Don’t be a prize plum
Most people would agree that the idea of becoming a property magnet can be an exciting time. Never has the rental market been so vibrant and lucrative. However, when you decide to rent your home, by your own standards even though you may have undertaken all the relevant checks, when you hand over the keys to your tenant you hope that they will look after your property just the way you have- and to be fair some tenants do.
But what happens when things go wrong, the rents stops being paid and there are untold damages to your property?
As a business the cost of an eviction for unpaid rent arrears can have catastrophic consequences on your personal finances and can lead to financial ruin if you are unable to ride it out, let alone mention the untold amounts of emotional stress it takes on your family, personal health and time it takes to repair the damage-
Let’s face it’s every Landlords worse nightmare but if it has gone wrong you don’t have to let it define you!
Don’t be a prize plum!
So when you decide to step into the rental arena make sure you obtain the right advice from the outset and understand the responsibilities on both sides- don’t make the rules up as you go along because this can affect YOUR TAX!
There are specific rules for rental ins and outs and how to recover the unpaid rents when it comes to filing your personal self-assessment tax return to H M Revenue & Customs.
So, if you need some help with your rental portfolio and reclaiming and expenses give me a call to see if I can HELP and assist you getting YOUR LIFE back on track.
LANDLORDS – WHO IS LIVING IN YOUR PROPERTY!!!
Make sure you know who is living in your property because if you don’t you could be in for a nasty surprise.
If you rent a property to a tenant and find out that they have registered themselves disabled and not told you- what do you do?
Well, what you need to know is when or should a “carer” move in to your property without your consent or knowledge which is quite possible in today’s society, the “Carer” becomes what is known as “A Licence of tenancy only”, meaning that the carer is the Licensee of your tenant.
Whilst they may enjoy similar status they have different rights.
You need to consider if your property lends itself to the system in terms of installing care aids as not all properties lend themselves to such.
Whilst initially you may have no objection to a tenant who has engaged the services of a “Carer” in the first instance you might want to keep an eye on the situation and put a formal letter in place as to your wishes, especially if a third party has been given a key to your property without your written consent or prior knowledge or alternatively seek legal advice.
While it remains one thing for a genuine tenant to require the needs of a carer make it quite clear in a letter to your tenant that they are there only on the basis of “Licensee of Tenancy only” and that they are only there to supply the services of care to your Tenant. You have no interest or intention of granting them a tenancy. Basically in essence this means that should anything happen to your tenant the carer’s will have not be able to live in your property.
As a landlord you have a right to know who is living in your property and on that basis may wish to see the value in obtaining the full details of the carer and their qualifications.
Care, at this time is an unregulated industry, however, as legitimate carer would have the following qualifications as listed below:
- Person Centred Care.
- Has been CRB checked by the Care company
- First Aid
- Manual Handling (depending on the severity of the needs of tenant)
- Effective Administering of Medication.
- To be able to read and write to a good standard.
- Keep a good record of events.
- Finally, make sure that you never take money from the carer.
If you are not sure if you have a potential problem feel free to email us on Email: email@example.com or Call on 07801 287 213