A report from a leading landlord insurance provider suggests more and more homeowners may turn to renting their own home out to tenancy, if a second drop in house prices takes place.
Figures from leading mortgage providers including, the Halifax Bank and Nationwide Building Society show that August proved to be the second month in a row where house prices dipped. The company, More Than Business, believe the result of this may see homeowners being forced to downsize, and if they can’t sell their house then they may have to let it out and become what is known now as ‘reluctant landlords’
Reluctant or not landlords have certain legal obligations to make and the fear is that homeowners forced into letting out their properties may not be properly informed of the demands on landlords.
The insurance company have prepared a check list for would be landlords, and it includes all the information that professional landlords can get from a landlord association or indeed local council offices.
It includes advice on certification with regard to electrical and gas appliances, fire regulations and of course the left over from the HIPS packages the Energy Performance Certificates. All the above mentioned are required by law and must be in place before the property is rented out.
The insurers also give advice on tenants rights, landlords rights, how to secure and then save a tenant’s deposit plus various other tips. It is good solid advice and will prove a good guide for any reluctant landlord, who should also consider looking round for cheap landlord insurance.