Renting out a property can be a daunting task. Landlords have to negotiate a variety of legislation and it can be full of surprises. From handling leaks, to chasing payments, renting out property is certainly a varied experience.
We’ve put together a handy guide for new landlords, to help you negotiate the difficulties.
Letting a property
If you already own the property and have decided to lease it out, then you will need to get full mortgage consent from you provider. If the property is a flat, you may have to get permission from the owner of the building.
What documents do I need?
Full mortgage consent
You will need written proof that your mortgage provider is fully aware and has agreed to you letting out your property
Gas Safety Certificate
Annual gas safety checks need to be carried out by a Gas Safety Registered engineer. You should supply the tenant with the resulting certificate
Evidence of electrical inspections
As a landlord, you are legally required to ensure all electrics in the property, as well as any electrical equipment you provide is safe. We would always recommend carrying out an electrical safety check, which will provide you with a certificate as proof.
The property must be compliant with the Chartered Institute of Environmental Health’s regulations
Energy Performance Certificate (EPC)
This will provide information on the property’s energy use and typical costs. These can be produced by an accredited assessor if you don’t have one, but failure to hold this document can result in a fine.
Secure deposit protection
A tenants deposit must be put into a deposit protection scheme, and inform them of where it is within 30 days of a new tenancy.
The usual building and contents insurance does not adequately protect a let property
To avoid any complications at the end of a tenancy, it’s best to take an inventory of the property at the beginning. Make sure that the tenant is a witness and agrees that the document is accurate.
Some landlords choose to manage their properties alone, but this can be a lot of work for those that already have a full-time job or a large portfolio of properties.
In this case, landlords can employ a letting agent. Letting agents will charge a monthly management fee on each property, as well as a one time set up fee.
Hopefully this short guide has given you a better idea about what you need in order to be a great landlord, but if you have any further questions, please contact us on firstname.lastname@example.org or call 01633 678545