Letting a home involves a lot of preparation and requirements that the landlord must fulfil.
CHECK WITH THE LENDER IF YOU’RE ON A MORTGAGE
If your property is on a mortgage, you are legally bound to inform your lender about your plans to let the property.
There are instances where your lender may levy a fee or alter your interest rate when you want to let your property. So the first and foremost thing you must do as a landlord if your property is mortgaged is to check with your lender about the rules and regulations that apply to your mortgage.
DECIDE ON HOW LONG YOU WANT TO LET
If you are looking to let your property for a shorter span, say about six months to a year, then you must consider coming up with a competitive rent so that the property is not left without tenants for too long. Your mortgage also must be considered as some of them allow tenancy for only up to 12 months at a time.
CALCULATE YOUR TAX
If you decide to let your property, you are legally bound to inform HM Revenue & Customs as you will be liable to pay taxes. You will have to do a self-assessment tax return, and it may also affect the Capital Gains Tax when you decide to sell your property.
DO THE NECESSARY RENOVATIONS
When you decide to let, make the property look attractive to impress the tenants at the viewing. It is essential that you declutter, repaint and clean the property before you let it. You can also do decorative and purposeful renovations if you wish to quote a higher rent.
Finding the right rental insurance for your property is vital to cover any damage caused to the property or its possessions during the tenancy.
While your tenant will be required to take contents insurance, as a landlord, you will have to invest in suitable rental insurance to cover for the damages. It will also protect you from any loss of rent or breach of tenancy.
The mandatory safety checks include a gas safety test, electrical safety test, and appliances safety tests. Only after fulfilling these tests can the property be listed to let.
Do a complete inventory listing for all the items kept within the property to avoid any disputes while the tenancy ends.
FINDING THE RIGHT TENANT
A landlord can sometimes be daunting as it is quite challenging to find the perfect tenant. It is essential to keep a solid background verification in place to select the right tenant who suits your requirements.
Remember, you can always get in touch with us to ease the process and help you through the relevant paperwork, whilst finding prospective tenants from our vast database.