Buy to let property in the UK can be an excellent investment, whether investors live in the UK or not. You might be an overseas based investor or a lucky landlord renting your UK previous home whilst you’re working the job of your dreams in a warmer climate.
Even for landlords who live near their properties, the day-to-day management obligations can be time consuming and stressful. Being a long-distance landlord can be even more challenging – communication is often difficult, time zones may be different, tenants can’t be met in person, and you are not around to keep a watchful eye on your asset.
Who Will Manage It?
It is very likely that you will have to entrust somebody else to manage your property and look after your tenants.
You may be thinking of asking a family member, friend, or neighbour to do this for you. However, using the services of an experienced agent will relieve them of this responsibility and free you from the worry about the day-to-day management. All you need to do is enjoy the fruits of your investment.
One of our landlords currently living in New Zealand has told us …….
”I moved away from the UK for work and wanted to rent out my house rather than sell it. The sheer distance persuaded me to work with a lettings agency who knew what they were doing, who would look after my property in my absence, make sure it was always tenanted, collect the rent, and organise repairs. I was very reluctant to put all that onto a friend or family member – besides which, I knew an experienced agent would keep all the certificates and other legal requirements up to date. I would recommend that anyone renting a property in a place they don’t live, work with a reputable letting agency for guaranteed peace of mind.”
Overseas Landlords Should Not Be Deterred
A property management company like Horizon Lets can take care of everything from vetting tenants and collecting rent, to organising maintenance and repairs. What’s more, Horizon aim to keep tenancy voids to a minimum, and with expert local knowledge, we seek to attract the right tenants for each property… after all, Horizon don’t collect a management fee if the property is empty or the tenants don’t pay rent.
Legal Compliance
At Horizon Lets, we don’t just ensure the smooth day-to-day running of your property but can also offer best practice advice to maximise the likelihood of success from the rental property as well as guidance to ensure landlords meet ever increasing legal obligations.
To begin with, tenants must have an address in England or Wales to give notices to. This is required under Section 48 of the Landlord and Tenant Act 1987. We take care of this for you as your managing agent and provide our office address. This means any post is collected in orderly fashion and allows a landlord to remain at arm’s length from their tenants
There’s also the issue of tax for an overseas landlord… there are special rules about how you pay tax on the rent, and we can support you with fulfilling your obligations with HMRC. Don’t forget that the liability for collection of tax, if non-resident status has not been sought, passes to the landlord.
One of our Lettings Manager, Samantha, comments…..
“We’re dealing more and more with overseas investors who really look to our expertise when it comes to navigating the Non-Resident Landlord Scheme and making sure they have complied with HMRC’s regulations. Our hands-on approach and pro-active support have really been appreciated by these landlords.”
In Safe Hands
Whoever you choose to look after your property, make sure they are suitably qualified and the company holds the right accreditations. All our staff are ARLA Propertymark trained to the highest standards in the industry and as members of Safeagent we offer reassurance that we adhere to the stringent criteria required. Recognised by Government, consumer groups and industry bodies, Safeagent is the only letting agent organisation whose sole focus is consumer protection.
So, there you have it – if you live abroad, you can still have a rental property in the UK and it can still prove to be a fantastic investment option. You can trust Horizon Lets… we don’t hide behind strict office hours, our flexible hands-on approach means we seek to go above and beyond for overseas landlords to ensure they feel comfortable with their property’s management particularly when they live so far away. With a transparent and comprehensive online portal showing everything about their property and tenancies, walk round videos updates of a property and to accommodate different time zones, we’ll happily schedule out of hours Face Time calls with landlords.
As our Director, Chris, explains…..
“We have experience in purchasing and refurbishing property for landlords who live abroad and many of whom have never actually been to the property! Horizon has quickly built a proven track record when it comes to helping overseas landlords looking to grow their portfolio with a passive income from the initial sourcing through to managing tenancies. We appreciate it can be daunting when a landlord lives so far away but we do all we can to give reassurance, total awareness and thus a sense of control to overseas landlords.”
If you would like to learn more about how we can assist overseas landlords, drop us an email and we’ll be delighted to explain more!
Related Articles
- How To Be A Successful Overseas Buyer
- How To Be A Successful Property Investor
- SDLT Surcharge For Non-UK Buyers
- Buy Your First Buy To Let Property
- Five Things to Consider Before Investing in a Buy-to-Let Property
