How much can I charge for rent?
Research the rental market in your area to see what similar properties are letting for, so you can set a competitive rent. Consider your target tenants, families, students, or professionals, and whether your property should be furnished or unfurnished. For example, students often prefer furnished accommodation, but the majority of private renters will be looking for an unfurnished property. Get in touch to book in a free rental valuation with the team.
Legal responsibilities for landlords
Being a landlord comes with many legal obligations, currently over 145 laws apply when letting a property. You must ensure your property is safe and fit for tenants. Our detailed guides will help you understand these responsibilities.
Electrical safety standards
Since 1 June 2020, all fixed electrical installations must meet new safety standards and be properly maintained. In order to let your property you will be required to produce an Electrical Installation Condition Report, these are valid for 5 years from the date of the report.
Gas safety checks
More than one in three private landlords don’t realise they’re responsible for gas appliance safety checks. Make sure your gas appliances are checked annually by a registered engineer and the certificate is provided to the tenants.
Right to rent checks
In England, landlords must carry out Right to Rent checks under the Immigration Act to verify that tenants have the legal right to live in the UK. Failure to comply can result in fines or imprisonment.
Tenancy agreements
It is best practice to have a signed and written tenancy agreement. Agreements set out everyone’s responsibilities, but remember, not everything in a signed contract is enforceable and can be deemed unfair.
In England, tenants must receive a copy of the government’s How to rent: the checklist for renting in England when signing the tenancy.
Tenancy deposits
If you take a deposit, it must be protected in a government-approved tenancy deposit protection scheme within 30 days. Deposits are capped at five weeks’ rent for annual rents below £50,000 and six weeks’ rent for higher amounts.
You must provide tenants with ‘Prescribed Information’ detailing the protection scheme used. Failure to protect deposits can lead to fines and eviction difficulties.
Landlord insurance
You must inform your insurer that you intend to let the property, or you risk invalidating your policy. Specialist landlord insurance covers buildings, loss of rent, tenant default, contents you provide, and liability.
Some policies also cover legal fees, which can be helpful if disputes go to court though following the law carefully usually avoids this.
Inventories
A thorough inventory of the property and contents at the start of a tenancy helps prevent disputes when the tenant is moving out. These inventory reports detail the condition and description of everything in the property, down to walls, floor coverings, windows and fixtures and fittings. If you do not have a valid written inventory it will be very difficult to argue any disputes over damage once the tenancy has ended. Regular inspections are recommended during the tenancy, but you must give tenants at least 48 hours’ written notice before entering the property.
Make copies of keys and provide instruction manuals for appliances to help tenants use everything properly.
What does a letting agent do?
Hiring a letting agent can simplify managing your property. You may wish to instruct an agent to let the property, collect the rent or fully manage the tenancy including dealing with any maintenance issues. It is important to find out what services your agent offers and which service may be best for you.
