Being a landlord might sound like a pretty easy, hands-off way of making money out of your property, but there are many pitfalls to be aware of. Especially where it comes to DIY and making sure that your home is in a livable state of repair.
Following this ultimate checklist will ensure that you don’t trip up over the masses of red tape involved in this market.
If you are a rental property landlord who is not using a letting agency to help you, there are various obligations legally that you need to know about and follow:
- Complete landlord registration
- Make sure your rental property is in good condition
- Make sure your electrical and gas appliances are in good condition and safe to use.
- Get the appropriate permission from the provider of your mortgage and insurance to make your property a rental one (Make sure you’re not breaching the conditions or terms of your contracts with these providers)
You also need to provide a tenancy agreement to your tenant. This agreement must include the following information:
- Your (as the landlord) full name and address
- Tenancy length
- Tenant’s full name and address of the rental property
- Agree to rental charge and how often it should be paid
- Details of the letting agency
- Details of the notice period tenants must provide before moving out
- Details of the notice period the landlord must give before following through with the eviction process
- Tenant responsibilities, such as maintaining the garden.
- Provide all new tenants with a detailed information pack that details everything including the responsibilities and rights of the tenant.
- This should be signed for by the tenant to show that they have received it at the start of their tenancy.
- Deposit the tenant pays into an authorized and reputable deposit scheme. If you don’t, you are breaking the law and could mean you are fined.
You Must Maintain a Standard of Repair
There are repair standards that all privately rented property must meet before it can be let to tenants.Particularly, it must meet a standard known as Tolerable Standard.
It is crucial that you learn as much about tenant rights as you can, along with landlord/homeowner responsibilities and the funding sources that could help bring your property up to the appropriate standard.
You Could Be Entitled to Some Help If You’re Struggling For Tenants
There are interest-free loans that are available for bringing properties into the sector of affordable rental properties.
It may be that in order for a property to qualified that it has upgrades and repairs carried out on it.
What to Do in the Event of the Death of Your Tenant
There are a number of important responsibilities that a landlord has if a tenant dies.
- Allowing the tenant’s next of kin and relatives to access the property to collect their personal effects and possessions.
- Make sure all important repairs and cleaning are carried out on the property
- Liaise with the police during their investigations into the death
A Landlord’s Responsibilities for Waste Removal
Any property that is let, either commercially or residentially, is considered to be a business.
The waste then, generated from that business is classified as commercial waste. As a result, it can’t be taken along to Household Waste Recycling Centers.
Any landlords that dispose of waste this way or attempt to do so, could face criminal charges.
Agents and landlords must agree to:
- Remove waste left behind by tenants utilizing a qualified and certified waste removal firm
- Waste is disposed of properly
- Provide the right kind of bins to the property
Landlord waste is classified as any of the following:
- Waste that is created as a result of home alterations, repairs or improvements
- Waste remaining in the property after a tenancy has ended
- Fittings and fixtures that have been discarded that were part of the agreed terms of the tenancy
- Any waste generated by the tenant that has been removed on their behalf
Landlords are allowed to dispose of waste legally through:
- Special collections arranged through the local council (for a cost)
- Establishing a commercial waste agreement with a fully licensed waste removal firm
- Taking waste along to a waste disposal company or another licensed facility
This kind of legal stuff will never win awards for being the most fun topic. But hopefully the ultimate landlord’s checklist will help keep you out of trouble and enjoy your newfound income.