Many people have decided to let their property out during the upcoming Olympic Games and with demand high, in and around the capital, for a rental property there will be many new first time landlords.
If this is you, or if you’ve simply decided to become a landlord regardless of the Olympics, it’s important you create a tick list to work through before your tenants actually move in. It’s very important to tie up all the loose ends before letting others into your property. So, we’ve come up with a guide for prospective landlords to follow.
Paper Work and Permissions
Firstly it will be important to get all the required paper work out the way and gain the correct permissions. So, for example, you’ll need to seek the required permissions from your mortgage lender. This is absolutely essential! You’ll then have to inform the Council Tax department and utility suppliers that the property will be let.
Furthermore, if you’re looking to make any structural alterations to the property or if you are looking to edit the properties use, it will be important to obtain approval from the local council’s planning office. Meanwhile, if you’re planning to let a property as a House in Multiple Occupation (HMO) then you’ll need to inform the council’s Environmental Health Department.
In keeping with paper work, it will be very important to ensure you have a landlord insurance policy. This will protect you against damages, theft, loss of rent and many other misfortunes that can befall landlords.
Health & Safety
It will also be essential to have all the gas appliances and equipment serviced by a CORGI-registered engineer. All electrical wiring will also need to be checked and safety approved by a qualified electrician. All safety records will then need to be kept in a safe place.
Furthermore, the furniture and furnishings will also have to comply with the latest fire regulations, so it is essential to check these too!
Final Steps
Once you’ve conducted all the relevant paper work and ensured your property is up to standard, it will be important to begin advertising your property. Think carefully about which particular advertising channels you want to use. If you are letting out single rooms then a website such as easyroommate.com would be a great platform. If you’re letting out an entire flat or house, then rightmove.co.uk, zoopla.co.uk and all the other property portals will be a great place to advertise.
Whilst you’re waiting for potential tenants to give you a call, make sure you prepare an Assured Short Hold Tenancy Agreement (AST) and make sure you come up with an inventory for the property. That way everyone is clear on what belongs in the property and you’ll be able to keep tabs on any item of value.
Once you begin receiving interest from potential tenants, make sure you credit check the ones that you want to let to in order to make sure they will be able to afford the rent every month. It will also be important to protect your tenants’ deposits with a tenancy deposit scheme.
If you follow these steps, becoming a landlord will be a pleasurable, stress-free process and one that could really benefit you!