Landlord Frequently Asked Questions
1. What do I need to do before renting my property?
- Condition of the property and contents: You are legally required to ensure that the condition of the property and contents meet the legal standards for private rented accommodation. We can advise you of these standards if required.
- Building Energy Rating Certificate: Before marketing a property to let it is a legal requirement that a Building Energy Rating (BER) is in place for the property. The BER certificate will need to be provided to us prior to us placing your property on the market. If you do not have a BER certificate in place for the property we can assist you with arranging this.
- Insurance: You need to ensure that your property and contents are insured at all times. We would advise you to make your insurers aware that the property has been let. Restrictions to cover may apply during vacant periods, insurers normally require that you declare vacancy to them.
2. What is the rental value of my property?
We would be pleased to visit your property for a free rental appraisal. Rents are paid monthly in advance by the tenant usually in the form of a standing order.
3. What security deposit is taken on my property?
The security deposit taken is the equivalent of one month’s rent. This deposit covers any breakages, damages or deductions applicable to the property. The deposit is held by the Landlord or Henry Wiltshire if the property is managed by us.
4. What references are obtained from prospective tenants?
We will obtain both a work reference and a previous landlord reference from each tenant that will occupy the property. On request a bank statement is also provided by the tenants to ensure that sufficient funds are available. All references are cross checked and verified.
5. What happens at the end of the tenancy?
At the end of the tenancy the tenant may decide to renew the tenancy for the property or to vacate. If the tenant wishes to renew, Henry Wiltshire can provide you with a renewal contract upon request. If the tenant wishes to vacate they must provide the Landlord/Henry Wiltshire with the sufficient notice in writing.
6. Do I need to pay income tax on my rented property?
The rate and amount of tax that you are liable for will depend on your own personal circumstances. We always recommend that you consult a qualified tax advisor or financial consultant in order to ascertain this.
7. Useful Links
All Landlords, Tenants and Property owners are bound by legislation in Ireland. Please see below a summary of the legislation relating to rental property in Ireland at present.
RESIDENTIAL TENANCIES ACT 2004
The Residential Tenancies Act 2004 sets out both Landlord and Tenant Rights and Obligations for the duration of the tenancy. Both the Landlord and Tenant are bound by the Covenants listed within this Act.
The full Act can be found at http://www.irishstatutebook.ie/eli/2004/act/27/enacted/en/html
THE RESIDENTIAL TENANCIES BOARD (RTB)
The RTB is a statutory body that was established by the Government in 2004. The RTB acts as a national Register for private rented dwellings and offers a private dispute resolution service to resolve disputes between a Landlord and a Tenant. Each tenancy must be registered with the RTB at a fee of €90 per registration. All tenant’s residing in a property must be registered with the RTB.
Further information can be found at www.rtb.ie.
THE PROPERTY SERVICES REGULATORY AUTHORITY (PSRA)
The PSRA was established by the Government in 2012. The objective of the PSRA is to control and regulate all Property Service Providers (PSP’s) in Ireland i.e. Auctioneer’s, Estate Agent’s, Property Management Agents etc. Under the Property Services (Regulation) Act 2011, all PSP’s must be licenced in order to operate. The PSRA also offers a dispute service where they receive complaints relating to PSP’s and carry out investigations in relation to these complaints.
Further information on the PSRA and on the Property Services (Regulation) Act 2011 can be found at http://www.psr.ie/website/npsra/npsraweb.nsf/page/index-en
MINIMUM HOUSING STANDARDS
Minimum standards are set out in the Housing (Standards for Rented Houses) Regulations 2008 and the Housing (Standards for Rented Houses) (Amendment) Regulations 2009. These regulations specify requirements in relation to a range of matters such as structural repair, absence of damp and rot, sanitary facilities, heating, ventilation, light and safety of gas and electrical supply.
Full details are available on the Department’s website www.environ.ie