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Lettings: 01256 961 002
Landlord Guide
At Christopher Anthony, we know that becoming a landlord can be a rewarding investment opportunity. However, it can also have it’s challenges! This guide covers the essential steps and responsibilities involved in renting out a property in the UK.
Understand Your Legal Obligations:
- Register as a Landlord: Depending on your location, you may need to register with your local council. Familiarise yourself with the requirements to avoid potential fines. You can find this information on your local councils website, or by giving them a call.
- Safety Regulations: Ensure your property meets safety standards, including gas safety checks (annually), electrical inspections (every five years), and smoke and carbon monoxide alarms. Keeping records of these inspections is vital.
- Check Your Mortgage: You’ll need to have a buy to let mortgage in order to legally rent out your property, if you haven’t bought it outright. If you have an existing residential mortgage, you’ll need to notify your mortgage company that you are planning to let your home. They may move you to a new mortgage product, but if you don’t tell them, it’ll likely be a breach of your contract.
- Get the Right Insurance: You should have ‘Landlords Insurance’, which is designed to protect you, the property and your tenants; and your mortgage company may require you to take out a specialist landlord policy.
Find The Right Property:
- Existing Property: If you have an existing property which you’d like to rent out, great! As we’ve mentioned above, you may need to discuss this with your mortgage company (if you have one) and change your insurance policy, as well as ensuring the property is up to the required standards.
- Finding a Property: If you’re looking to purchase an investment property, you’ll have to do your research. Firstly, you can look at areas where you can afford a property and where you can expect to get a strong rental yield (your return on investment). You’ll want the property to be reasonably close by in case you need to do anything, or you’ll want to find some to manage the property.
Preparing Your Property:
- Repairs and Maintenance: Address any necessary repairs before renting out the property. A well-maintained property attracts quality tenants and reduces turnover of those tenants. It’s also vital to ensure the property is safe.
- Furnishing: Decide if you’ll rent the property furnished or unfurnished. Furnished properties may attract higher rents but require ongoing maintenance of furniture and appliances.
Setting Rent and Tenancy Terms:
- Market Research: Investigate local rental prices to set a competitive rent. Consider amenities and property features that can justify higher rental rates.
- Tenancy Agreements: Draft a comprehensive tenancy agreement outlining the terms, including duration, rent, and responsibilities. Ensure it complies with the latest legislation.
Finding Tenants:
- Advertise Your Property: Use online platforms, local classifieds, and social media to reach potential tenants. High-quality photos and a detailed description are essential. Or, of course, we’ll be happy to help.
- Screen Tenants: Conduct background checks, including credit checks and references, to find reliable tenants. This step helps mitigate risks associated with problematic tenants.
Managing the Tenancy:
- Deposit Protection: Use a government-approved tenancy deposit scheme to protect tenants’ deposits. This is a legal requirement in the UK and fosters trust between you and your tenants.
- Regular Inspections: Schedule regular inspections to ensure the property is well-maintained. Notify tenants in advance and keep communication open regarding any necessary repairs.
Handling Tenancy Issues:
- Communication: Maintain open communication with tenants and address any issues promptly. Quick responses can prevent small problems from escalating.
- Legal Procedures: Familiarise yourself with eviction processes and other legal obligations. Understanding tenant rights and your responsibilities can save you from costly legal disputes.
Ending a Tenancy:
- Notice Periods: Understand the required notice periods for ending a tenancy and follow the proper legal procedures. Ensure your communication is documented.
- Inventory Check: Conduct a final inspection and compare it with the initial inventory to assess any damages. Document the condition of the property to resolve any deposit disputes
Going through the lettings process alone can be daunting and stressful. At Christopher Anthony, we have a range of packages to suit every landlord. Whether you want to be hands on, or would like a passive income with little input, our property experts can help.
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Letting - Frequently Asked Questions
Not only do we advertise on all the major online property websites and portals, but we also hold a regularly updated database of tenants looking to rent a property. We’ll look for the perfect tenant for your property, fullfil all the required checks and take care of all the paperwork. We’re confident we’ll have your property rented out in no time at all.
If you’re looking to rent out a property, we’d love to hear from you. The earlier in the process, the better! Whether you’re completing on a purchase of a property you’ll be renting out, or you’re coming to end of a tenancy contract, it’s never too early to get started. Simply give us a call on 0118 995 2771, WhatsApp us on 07454 368 386, or email us at sales@christopher-anthony.co.uk.
In short… we will! Should your property be on the market for a little longer than expected, we will help you review your options. We’ll carry out a full marketing review and look at all of your previous viewings and feedback, ways to boost your viewings and we will re-evaluate the local market including details of what is letting in the area. We’ll do everything we can from the first instance to have your property let at the right price, as quickly as possible.
We offer a comprehensive service and ensure our packages are as transparent as possible. Below, we include a package comparison so you can see exactly what is included in each of our packages as well as the fee involved.
Yes, you can still use Christopher Anthony. You can choose to instruct us straight away and set the date for your marketing to start as the day your current agreement comes to an end.
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Landlord Guide
If you’re a first time landlord, or are considering it, we’d love to help you on your journey.