Your FAQs answered: What do I actually need to pay as a landlord?

We have some recurring questions pop up now and then from our clients. Frequently asked questions get frequently spoken answers - so why not get them written down for all to see? Take a look below at some of the more common questions we are receiving at the moment...

Do I need to pay council tax on my property when it's let?

No, that will be the new tenant's responsibility. When our Lettings Team process the move-in for your new tenant, part of our procedure is to inform the council of the move-in date and the tenant's contact details. The council will usually get in touch with the tenant directly, however, we encourage the tenant to get hold of the council themselves as soon as possible to avoid any delay in setting up their council tax payments.

If there's a service charge for the building do I pay this or does the tenant?

Service charges are your responsibility as the landlord. The service charge often comes as part of the agreement in the purchase of the property - a comparison to this would be like buildings insurance on a house, this is the owner's responsibility. The tenant will have their own contents insurance policy in place.

Do I need to declare the money I make from letting my property out in my self-assessment?

This is unique to each individual based on a number of factors. The best recommendation we could give would be for you to discuss this with a financial advisor, to ensure that you are meeting your tax obligations appropriately.

How much should I set aside for maintenance each month?

It's hard to say but generally, our clients have a Works Authorisation Limit (automatic spend cap) of around £150.00. This means that our clients who have selected £150.00, are giving us the authorisation to proceed with any works needed at the property up to the value of £150.00.

Should the value of works exceed this limit, we will not proceed without express consent from you, the landlord. There are many levels of limits that can be applied from no limit at all (we contact you before any works), to unlimited (we will proceed with all works without coming to you) and all values in between.

In our experience, it's a good idea to set aside around 15% of your monthly income as a safety net for any unexpected maintenance situations that could pop up. This will help protect you against any unwanted, surprise maintenance bills.

Do I need to inform the energy/water companies about the change in tenancy or do you do it?

This responsibility falls to the tenant when they move into the property, and also when they leave. We would always recommend that you, the landlord, inform the energy company via email or phone just to be safe. During inventories (pre-move-in) and exit inspections, our Lettings Team record the meter readings to ensure we have an accurate record at the start and end of each tenancy.

For more information on our fees, you can check out our landlord page here 🔗

If you have any burning questions you want answered, please get in touch. Our expert team are on hand to give you a helping hand. Call us on 01482 562 562 📞

Posted By

Ollie Potten