New Landlord advice

landlord14

Hi

I have just purchased a 2 property's from a receiver that are currently tenanted, their lease expired in august 14 so its just rolling now.

I have a couple of questions

In regards to a new lease, its it ok for me to go ahead an offer a new 12 month lease? Also their rent is fairly cheap so im looking at increasing this slightly

PRTB registration - I assume this is a new registration as owner details have changed etc and a straight forward 90e payment?

Im a paye worker so in regards to taxation it would be self assessment in October 2015?

Many thanks

runawaybishop

Yes, you can offer a new lease but they don't have to accept it as they are on part 4 now. You can review the rent once every 12 months, sounds like you are able to do this now - remember if you sign a lease with them the rent is locked for the duration of that lease unless you add in a review clause, but such a review can only be once in a 12 month period.

PRTB: yes, tax - not sure.

Jasper79

landlord14 wrote: »

Hi

I have just purchased a 2 property's from a receiver that are currently tenanted, their lease expired in august 14 so its just rolling now.

I have a couple of questions

In regards to a new lease, its it ok for me to go ahead an offer a new 12 month lease? Also their rent is fairly cheap so im looking at increasing this slightly

PRTB registration - I assume this is a new registration as owner details have changed etc and a straight forward 90e payment?

Im a paye worker so in regards to taxation it would be self assessment in October 2015?

Many thanks

As per other poster you can offer a new 12 month lease but they don't have to accept it, the've roll onto part IV tenancy ( google it ) .

rent increase is every 12 months in line with market rates, so should be fine as they shouldn't have had one if lease lapsed since August.

In relation to tax yes returns for 2014 are due by October 15, No need to leave till october to do it though.

landlord14

Jasper79 wrote: »

As per other poster you can offer a new 12 month lease but they don't have to accept it, the've roll onto part IV tenancy ( google it ) .

rent increase is every 12 months in line with market rates, so should be fine as they shouldn't have had one if lease lapsed since August.

In relation to tax yes returns for 2014 are due by October 15, No need to leave till october to do it though.

Thanks, In terms of the tax returns, there's nothing I need to do by the end of this year is there?

Jasper79

No, in relation to tax nothing needs to be done until next year(tax return)

dudara

It's probably worth talking briefly to a tax professional. Once you're up to speed, you could do the returns yourself.

landlord14

thanks Jasper79

was worried I had to do something by dec 31st as ive only received a month rent from each

thanks again lads

landlord14

dudara wrote: »

It's probably worth talking briefly to a tax professional. Once you're up to speed, you could do the returns yourself.

That's the plan in January, cheers