Tue. Oct 22nd, 2019

The Ultimate Checklist for Landlords

The first steps to renting out a flat or house are the busiest. They can also be quite stressful. Being a landlord takes a lot of work. There’s no getting away from it.

You must have an abundance of things on your mind. Having a checklist of items will make things easier on you and tenants.

Safety

Making sure your property is safe is paramount. It’s your job to take care of your tenants’ safety. Failing to do so can lead to huge fines or even prison. When it comes to safety, it’s important to keep up with the updates in legislation.

Every landlord is required to install a smoke alarm on every floor that has a living area. Also, if there is a wood-burning fireplace in a room, there must be a carbon monoxide detector as well. At the start of the tenancy, provide a valid Gas Safety certificate to the tenants.

Check for signs of mould. If the building was constructed before 1978, make sure there are no lead-based paint hazards.

Energy Efficiency

The Energy Performance Certificate (EPC) is another legal requirement. Al housing ads must include the property’s EPC rating. It’s essential to obtain an EPC before you start marketing your property.

A tenant must-have one as of the day they move in. That’s not the end of the story. You’ll have to provide an EPC to every next tenant that comes after.

The Energy Performance Certificate is so much more than just a legal requirement. It demonstrates the energy efficiency of the property.

It’s in both the tenant’s and the landlord’s interest. Poor energy performance can result in hefty utility bills. Many homeowners neglect some of the most important aspects of HVAC, especially ductwork, which are key to energy efficiency.

Faulty or ancient ductwork can be a source of many HVAC problems. Proper ductwork can significantly increase your cooling or heating capacity.

It plays an important role in the kitchen area as well, as it rids the air of fumes, odours, smoke, etc. That way, it creates a healthier environment.

That’s especially important in smaller flats. Be sure to check your insulation and windows as well.

Other Legal Requirements

Yeah, more legislation. Your tenants must have the legal right to rent in the United Kingdom. If your prospects are immigrants, you must check if they have permanent residence cards or European Economic Area passports or identity cards.

Of course, a UK passport will also do. Certificates of naturalisation or registration as a British citizen, Home Office immigration status documents, and travel documents showing indefinite leave to remain are also accepted. Failing to carry out these checks could lead to a £3,000 fine per tenant.

Referencing

This is done to minimize risks that may come with renting out a property. To reference your tenants, you must obtain their basic info.

You can gather their previous or current addresses, bank statements, and employment details. Obtaining references from their previous or current landlord is also a good idea. When it comes to renting out a property, it is vital to make informed decisions.

Tenancy Agreement

You must supply your tenant with an official contract. The tenancy agreement gives the tenant the right to live in your property. It also gives you the right to receive rent from the tenant.

The most common form of tenancy includes the basic info of the property, landlord and the tenant. It’s known as the Assured Shorthold Tenancy (AST). The document also includes the required notice periods, breakdown of payments, and the proposed duration and dates of the tenancy.

Insurance

Something can always go wrong when you rent out a property, no matter how much effort you put into it. Damages might occur and they may warrant expensive repairs.

Matters outside of your control, like flooding, might happen as well. Don’t allow such things to worry you. Insure your property.

Whenever you plan on modifying your property, always check with your insurance company first. Your policy might be affected. If you take out insurance on rental payments, always notify the insurance company of any changes in tenants.

Conclusion

A good tenant takes good care of the property and pays rent on time. Make sure you are on good terms with them.

It is in your best interest to keep them around! You won’t have to deal with this hassle again soon if

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