First-time landlords must know these 5 things

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If you’re thinking about renting out a home, you must first make sure that you understand the rules and regulations that come with the job of being a landlord. Here are five things that you must know before taking on the task.

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References

It may be tempting to allow someone to rent your property based on their friendliness and willingness to pay your rent, but as a landlord, you should always ensure that various checks are carried out first. This not only includes previous landlord references and employer checks; you must also ensure that they have the right to live in the UK as a matter of law.

Tenancy Deposits

The security of tenant deposits has increased in recent years, with landlords now required to place it in a protection scheme. Once you have received the deposit, you have 30 days to protect it in the Deposit Protection Service, MyDeposits or the Tenancy Deposit Scheme, which are all authorised by the government. If you fail to do so, you run the risk of a hefty fine and potential issues when you want to evict the tenant.

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Safety Checks

It should go without saying, but your property must be a safe living space for your tenants. This includes arranging yearly gas safety inspections, and you must provide your tenants a copy of this.

Your property must also be fitted with fire alarms and carbon monoxide detectors that have been tested the day that the tenancy begins.

Correct licensing

Since 2006, many landlords have been required to obtain a landlord license from their local council. This is to ensure that homes that are rented out are well-maintained and are looked after properly by both the landlord and tenant. If you feel that you may struggle with the maintenance aspect of the job, consider the services of a management company such as www.completepropertygroup.co.uk. For property management Cheltenham has many options, so you shouldn’t be left feeling overwhelmed when a management service could take the stress away.

Energy Performance Certificate

Before renting out your property, you must ensure that it has an up-to-date Energy Performance Certificate that places it at band E or above. In a worst-case scenario, failure to do so could result in your property being taken over by the local authority.

If you’re thinking about renting out a home, you must first make sure that you understand the rules and regulations that come with the job of being a landlord. Here are five things that you must know before taking on the task.

References

It may be tempting to allow someone to rent your property based on their friendliness and willingness to pay your rent, but as a landlord, you should always ensure that various checks are carried out first. This not only includes previous landlord references and employer checks; you must also ensure that they have the right to live in the UK as a matter of law.

Tenancy Deposits

The security of tenant deposits has increased in recent years, with landlords now required to place it in a protection scheme. Once you have received the deposit, you have 30 days to protect it in the Deposit Protection Service, MyDeposits or the Tenancy Deposit Scheme, which are all authorised by the government. If you fail to do so, you run the risk of a hefty fine and potential issues when you want to evict the tenant.

Safety Checks

It should go without saying, but your property must be a safe living space for your tenants. This includes arranging yearly gas safety inspections, and you must provide your tenants a copy of this.

Your property must also be fitted with fire alarms and carbon monoxide detectors that have been tested the day that the tenancy begins.

Correct licensing

Since 2006, many landlords have been required to obtain a landlord license from their local council. This is to ensure that homes that are rented out are well-maintained and are looked after properly by both the landlord and tenant. If you feel that you may struggle with the maintenance aspect of the job, consider the services of a management company such as www.completepropertygroup.co.uk. For property management Cheltenham has many options, so you shouldn’t be left feeling overwhelmed when a management service could take the stress away.

Energy Performance Certificate

Before renting out your property, you must ensure that it has an up-to-date Energy Performance Certificate that places it at band E or above. In a worst-case scenario, failure to do so could result in your property being taken over by the local authority.a

 

 

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