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Advertisers - Guide To Letting

Over the last 10 years, buying and letting properties have become sound investments. However, letting a property can be hard work, so this guide gives you a few key tips to make your investment successful.

Mortgages

• If you need a mortgage we recommend you select a Buy to Let mortgage. See our Mortgages section for a range of Buy to Let mortgages.
• If you already have a normal, residential mortgage on the property, you will need permission from your lender to let the property.

Leasehold Properties

If your property is leasehold, you may need permission from the lessee.

Insurance

You should insure the building and contents. Even if you are letting the property unfurnished, fixtures and fittings such as bathroom fittings and flooring are contents.

An empty property is expensive, so consider taking out letting insurance. This can cover the lost rent should your property become vacant.

See our insurance section for a range of insurance providers.

Furniture, Gas and Electrical Appliances Safety

As the landlord, you are responsible for the safety of any gas and electrical appliances. It is a criminal offence to provide faulty gas and electrical appliances. Each appliance should be inspected and a certificate of safety obtained prior to each let. See our Gas and Electrical Inspection section for business' that can carry out safety inspections for you.

You should also ensure that any furniture provide complies with Fire Safety Regulations

Tenancy Agreement

The Tenancy Agreement is the contract between the landlord and the tenant which details the terms of the rental agreement.

This is very important as it provides both the landlord and tenant with rights. A property should NEVER be let without a signed Tenancy Agreement.

We strongly advise that you obtain a tenancy agreement from a solicitor to ensure the agreement is up to date and contains all the necessary legal protection for the landlord and the tenant.

Your Tenant

Before you sign the Tenancy Agreement, we recommend you obtain references that support the good standing of your prospective tenant. We recommend you obtain a reference from the tenant's employer.

Deposits

We recommend that all landlords take a deposit from the tenant at the time of signing the tenancy agreement. The deposit can then be used to cover any repair or cleaning costs that you incur at the end of the rental period.

We recommend that the deposit should be equal to 1 month's rent. You should provide the tenant with a receipt of the deposit.

Inventory

Even if the property is being let unfurnished, you should still produce an inventory detailing the condition of the property and any contents. This should be signed by both you (the landlord) and the tenant.

You can use the Renturhome Inventory template to complete your inventory.

Meter Readings & Council Tax

On the day the tenant moves in, we advise that you read the gas, electric and water meters. Both you and the tenant should sign the readings. You should then inform the gas, electric and water service providers of the final readings.

Advise the local authority of the name of the new tenant they become liable for the council tax.

Instructions & Keys

We recommend that you provide the tenant with a demonstration and all instructions on how to use electrical and gas appliances. You should provide the tenant with all alarm codes and any keys.

Emergency

Provide the tenant with any emergency phone numbers so they can contact you and ensure all smoke alarms function. You are also required to provide the tenant with a fire extinguisher and fire blanket.

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