Renting your property? As a landlord, you might have several questions and confusion while letting your home.
Renting your property can also be an amazing way to earn some extra income. Read this guide for the most essential aspects to take care of while renting your home, and optimize your rental revenue, whether you’re a first-time landlord or a seasoned veteran.
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Check to see if you have permission to rent the property out
You’ll need your lender’s permission if you have a conventional residential mortgage on the home. If you are temporarily renting out your home, your mortgage company may provide you permission to do so. If you don’t plan on returning to your property in the near future, though, you’ll need to transfer to a buy-to-let mortgage. According to property experts including Knightsbridge estate agents, for buying to let, you’ll need to meet the lender’s eligibility requirements and expect higher loan rates. If your home is a leasehold, you’ll also need the freeholder’s consent to rent it out.
Find out more about the Housing Licensing Process
A licence is required for all major Houses of Multiple Occupation (HMOs). If any of the following apply to your property, it is a huge HMO: It is rented to a group of 5 or more individuals from different households, and some or all of the tenants share bathroom and kitchen facilities. Many authorities have additional HMO licencing requirements, so even if your property is only rented to a few people, you may need one. Selective licencing was implemented in 2006 to combat rogue landlords and bad tenant behaviour. To rent out a property in an area where selective licencing is in effect, all landlords must have a licence. To find out if your property is in a selective licencing area, contact your local government.
Make an appointment for an EPC inspection.
The inspection of your energy performance certificate (EPC) should be the next item on your to-do list. EPCs are used to determine how energy efficient a property is and are an important aspect of the rental marketing process.
Your property receives a letter grade ranging from A (most efficient) to G (least efficient) (least efficient). An EPC grade of at least E is required for all rental properties. Every ten years, landlords must obtain a fresh EPC certificate.
Every year, you’ll need to hire a Gas Safe-registered engineer to undertake a gas safety inspection on your home. You must act to correct any flaws that are discovered. The findings of the examinations will be detailed on the Gas Safety Certificate, which you must provide to your tenants.
Hire House Removal Companies to shift your stuff
As a landlord, you might have some old pieces of furniture lying in the apartment or house that you are looking to rent out. While you can always request the new tenants to accommodate the same in some corner of the house, it is best that you do not bother them with your old things.
A better idea would be to get in touch with leading experts providing house removals in london and request them to shift as well as store (if you do not have a space) your things. This is a simple, easy and practical way to ensure that neither are you bothering the new tenants, nor are you being forced to dispose off the older furniture, which you might have use for at a later date.
According to new electrical safety requirements, you must get an electrical examination of your home every five years. An Electrical Installation Condition Report will be sent to you (EICR). Any remedial work listed in the report must be completed within 28 days, and written confirmation from your electrician must be received.
Carbon Monoxide and Smoke Alarms
The provision of fire detection devices is a legal requirement for landlords. Every storey of the property should have at least one smoke alarm.
In any room with solid fuel-burning equipment, you should additionally install a carbon monoxide alarm. This includes boilers that run on oil or gas, as well as gas or wood fires.
Furniture & Fire Safety
You must ensure that any upholstered furniture you provide is fire resistant under the Furniture and Furnishings Regulations Act (1988). If landlords do to observe fire safety standards, they may be fined and sentenced to prison.
Make sure your landlord’s insurance is up to date.
If you rent your home, a normal homeowner’s policy will not cover you. You will be required to have landlord buildings insurance by your mortgage lender. You should additionally insure any objects you provide with contents insurance. Even if you’re renting unfurnished, you’ll need some sort of protection for the drapes, carpets, and white goods.
You could also think about rent guarantee insurance, which would protect your rental income if your tenants are unable to pay their rent. Furthermore, landlord home emergency coverage gives assistance if your property’s heating, plumbing, or electrical systems break.
Arrange for a tenancy agreement
Make sure you and your tenants sign a legal tenancy agreement. There are templates accessible online, or a letting agency can make it for you if you employ them. If your property is in Hyde Park, then connect with Hyde Park letting agents get your tenancy agreement done.
Tenant deposit safety
You are not required to collect a security deposit at the start of the tenancy, but it is recommended to protect yourself in the event that your renters cause damage to your property. Your tenants’ deposit must be placed in a TDP plan that has been approved by the government. You can use any of the following schemes, but you must tell your tenants which one you’re using.
Organise an Inventory
You should make a complete inventory of everything that is in your home and how well it is maintained. Then have your tenants sign it to indicate that they are in agreement. You can give them a few days to look over it and make any changes you want. If damage happens during the rental, an inventory can help you explain any security deposit deductions.
With these essential tips, you can be sure of a smooth letting of your property!
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