One question that always seems to arise when people look to become a landlord is…
'What responsibilities will I take on?'
Will Bartley looks to answer that question in this month's Property Litigation Q&A…
1. Making sure your property is ready to rent
Your property will need to comply with letting legislation, such as fire safety standards and energy performance ratings.
It is therefore important to seek professional letting advice from qualified agents and tradesmen to ensure that the property is compliant for letting it to tenants.
Landlords will also need to make sure that they are permitted to rent their property out. They should confirm that their mortgage provider knows about the proposed property use and permits it.
It is also important to ensure that you take an inventory before the tenants move in, noting any existing damage to the property and the standard of any white goods already there.
2. Finding responsible tenants
Landlords should be certain that their proposed tenants would be a good fit for the property.
They should also check that the property will be suitable for their use, and that the tenants have the ability to pay the proposed rent and not quickly fall into arrears.
Landlords should preferably agree with their tenants that there will be a guarantor in place in the event of arrears or damage to the property.
3. Having all of your prescribed documents in place at the outset of the tenancy
Housing legislation is very prescriptive, and landlords are subject to providing numerous documents to their tenants at the time of entering into the tenancy agreement.
These include, but are not limited to, the following:
- Energy Performance Certificate
- EICR
- Gas Safety Certificates (require annual renewals)
- Government How To Rent Guide
- Deposit protection Certificate (discussed at 5)
Landlords may be barred from relying upon certain eviction notices if prescribed information was not provided to their tenants at the outset of the agreement (as well as annual renewals).
Landlords can also be fined substantial sums in the event of key legislation breaches.
Click here to read the rest of the responsibilities.