Jumping into the world of property investment and residential letting can be a daunting task. Let us take the stress out of it for you, with our handy guide.
Build a relationship
Start building a relationship with a local agent early in the process. We know which types of property and which finishing touches rent well and the price you can expect to achieve. We keep ourselves up-to-date with all current and proposed regulations so a quick chat with us could be invaluable for your investment. We’re more than happy to discuss a property’s potential rental income before you’ve even purchased it. Give us a call or book an appointment so we can steer you in the right direction from day one.
Know the law (or find an agent who does)
The residential letting market is heavily regulated. There are around 145 laws and over 400 regulations that need to be followed to legally let a property in England. We keep on top of all current legislation and regulations and we’re proactive in communicating any changes that’ll impact our landlords and/or tenants.
Check out your agent’s credentials
We know that your property is a very important asset. That’s why we’re members of The Property Ombudsman, Safeagent, The Tenancy Deposit Scheme (insured) and hold Comprehensive Professional Indemnity Insurance and Client Money Protection Insurance.
Checklist for landlords
Every type of letting is different. A comprehensive checklist would fill many pages but the following are some of the most important things to consider and are often the ones we find landlords haven’t thought of.
Further details can be found in the Government’s How-to-Let Guide.
Preparation:
- Advise your mortgage and insurance company that you intend to rent the property
- Obtain freeholder consent to let (if the property is leasehold)
- Obtain an HMO licence (if required)
- Check your tax obligations
Ensuring your property is ready:
- Install smoke alarms on every floor of the building and ensure they’re working on the first day of the tenancy
- Install a carbon monoxide alarm (if required)
- Hold a valid gas safety certificate (if you have gas appliances)
- Hold a valid Electrical Installation test certificate
- Hold a valid EPC, rated E or above, valid for 10 years from issue
- Ensure that furniture supplied has the required safety labels and fireproofing
- Carry out a risk assessment to assess the risk from exposure to Legionella and fire safety
- Keep the property and installations in repair and good working order
- Ensure the property meets Homes Fitness for Human Habitation Act