It’s vital to stay on top of your legal responsibilities if you’re a landlord or considering becoming one. Apart from your legal obligations, you must also guarantee that your house is rental ready in order to rent it quickly and find a legitimate tenant.
Property specialists, such as estate agents Hereford, should examine a few key factors when it comes to being a successful landlord with the help of ARLA Propertymark, the professional association for leasing companies.
Check to see whether you need a landlord’s licence.
Before looking for possible renters, check with your local government to see if you need a landlord licence to collect rental income from your property. In 2006, legislation was passed to combat unjust landlords, and certain municipalities have introduced licencing. Get a property valuation done to prove that your rental amount is real. If your property is in Manchester, for example, consult an expert for a property value. This will ensure that you receive the rental amount that you deserve and that your tenants are satisfied that they are paying the correct rental amount.
Tenant checks should be updated on a regular basis.
This requires completing extensive tenant referencing on rental applications in order to guarantee that the tenants are reliable and responsible. This tenant screening process includes checking their creditworthiness, getting references from previous landlords, and confirming that they have the legal right to live in the UK.
If you fail to do Right to Rent checks in England as required by the Immigration Acts 2014 and 2016, you could be fined or perhaps imprisoned.
Make sure your tenants’ deposits are secure.
You must put the money in a government-approved programme within 30 days of receiving it. The Deposit Protection Certificate and Prescribed Information, as well as the Government’s How to Rent guide, must be given to your tenant after that.
You have three alternatives for dealing with deposit disputes involving potential property damage: the Deposit Protection Service (DPS), MyDeposits, or the Tenancy Deposit Scheme (TDS).
Please supply the most recent EPC.
Make sure your property is energy efficient and provide a copy of the Energy Performance Certificate to your tenant (EPC).
Your property must have an EPC rating of at least ‘E’ as of April 1, 2018. If you arrange a new letting without first checking that your property fits these conditions, you may be penalised.
Carry out all of your safety checks.
You must have all gas appliances in the property inspected by a registered engineer once a year, and you must provide a Gas Safety Certificate to renters within 28 days of the annual examination.
However, that isn’t all. Carbon monoxide detectors must be put in any area where solid fuel, such as wood or charcoal, is used. Smoke alarms must be installed on every floor of the property from the start. Test both alarms on the first day of the tenancy. Though they are not necessary, carbon monoxide detectors are a good idea to have near gas appliances.
Make a tenancy agreement.
Although it isn’t required by law, having a tenancy agreement drawn out and signed by both you and your prospective tenants is crucial, especially when it comes to concerns like rent arrears. Make sure it’s an Assured Shorthold Tenancy Agreement, as this is the type of contract that’s governed by renting laws.
Inspect on a frequent basis
Inspecting your property on a regular basis is a smart idea. You are, however, legally forbidden from entering without the tenant’s permission. It is advised that you give your tenants 24 to 48 hours’ written notice, which should be stipulated in your tenancy agreement.
Obtain the necessary insurance protection.
A good landlord insurance coverage will cover rent loss, damage, legal expenses, and liabilities.
Remember that most normal building insurers will not provide the protection you’ll need as a landlord, so check around for landlord insurance. Your insurance may be invalidated if you don’t notify your building’s insurer that you’re renting out your house.
Make your home ‘rental-ready.’
Think about who your ideal tenant is and whether the property is ready for them. If you’re renting your property furnished, make sure the decor is current and appealing to a wide range of people. Don’t be hesitant to emphasise the property’s best features, such as a south-facing garden, terrace, off-road parking, or excellent transportation connections. It must be clean, tidy, and secure above all else.
