Top 10 Tips for First-Time Landlords

ARLA Propertymark, the letting agents’ main trade body, has prepared a guide for first time landlords.

Association president Angela Davey says: “Whether you’re an accidental landlord or a professional one, the same rules apply, so it’s essential you’re up to speed before marketing your property.

Here are ARLA’s top 10 tips:

Safety First!

It is the landlord’s responsibility to ensure that smoke alarms are installed on all floors of the property and that carbon monoxide detectors are located in any room where solid fuels (wood, coal, or biomass) are burnt. Make sure these have been tested and are working before the lease begins.

In date Gas Safety and Electrical Certificates need to be also in place, copies of these must be given to the tenants along with a copy of the EPC.

Get your Property Ready

If you are offering your property as a furnished home, think carefully about what you will provide and remember that all upholstered furniture must comply with the fire and furniture law.

Also think about the type of tenants you want to adapt your property for them; a family may have their own furniture already and won’t need someone else’s belongings, while university students most likely will need some extra furniture.

Besides, consider the legal implications of letting the property. Is the property leasehold or freehold, as there are different rules concerning each.

Depending on where your rental property is located across the country there may be differing regulations to consider before renting out the property.

Yes to Pets?

Allowing pets can encourage a more responsible portfolio of tenants to rent longer, but even the best-behaved pets will have an impact on the property.

Landlord License

You should check if you need a landlord’s license from your local council before your property can be legally rented.

Tenant Referencing

You will need to rigorously reference new tenants to verify that they are reliable and able to meet the rent payments each month (credit eligibility, employer checks, and previous landlord references).

Tenancy Deposit Protection

If you take a deposit from your tenants, you must protect it in one of the Government-authorised Tenancy Deposit Protection schemes.

There are 3 available:

– Deposit Protection Service (DPS)

– MyDeposits

– The Tenancy Deposit Scheme (TDS)

You will need to protect the deposit within 30 days of receiving it and provide the tenant with:

– The Deposit Protection Certificate

– Completed Prescribed Information

Failure to do so could result in you not being able to evict your tenant, the full return of the deposit and a fine.

Energy Performance Certificate

You must provide your tenants with an Energy Performance Certificate. Your property must be at least EPC band E before you rent it.

Do Regular Inspections

It is important to conduct regular inspections of the property. It is good practice to give your tenants 24- or 48-hour written notice, and it should be stipulated in your lease agreement.

Insurance

If you don’t inform your building insurer that you are renting your property, you risk invalidating your policy. It is worthwhile to purchase specialised landlord insurance, as most standard building insurers will not provide the protection you need as a landlord.

A good policy should cover:

– Loss of rent

– Damage

– Legal expense

– Liabilities

Choose an agent

Make sure to choose the right letting agent for your needs. Researching an organisation that operates with client money protection is a great place to start, and you should always be able to find more than one ARLA Propertymark protected letting agent nearby to choose from.

If you need any help or advice with your residential or buy to let mortgage, don’t hesitate to get in touch on

01625 548248 or email enquires@mortgagesavers.co.uk

You can also enquire via our website https://mortgagesavers.co.uk/