Letting out a property : A guide for Landlords
Becoming a landlord can seem like a big step, but with the right guidance and knowledge, it can be a rewarding experience. At Charters, we have years of experience supporting landlords at every stage of the process. From selecting the ideal buy-to-let property to assisting with the ongoing management of your tenancy, we are here to help you every step of the way.
It's essential to understand the legal responsibilities involved to ensure your property is safe for tenants, including ensuring it is free from health hazards and meets all relevant safety standards.
In some areas, you may need a landlord license to let your property privately. The rules vary depending on where your property is located, so it's crucial to check the specific regulations for your area to make sure you comply with any local licensing requirements.
As a landlord, you have several legal obligations. You must ensure that all gas and electrical equipment is properly installed and maintained. You are also required to fit and test smoke alarms and carbon monoxide alarms. If your property is a flat, you must follow fire safety regulations. Additionally, you must provide an Energy Performance Certificate (EPC) and verify that your tenant has the right to rent in England. You will need to provide your tenant with a copy of the How to Rent checklist and use a government-approved scheme to hold the tenant's deposit.
When it comes to setting the rent, it can be difficult to know what to ask for. At Charters, we can help you determine the right rental price for your property by providing expert advice based on current market trends.
It's also important to remember that you will need to pay tax on your rental income. This includes income tax on your earnings, and if you have a mortgage on the property, you must obtain permission from your lender before renting it out.
There are several fees that you will need to cover as a landlord. Some of these costs could be passed onto tenants in the past, but new regulations mean landlords must now bear these expenses. This includes fees for inventory, check-in and check-out, referencing, administration, and cleaning.
As a landlord, you are responsible for ensuring the property is well-maintained throughout the tenancy. Your responsibilities include keeping the gas and electrical systems up to safety standards, maintaining the heating and hot water systems, and ensuring that the structure of the property and sanitary fittings are in good working condition.
If you're ready to start letting your property, there are several steps you need to take. The first step is to inform your mortgage lender (if you have one) that you plan to let your property, as they may require you to adjust your mortgage terms. You'll need to ensure the property is safe by carrying out checks on electrical appliances, installing smoke alarms, and obtaining a Gas Safety certificate. Next, you should get landlord insurance, acquire an EPC, and take meter readings.
Once your property is ready, you can advertise it and begin the search for a suitable tenant. It's important to conduct a Right to Rent check, ask for references, and arrange a tenancy agreement. You will also need to ensure that the tenant's deposit is paid into a government-approved scheme and that an inventory is completed.
At Charters, we are here to help you navigate the lettings process. Whether you're new to being a landlord or have experience, we offer advice and support at every stage. From finding the perfect tenant to managing the property on your behalf, we are here to make the process as smooth and stress-free as possible. If you have any questions or need assistance, don't hesitate to contact us.