Do’s and don’ts of letting your property

Posted under Advice by Jermaine

London is witnessing a phenomenal rise in letting of properties due to a slump in the housing sales. More landlords are preferring lettings than selling due to fear of further decline in the housing prices.

It has become all the more important for landlords to know the do’s and don’ts in lettings to avoid problems at a later stage.

1. Make us of services offered by letting agents, who are fully bonded, members of the Association of Residential Lettings Agents. They cover both your rent and tenant’s deposit.

2. Seek references from the tenant to know more who you are letting to. It is vital to know who you are letting to. The tenancy agreement must be properly drawn up and joined to one of the tenancy deposit protection schemes.

3. Draft tenancy agreement properly and register it under one of the tenancy deposit protection schemes. Enclose a list of inventory and photographs key furnishings and rooms.

4. Get an energy performance certificate which is mandatory from October 1 for every landlord. The certificate indicates gas and electricity consumption of the property.

5. You must inform your insurer about letting. Failure to do this would result in negation of contract.

6. It is equally important to inform your mortgage lender. The lender may negotiate with you and charge additional interest.

7 Price your property properly with the help of a good estate agent. Verify credentials of your tenant before agreeing to let your property.

8. Ensure to fix breakdowns of equipment such as washing machines, dish washers, gas connections etc. quickly. This would keep your tenant happy.

9. Get acquainted with laws and guidelines regarding tenancies, deposits and safety requirement of landlords.

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