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Individuals offering their homes to tenants may be using a money transfer to collect rent they are bringing in and operations manager at the Association of Residential Letting Agents (Arla) Ian Potter explained those carrying out this practice are making a “smart move”.
“Many people who work or retire to another country choose to let their UK property to tenants,” he remarked, adding those who are considering doing so need to ensure they follow best practice to minimise the stress that can be associated with being an overseas landlord.
Arla has advised people planning to put their property on the rental market to speak with their bank and insurance company and make both parties aware of what they wish to do, as failing to do so could invalidate their insurance policy and alterations may have to be made to their mortgage.
The body also encouraged individuals to check the abode is decorated to a high standard to make it attractive to prospective tenants, as well as to consider letting the home out in a furnished state, as this can eradicate the need to ship furniture abroad or put it into storage.
Mr Potter emphasised the importance of securing the services of a professional letting agent to oversee the rental process, as doing so will ensure the property “is in good hands”.
A growing number of people may be looking into renting out their UK property, as research conducted by Aviva earlier in the year revealed more Brits than ever are considering emigration.
Almost half (46 per cent) of respondents to a survey said they are giving serious thought to moving overseas, the insurance firm revealed, with Australia topping the list of potential destinations, followed by the US. From hifx.co.uk