenancy (rolling on a week-by-week or month-by-month basis) you can’t normally increase the rent more than once a year, unless you seek the tenant’s agreement. For a fixed-term tenancy (running for a set period of time) you can only increase the rent if your tenant agrees.

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What Is Meant By Legal Expenses, Eviction Of Squatters & Rent Guarantee?

Legal Expenses Cover is provided for irrecoverable costs and fees to pursue or defend claims involving breach of tenancy agreement. Rent Guarantee Cover is provided for unpaid rent in excess of one month up to 12 months or until vacant possession is gained, whichever happens first. Once vacant possession is obtained and your property is in a suitable condition to be

Read More »

What Is A Gas Safety Certificate (CP12) & How Long Does It Last?

A CP12 is a gas safety certificate that is legally required under the Gas Safety (Installation and Use) Regulations 1998 for all rental properties. It is renewed annually and must be provided to move into a property. As part of our service we notify Landlords when this is due and organise for an engineer to attend and issue. If you

Read More »

How Long Can I Leave My Tenant Without A Boiler?

24 hours. Under Section 11 of the Landlord and Tenant Act 1985, a tenant has the right to expect a landlord to carry out repairs in a ‘reasonable time’. If it’s an emergency repair as there is no heating or hot water, a landlord should fix this in 24 hours.

Read More »

2023 Guide To Dealing With Faulty/Dated Boilers In Rental Property

The RMA reported more than 20,000 boiler issues between October 1st 2022 and Jan 5th 2023. More than 9,000 boilers needed replacing with 55% organising a repair or short term fix. (figures accurate as of 09th Jan 2023). Full results can be provided by emailing enquiries@rentalmarket.co.uk. All landlords know that one of the most expensive individual items to replace in

Read More »

Home Emergency Cover – What Am I Covered For?

Home emergency cover – what am I covered for? Most home emergency add-ons cover the most common problems, although some policies have lower claim limits on parts of cover than some standalone policies, and there are exclusions to watch out for. With standalone policies, coverage can be sporadic or non-existent for some elements, such as electrics and replacement locks, even

Read More »

Month: January 2023

Landlord Tax And National Insurance Responsibilities In 2023

When you rent out property you may have to pay tax. Running a property business You have to pay Class 2 National Insurance if your profits are more than £11,908 a year and what you do counts as running a business, for example if all the following apply: If your profits are under £6,725, you can make voluntary Class 2 National Insurance payments, for

Read More »

What Is A House In Multiple Occupation (HMO)?

A house in multiple occupation is a house occupied by people who do not live as a single household. This can include bedsits, shared houses, hostels, non-self contained flats and houses converted into flats. Hotels, guest houses and bed and breakfast establishments that are used to accommodate homeless people or asylum seekers are also HMOs. Houses or buildings occupied by

Read More »

Who Pays The Council Tax – Landlord or Tenant?

The tenant is responsible for the council tax (unless you decide to include this in the rent) but this needs to be clearly stated in the tenancy agreement. If the property is standing empty, it is the landlord’s responsibility to pay.

Read More »

Can My Tenant Refuse An Increase In Rent

For a periodic tenancy (rolling on a week-by-week or month-by-month basis) you can’t normally increase the rent more than once a year, unless you seek the tenant’s agreement. For a fixed-term tenancy (running for a set period of time) you can only increase the rent if your tenant agrees.

Read More »

What Is Meant By Legal Expenses, Eviction Of Squatters & Rent Guarantee?

Legal Expenses Cover is provided for irrecoverable costs and fees to pursue or defend claims involving breach of tenancy agreement. Rent Guarantee Cover is provided for unpaid rent in excess of one month up to 12 months or until vacant possession is gained, whichever happens first. Once vacant possession is obtained and your property is in a suitable condition to be

Read More »

What Is A Gas Safety Certificate (CP12) & How Long Does It Last?

A CP12 is a gas safety certificate that is legally required under the Gas Safety (Installation and Use) Regulations 1998 for all rental properties. It is renewed annually and must be provided to move into a property. As part of our service we notify Landlords when this is due and organise for an engineer to attend and issue. If you

Read More »

How Long Can I Leave My Tenant Without A Boiler?

24 hours. Under Section 11 of the Landlord and Tenant Act 1985, a tenant has the right to expect a landlord to carry out repairs in a ‘reasonable time’. If it’s an emergency repair as there is no heating or hot water, a landlord should fix this in 24 hours.

Read More »

2023 Guide To Dealing With Faulty/Dated Boilers In Rental Property

The RMA reported more than 20,000 boiler issues between October 1st 2022 and Jan 5th 2023. More than 9,000 boilers needed replacing with 55% organising a repair or short term fix. (figures accurate as of 09th Jan 2023). Full results can be provided by emailing enquiries@rentalmarket.co.uk. All landlords know that one of the most expensive individual items to replace in

Read More »

Home Emergency Cover – What Am I Covered For?

Home emergency cover – what am I covered for? Most home emergency add-ons cover the most common problems, although some policies have lower claim limits on parts of cover than some standalone policies, and there are exclusions to watch out for. With standalone policies, coverage can be sporadic or non-existent for some elements, such as electrics and replacement locks, even

Read More »