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If you are thinking of becoming a landlord, or have already had experience with letting, this guide will help you understand some of the processes and obligations involved.
You will need to start by notifying your mortgage provider (if you have an existing mortgage), and your Leaseholder (if appropriate) to obtain consent to let. Insurance providers also need to be notified to change the level of cover provided.
Make sure you have an EPC for a property before you rent. From 1st April 2018, a property must have a minimum rating of E on its EPC or it will be unlawful to rent. Any property which breaches this requirement could be given a penalty of up to £4,000.
Obtain safety certificates for gas, electrical, oil and solid fuel, appliances and heating systems.
Carry out all necessary repairs and ensure anything potentially dangerous is removed.
Decide what furniture and fittings you are leaving; we don’t advise leaving bedding, televisions, DVD players and anything of personal value. Ensure all furnishings to be left comply with fire regulations.
Ensure the property is cleaned to the standard you would expect if you were moving in. Get the garden neat and tidy. If a property looks like it is well maintained the tenant is more likely to look after it during the tenancy.
Think about your options for finding and managing a tenant. Reeds Rains offers a range of services which you can find out about here. Whoever you choose should offer access to an approved scheme for holding tenants’ deposits for the duration of a tenancy.
It is your responsibility to inform all the utilities companies, including the telephone line supplier, of change of occupancy. It will help if you have recorded the last set of meter readings. It’s also worth arranging redirection of your mail via the post office.
You can protect your property and your income with four specialist Landlord insurance products from Reeds Rains. Talk to one of our insurance advisors on 01392 849 761 to understand more about these products.
Tax implications differ for landlords who are non-UK residents. You must apply to the Inland Revenue for non-Resident Landlord status. Our lettings consultants can advise you about being a non-Resident Landlord and you can find more details in our Overseas Landlord section. Our Full Management Service will help to ensure it is hassle-free for you.