Please read on for some helpful information and useful tips if you are thinking of buying to let for the first time or indeed if you are currently a landlord:

Mortgages and Insurance - You will be responsible for advising your mortgage provider and Insurance company prior to letting out your property. Both companies may draw up a list of terms to be met. If you neglect to advise your provider you may be in breach of the terms of your agreement and/or insurance cover may not be valid should anything happen.

The Tax Man - Any money derived from renting your property must be declared to the Inland Revenue. You should retain all statements forwarded to you and any invoices for work carried out, for inspection by the Inland Revenue if required.

Furnished or Unfurnished - An important decision to make is whether to furnish a property. A furnished property may achieve a higher rental but you have to consider the following; allowing for wear and tear and replacements and more importantly that you are fully adhering to all current fire regulations. For more details regarding the latest legislation regarding furnishing your property we would be happy to assist.

Maintenance - The owner must ensure that all appliances are in good working order prior to  tenancy. If repairs or maintenance are necessary during the term of the agreement these must be carried out t the expense of the owner/landlord. Any damage caused by neglect of the tenant if the tenants responsibility and must be paid for by the tenant. A good idea to avoid any discrepancy is to carry out a full and detailed inventory that both parties are happy with at the start of a tenancy.

Council Tax - This is payable directly by the tenant unless it has been included in the monthly rental payment. When a property is not tenanted it is the responsibility of the landlord.

Keys - Each tenant will require a full set of keys for each lock in the house, these are to be supplied by the landlord. If we are to be the managing agent we shall also require a full set of keys again to be provided by the landlord.

Gas Safety and Electrical Certificates - All gas appliances in the property require a current gas safety certificate that should be issued by a Gas Safe registered contractor (this replaces the old Corgi system).This has to be renewed annually. The penalty for failing to have equipment tested, or failing to keep proper records,  are the same as those under the Health and Safety Act - up to £25k fine and/or imprisonment. The onus is on the landlord to have the works carried out, but if an agent is managing the property, they can be found equally liable. When we have been requested to arrange a gas safety inspection initially we shall automatically instruct a contractor the following year without prior notice from the landlord. The landlord authorises the agent to arrange all necessary inspections and reports to comply with gas safety regulations and to extend all necessary money to comply with the regulations thereof.

An EPC certificate , there is a law that states that "all electrical circuits and appliances should be safe for use to the best of the landlords and agents knowledge". It is recommended that an NICEIC registered electrician carries out a survey of the property and portable appliances. The guidelines state that circuits should be tested every 5 years or at every new tenancy and the apppliances are tested annually (PAT). Should you wish us to arrange either gas safety or electrical inspections to be carried out on the landlords behalf we will be only too pleased to do so.

 

Other Questions? What next? - As you can see, renting out a property is not always as straight forward as it sounds, so for expert guidance and advice, contact our office and we will be happy to arrange a consultation, without any obligation, to discuss your requirements in more detail and to provide you with a rental appraisal if needed.