child mortarboard gbp briefcase bath coffeecup tree twitter search crosshair fax house papers sort house-pound brochure list-items notes printer video-camera video virtual-video bath bed camera floorplan heart-empty heart-filled heart-empty-thin heart-filled-thin sofa calculator compass share clock list map-pen map-pin pencil save business-card letter phone heard people pointer cross linkedin google-plus facebook arrow-right close triangle-down my-wink my-wink-thick house-circle loading-spinner bell close-circle dog link pinterest school transport wardrobe arrow-up one two three four five six seven tick

Nine things to do before letting your home: A Guide for new Landlords

Thinking about renting your home out, but not sure where to start? We share some top tips to help get you started on your new venture.

Thinking about renting your home out, but not sure where to start? We share some top tips to help get you started on your new venture.

Are you going on an extended sabbatical or moving abroad/to another region – or perhaps you’ve become an ‘accidental landlord’ as you move up the property ladder? For whatever reason, if you’re now planning on letting your home, here’s our essential to-do list.

  1. Check your lease
    If you own a leasehold apartment then, within some blocks, there can be restrictions within your leasehold agreement that prevent you renting out your apartment.
     
  2. Check your mortgage
    Aaron Strutt of broker Trinity Financial says that if you are planning to move out of your property and let it out, you will need permission from your lender. If you don’t, then you may be in breach of your mortgage conditions. “But remember that if they do give you permission to rent it out, your lender may increase the interest rate,” he says.
     
  3. Get keys cut
    Each tenant will need their own set, plus a spare set for yourself and one for your letting agent. We can help organise this.
     
  4. Finance your next move?
    Many house movers release equity from their home by re-mortgaging it as a buy-to-let to finance their next purchase, as well as gaining a property investment and becoming a landlord.
     
  5. Buy smoke and gas alarms
    It is a legal requirement to fit carbon monoxide and smoke alarms within a rented property, although where and how many may need to be fitted will depend on the type and size of your property. We can advise you about this.
     
  6. Tell the utilities
    Remember to tell the gas, telephone, broadband, electricity, water and council tax people when you are moving out so you can pay your final bills before transferring them to the tenants.
     
  7. Inform your insurer
    Ideally landlords must have additional cover for their property when it is rented. This can include public liability insurance in case a tenant or maintenance person is injured inside the property. In addition, some landlords insure themselves against void periods when there is no-one renting the property for long periods, or against the costs of evicting a tenant. 
    “When your property is let out, it is important to notify your buildings insurance company to ensure you have the correct cover,” says Aaron Strutt. “The provider may not pay out if your policy is not set up properly.”
     
  8. Get a gas safety certificate
    If your property has a gas boiler then you will need to have an approved engineer visit to check the boiler and its flue and provide you with a Landlord Gas Safety Record, a copy of which must be given to your tenants when they move in. You are also required to service the pipework and other gas equipment such as heaters to ensure they are maintained safely.
     
  9. Tell your neighbour's
    If you know your neighbours well then ask them to keep an eye on the property when you or your letting agent are not on site. They can be an invaluable pair of eyes should a tenancy or the property develop problems.

If you’re looking to let your home, or just want to ask a few more questions, get in touch today.

Related posts

Showcase: This winter's hottest interior design trends

Read post

November 16, 2017

Buy to let guide for parents investing in property

Read post

November 16, 2017

The benefits of investing in a new build

New homes are the lifeblood of the housing market and the government has been working hard to keep the pipeline of properties flowing with both its billion-pound schemes to stimulate demand and attempts to free up the planning process.

Read post

October 11, 2017

Find your Local Office

Find your Local Office

Speak to people who, quite simply, love their patch and love what they do.

Get a Free Valuation

Get a Free Valuation

Thinking of selling or letting your property, or just interested to know what it is worth nowadays?