Lettingaproperty.com continues its guide to the basics of buy-to-let property rental.
Your property is now ready and the smell of magnolia paint is still fresh. You have the appropriate mortgage and your property is fully insured for rental purposes. The rent is set.
The growth of the internet has transformed the rental market over the past decade. The benefits for landlords and tenants have meant that time and money is saved by the convenience of surfing the web for online letting agents such as Lettingaproperty.com who can provide rental opportunities as well as support and advice.
Tenant reference checks must be carried out before a potential moving in date. Failure to do so can leave you vulnerable to fraudsters (landlord and tenant tales of horror coming soon). Tenants should do their own research.
Tenancy agreements can be a minefield for the inexperienced and unaware so seek professional advice. Most landlords have an ‘assured shorthold tenancy’ agreement with their tenants. The length of the agreement is up to the landlord. 6-12 months is the norm. Length of notice is also negotiable and should be agreed before the rental period begins.
Deposits are generally 6 weeks rent and should be received in advance of the moving date. Landlords and tenants need to be aware of Deposit Protection Schemes. There are some conditions under which Deposit Protection is not required i.e. you live in the property with the tenant, but it is advisable that all landlords protect the deposit in one of the three government approved schemes as a way of preventing or settling disputes. Tenants must receive notification that their deposit is protected.
Safety regulations are one of the most important areas for a landlord to consider. Gas, electricity, water, heating, furniture [if provided] and structural upkeep are all part of your responsibility. Safety checks must be carried out and certified on a regular basis. Neglected electric and gas appliances and fittings can have deadly consequences so strict adherence to government regulation is essential. Furnishings which you provide should meet current fire safety regulations and the general structural condition of a property must be kept to a standard which meets local housing regulations.
The condition of the property and an inventory of items the landlord has provided should be agreed upon and any losses or damage found after the rental period caused by the tenant can then be deducted from the returned deposit. Communication breakdown can often be the most common form of complaint between landlords and tenants so landlords should give fair notice if they are to visit the property and tenants should allow a fair period time for issues to be resolved.
Renting is a complex business for a first time landlord, but support is here. Online letting agent Lettingaproperty.com is an important part of the future for landlords and the PRS needs you too.
Don’t forget to take full photo ID to weed out the fraudsters!
Great to see the support and resources for first time landlords being talked about and put out there. The legalities of being a landlord can be challenging, so it’s great to see these kinds of posts. Thanks.