We use cookies to give you the best possible experience on our website. If you continue without changing your settings, we'll assume that you're happy to receive all the cookies on our website. However, you can change your cookie settings at any time.

Your Privacy

When you visit any website, it may store or retrieve information on your browser, mostly in the form of cookies. This information might be about you, your preferences or your device and is mostly used to make the site work as you expect it to. The information does not usually directly identify you, but it can give you a more personalised web experience.

Because we respect your right to privacy, you can choose not to allow some types of cookies. Click on the different category headings to find out more and change our default settings. However, blocking some types of cookies may impact your experience of the site and the services we are able to offer.

Strictly Necessary Cookies


These cookies are strictly necessary for the Website to work properly and for us to keep it secure. They are needed to allow users to use the Website and its features, including to move between pages of the website.

These cookies are required

Performance and analytical cookies

These cookies allow us to collect certain information about how a user navigates the Website. These cookies collect information that is used either in aggregate form to help us understand how our site is being used or how effective are marketing campaigns are, or to help us personalise our site for you. We use Google analytics and Bing 1st party cookies, Google Marketing Platform cookies and Hotjar cookies for reporting purposes.

Cookie Name Purpose More information
Google Marketing Platform Cookies _ide, _nid, _sid, _dsid, _flc, _aid, _taid These are 3rd party cookies served by Google Marketing Platform. They serve adverts to visitors based on the websites they've been to previously. Click here for more information about Google Marketing Platform and how to disable this cookie.
Facebook   Personalise and provide products via Facebook marketing. Click here for more information about Facebook cookies.
Flash Taking   These are 3rd party cookies served by Flash Taking. They serve adverts to visitors based on the websites they've been to previously. Click here for more information about Flash Taking and how to disable this cookie.
Google Analytics _utm(x), _ga(x), _gid, amp_token These cookies are used to collect information about how visitors use our website. They keep track of when a visitor enters and leaves the website and any search engines and keywords that are used, including any personal and/or sensitive data. Click here for more information about Google Analytics cookies.
Bing mui(x), _uet(x) Remarketing script and conversion tracking Click here for more information about Bings Ads and how to disable this cookie.
Hotjar _hj(x) These cookies are used to record anonymous videos about how visitors use our website. They keep track of how visitors engage with pages on our website. Click here for more information about Hotjar and how to disable this cookie.
ResponseTap   These are 3rd party cookies served by ResponseTap. They serve incoming phone numbers to visitors to allow call volume tracking. Click here for more information about Response Tap cookies.
The Trade Desk   These are 3rd party cookies served by The trade desk. They serve adverts to visitors based on the websites they've been to previously. Click here for more information about trade desk and how to disable this cookie.

Marketing cookies

These cookies are used to make advertising messages more relevant to you. We may use this data to tailor the marketing and ads you see on our own and other websites and mobile apps, including social media.


Renting out a property you’ve inherited

Inheriting a property may be tinged with sadness, so it’s understandable if you decide to sell up and close the door on that chapter of your life. Sometimes, the terms of the will mean it’s your only option.

If you’re not planning to sell the property, though, you could rent it out as an extra income stream –whether by teaming up with other beneficiaries, or by buying them out with a small buy-to-let mortgage.

Our simple guide provides a bird’s-eye view of what’s involved.

Finding a tenant

There are lots of ways to find a tenant if you’re going it alone. Perhaps pop an advert online somewhere like Gumtree, in your local paper, or even on your social media account – you might find someone in your network is in need.

You’ll need to draw up a tenancy agreement (you can find templates online) and should strongly consider credit-checking your potential tenant. If you’re in England, you’ll also need to check any potential tenants (including under-18s not named on the agreement) also have the right to live in the UK.

Otherwise, you could elect to work with a lettings agent, who can do the legwork for you. Some agents offer a let-only service for a one-off fee. They’ll advertise the property, conduct viewings and do all the paperwork, but then hand off management to you once the tenant has the keys.

Managing the property

You can either manage this yourself, or engage a lettings agent on a full-management basis.

There is obviously a cost involved with this, and can make life easier if you prefer a more hands-off approach to being a landlord. Their fees are typically a percentage of your rent, not fixed – so could represent poor value if your property is (for instance) a large family home that commands a high rent.

Either way, you’ll need to cover any costs associated with repairs and maintenance separately, so budget for this.

Setting rent

Check property sites like Zoopla or Rightmove for similar rental properties in the local area, to get a rough idea of where to pitch yours. Remember, setting a lower-than-average rent could help to secure a tenant sooner, but tenants regularly pay over the odds for a particularly beautiful home.

If you’ve engaged a lettings agent to do full management of your property, their fee is will be deducted from whatever you rent it at. ThisIsMoney.co.uk reckons these fees could be anywhere from 7% upwards (depending on where you are in the country).

Your legal obligations

If you’re taking a deposit, you’ll need to place it in a Government-approved scheme. You can’t simply put it to one side in a bank account.

Before renting the property out, you must also ensure it’s safe. This includes fitting (and regularly testing) smoke alarms and carbon monoxide alarms, and making sure all gas and electrical equipment is safely installed by certified professionals. You must also provide an Energy Performance Certificate.

  • In Scotland, you’re obliged to join the Scottish Landlord Register. You’ll need to pass a ‘fit and proper person’ test, and list your landlord registration number in any adverts.
  • In Wales, you need to register online with Rent Smart Wales. If you’re managing the property yourself, you also need to apply for a licence.
  • In Northern Ireland, you must register with the Landlord Registration Scheme.
  • In England, there’s no legal obligation to register as a private landlord.

And that’s not all. Our First-time Landlord Checklist goes into more detail.

Tax implications

You’ll need to declare any rental income and pay tax by completing an Income Tax Self-Assessment. But, assuming that being a landlord isn’t your main job, your first £1,000 of income from renting out a personal property is tax-free. If you’re confused, an accountant could be a very worthwhile investment.

You can reclaim some expenses to reduce your tax burden – including (but not limited to) lettings agents’ fees, buildings insurance, the cost of maintenance and repairs, plus the cost of some domestic items like sofas, beds and white goods.

There’s more detailed information on the Government’s online guide to tax on rental properties.

Renovation and modernisation

With more and more rental properties out there, tenants are increasingly discerning. So you may want to update the property, especially if it’s not been touched in years. You could put in a new kitchen or bathroom, replace the floor coverings, or completely redecorate from ceiling to skirting board.

You may need (as a matter of urgency) to rewire, or add central heating. This may not significantly increase the rental yield, but could certainly make it easier to rent. And, you should also know, the local council can intervene and force your hand if the wiring is faulty, or there’s damp or mould causing your tenant health problems.

If you need to free up cash in order to complete renovations, you could consider a small buy-to-let mortgage. This is secured against the house, so could carry a lower APR % than an unsecured personal loan.

Together will consider your circumstances even if other lenders won’t – perhaps because the property is a non-standard construction, or you’ve already retired yourself.

We’ll take your potential future rental income into account when looking at what you can afford to repay each month, and you could borrow up to 70% of the property’s value (depending on your circumstances).

Find out more about our Buy-to-Let mortgage for an inherited home.