• September 25th, 2015 - 
  • Posted by SEOCLD

Key Dates in the Landlord’s Calendar

One of a landlord’s key responsibilities is to effectively manage their annual calendar. Amongst key dates will be scheduled maintenance, contractual deadlines and renewals of policies and certificates.

Keeping on top of these obligations is not always straightforward, however landlords must adhere to regulations to ensure a legal business and avoid invalidating their insurance policy.

We take a look at some of the key dates in the landlord’s calendar.

End of The Financial Year

Landlords in the UK are obliged to pay income tax on all rental income. Accordingly, they must ensure that all income is declared and all tax obligations are fulfilled by the end of the financial year on April 5th.

Private landlords should declare any rental income from owned properties in their personal tax return, to be submitted by 31st January.

Tenancy Agreement Expiry Dates

Landlords need to ensure they keep a careful record all tenancy agreement expiry dates. Any new agreements should be drawn up well in advance of the existing contract’s expiry date. It is not worth the risk of letting an agreement lapse, as this may invalidate your insurance policy.

Bear in mind that any changes in the contact terms will need to be outlined to the tenants. This includes any increases in rent or extra conditions regarding the property’s usage. Regulated tenancies have additional restrictions in place whereby landlords can only increase the rent up to the maximum set by the Valuation Office (VOA).

Deposit Regulations

Landlords have a maximum of 30 days from the start of a new contract to pay a tenant’s deposit into a Government approved scheme. Failing to adhere to this could result in a fine or criminal action so it’s essential to keep on top of this requirement.

Guidance on approved schemes can be found on the .gov website. https://www.gov.uk/deposit-protection-schemes-and-landlords/overview

Landlord insurance Renewal

Landlords need to ensure they always have an active insurance policy. A comprehensive insurance policy not only offers protection against minor problems such as damage to fixtures and fittings but also serious issues including flooding and fire damage.

Landlords who allow an insurance policy lapse, could find themselves facing significant damage repairs costs. They may also break the terms of any mortgage on the property and could leave themselves open to claims from tenants or the property owner.

Planning in advance for any up-coming insurance renewals also allows landlords the opportunity to review the market and to shop around for the best deal.

Gas Safety Certificate

By law, all landlords must hold a valid gas safety certificate to cover all gas appliances, flues and pipework at each property they manage. The certificate must be renewed every year by a registered Gas Safe Engineer.

Landlord’s need to keep a record of each Gas Safety Inspection for 2 years and give a copy to the tenants within 28 days of the inspection date. As with any mandatory requirement, landlords should ensure that they schedule-in the inspection in adequate time before the expiry date.

Annual Maintenance Checks

Whilst, regular maintenance checks on a rental property are not obligatory, landlords do have a responsibility to keep their properties safe and hazard free. It is therefore advisable to schedule annual or bi-annual maintenance checks on a property.

Checks should include a structural inspection, a review of all electrical fittings and wiring as well as a check to pipes and plumbing. Properties with more serious underlying issues may require more regular inspection and on-going maintenance.

Property maintenance software from GNB Software, allows easy management of a landlord’s commitments. Landlords will benefit from automatic reminders of important calendar dates to ensure that they remain legal and fully covered in the event of damage or other losses.

For more information on how property maintenance software can help you manage your portfolio of properties, contact GNB software.

Comments are closed.