When it comes to letting your property, it takes more than just moving in a tenant, a lot more. There are necessary and legal steps you will need to take before and after this point to ensure you deliver a successful tenancy, delivering a return on your investment.
Licence to let? More than 50 councils across the UK require a Lettings Licence in order to earn an income from your property. Introduced to clamp down on rogue landlords, licencing is split into three areas: mandatory (for those managing HMOs), additional and selective. Thanet council for example, require selective licencing.
Select the right tenant: On the face of things, your tenant may appear the ideal fit, until a few issues flag up such as failure to pay rent on time. That’s where tenant referencing comes in, something we highly recommend utilising should your letting agency (like Lawsons) offer it to you.
Protect your tenant’s deposit: as landlord, you are required to protect your tenant’s deposit safely, using a government accredited scheme. Our lettings team will ensure your tenant receives a deposit protection certificate, together with relevant information detailing how their deposit is protected.
Do your property checks: As well as providing a valid EPC on your property to your tenants, you are also required to undertake the relevant property checks. Or, if you have selected a property management company (like Lawsons), they will take on this task on your behalf. From gas-safety certificates to smoke alarms, carbon monoxide detectors, as well as carrying out electrical safety regulations.
Agree to have an agreement: Whilst it’s not compulsory, it’s a good idea to have a tenancy agreement to ensure both you and your tenant are adhering to the same requirements. Protecting both you and your tenant, provides an all-needed back-up on your investment and their home.
Ensure you insure: A good Landlord’s insurance is crucial, protecting your investment and reputation. Policies will cover loss of rent, damage, legal expenses and liabilities.
Is your property “rental ready”? A good, loyal tenant appreciates the efforts a landlord goes to, to provide a comfortable “home”. If you’re offering furnishings, check it’s liveable. Tenants also appreciate a clean and ready to go property.
Carry out regular inspections: It’s a good idea for you (or your property management company) to carry out regular property inspections, with the permission from your tenant, keeping on top of your property, any maintenance issues missed, and opening up regular communications and trust with your tenant.
If you’re a Landlord, or potential Landlord, and are seeking a local letting agency in Thetford to represent both you and your property, speak to the team at Lawsons today.