I would like to let my property, are there things I need to have in place before I do ? what do I need to do in preparation ?
When preparing to let your property you will need to look at a variety of different areas to ensure your property is ready
A useful list of things to do is included below:
1 Check your mortgage - does this allow you to let your property, and if so are there any terms you need to comply with ? eg. Some mortgages place restrictions for example on status of tenants, term of tenancy, number of occupants etc
2 Check your insurance - do you have cover for your property if it is tenanted, ? If not you may need to change insurance, and check what requirements the insurance has for a tenanted property that you need to comply with. eg. Some insurances do not allow for letting your property at all, others restrict number of occupants , status of tenants and tenancy terms / type of tenancy permitted.
3 Are there any repairs or maintenance that need carrying out on the property ? It is best to get these done before you let, in order that he property is fit for use by the tenants and is in best condition to attract the best tenants
4 Does the property need a ' tidy up' , ' redecoration' ? Gaining advice from your letting agent on features that suit the market you will appeal to can ensure you spend money in the right place to attract the best applicants for your rental property. They will also be able to advise regarding letting your property furnished or unfurnished dependent upon the market that it would attract.
5 Do you need a licence to let your property ? This is dependent on the size of your property and number of occupants that will occupy it, and is also dependent upon the requirements of the local authority in which the property is based. You will need to check with the local council for information on licences, there are different types ( Mandatory HMO, Selective, & Additional licencing), and you will need to have applied for your licence prior to letting your property if one is required. Further information specifically on licencing is available from your ludlowthompson representative or via our website
6 You will need to have engaged and evidenced the safety of your property, this will include :
Gas Safety Certificate - where you have gas in the property ( this must be carried out by a gas safe engineer)
Smoke and Carbon monoxide alarms - must be fitted to the property, and tested and working for your tenants to move in
Legionella Risk Assessment - carried out to ensure property not at risk from 'pnumonia' like bacteria
Electrical Safety - it is recommended & best practice that fixed wire testing and PAT testing of any electrical products suppliefor the tenancy are safe
Other safety tests may also be required if the property is licensable including ; Fire Risk Assessments
7 Have you made arrangements for handling repairs during the tenancy ( money aside etc), or in the event that rent is received late ? Ensuring you are financially prepared for when things go wrong or are delayed is a sensible preparation for renting a property, and allows you to understand what risks you may face and how you will cope with them
8 Have you instructed an EPC ( Energy Performance Certificate) in order to market your property, and is it graded an ' E' or above ?
9 Have you found an ARLA Propertymark letting Agent to let your property through, and do you know what services you would like them to carry out on your behalf ? The legal requirements for managing a tenanted property are extensive, with new legislation being introduced regularly. Letting for the first time can therefore be eased by ensuring you have a qualified and trustworthy team of professionals supporting your let and guiding you in the actions that need to take place . This could include anything from Deposit registration, the handling of Landlord and Tenant Act repairing obligations, to deposit disputes, change of tenant queries, referencing & who you should let to, avoiding rent arrears and other costly mistakes.
ludlowthompson would be happy to help with any questions and guide on the services we can undertake, including organising any of the safety checks, epc's and other pre tenancy services ( check in condition reports etc), just contact your local office representative for more information. Our pricing details are on our website under ' landlord fees'.
14th September 2018
DISCLAIMER: Neither ludlowthompson nor their ‘experts’ take any responsibility for any action or loss incurred by readers of these pages. The reader acts on advice at their own risk. Answers to questions are not exhaustive. Financial advice must always be sought from a professional financial adviser
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