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
- You must have a Portable Appliance Test (PAT) completed with items passed – Info
- Ensure there are adequate interlinked smoke detectors in the property. These can be mains wired or interlinked by wireless connection.
- 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
- Check all windows can be easily opened and are secure
- Check for hazards in and around the property, including paths, stairs, communal stairwells/paths etc.
- Provide your tenant with a Private Residential Tenancy Agreement. As of December 1st 2017, you are no longer able to create a new Short Assured Tenancy. Any existing tenancies on this arrangement will continue as normal until either party serves notice in accordance with the Short Assured Tenancy notice rules. Unsure of the new legislation? Why not book a call back to discuss the new tenancy …. see below.
- 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 prescribed Tenant Guidance Notes.
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.