A few things you should know.
Here are a few general basic things to consider before letting your property:
- You MUST have permission from your lender to let the property
- You MUST have the correct type of insurance
- You MUST be a registered Landlord with the local authority and must display your registration number on ALL advertising
- Your property must meet the Repairing Standard which can be enforced by the First Tier Tribunal (FTT)
- Licensing of houses of multiple occupancy (HMO’s) – if three or more unrelated parties living in a property. Fine of up to £50,000 for operating an illegal HMO.
- You must display an Energy Performance Certificate (EPC) in the rental property (a requirement since January 2009) AND display the EPC Rating on ALL advertising
- You will need to declare any rental income to HMRC by completing a tax return – Info
You also need to consider safety checks:
- You must have a satisfactory Electrical Inspection Condition Report (EICR) completed – Info
- Test all portable appliance testing (PAT) every 12 months – Info
- Ensure there are adequate mains wired smoke detectors in the property. These must be interlinked.
- You must have a valid Gas Safety Certificate and have an inspection completed every 12 months by a GAS SAFE engineer – Info
- You must install a CO alarm if you have a stove, fire or gas boiler/hob in the property
- Check all Furniture and Furnishings meet the relevant fire safety regulations – Info
- Complete a Legionnaires Risk Assessment
- Provide your tenant with a Form AT5 and detailed Short Assured Tenancy Agreement. Many a landlord has got into difficulties due to incorrect signing of these documents! Contact us for more information
- Register your tenancy deposit with an approved tenancy deposit scheme within 30 days of the tenancy start date AND issue your tenants with the required information relating to their tenancy deposit. **Penalty for non-compliance = 3 x tenancy deposit**
- Landlords are required to issue tenants with a Tenant Information Pack – Info. **You can be fined up to £500 for non-compliance**
Please Note: These are your LEGAL responsibilities as a Landlord. This is not an exhaustive list but merely a starting point. There are other considerations to make, depending on the property size, type, heating systems etc.