Please find below a landlord’s guide to help you find the best package for you as a landlord. This is a comprehensive information pack to make you aware of the legal obligation you must abide by when renting out your property.
DID YOU KNOW... Did you know that landlords are governed by more than 145 articles of legislation regardless if you are a professional landlord or homeowner renting out your home, the same rules apply so it is important you’re up to speed before you rent your property. If you have not complied with all these important steps at the start of tenancy you may find yourself in a vulnerable position.
If you do not comply with the rules and implement the correct information you are at risk of thousands of pounds worth of fines and potential prison sentences. Make sure you use an ARLA propertymark protected agent or a RICS regulated agent they will protect you and your property.
Gas Safety (Installation and Use) Regulations 1994
A landlord's gas safety certificate, also referred to as the landlord's gas safety record, is required by law to be held for all rental accommodation in the UK where there are gas appliances present. The requirement is enshrined in the Gas Safety Regulations 1998.
Electrical Certificate (Safety Regulation 1994)
If you let a property you must ensure that the electrical system and all appliances are safe, Failing to comply with electrical equipment safety regulations 1994 and the consumer protection act 1987 is a criminal offence. It is important to ensure that all electrical appliances and fittings within the property are safe and in a good working order. The government has announced that from 2020 it will become compulsory to have an EICR certificate, these are carried out every five years.
Energy Performance Certificate (EPC)
The EPC (energy performance certificate) is a certificate that will provide a rating of the property from A-G this rating shows the environmental impact on the environment that your home is having in the terms of carbon dioxide emissions. It must have a minimum rating of E.
Smoke and Carbon Monoxide Alarms
From the 1st of October 2015 all private landlords in England must fit a smoke alarm on every floor of the property. Landlords must fit a carbon monoxide (CO) alarm in every room with a gas or solid fuel burning appliance. Alarms must be tested and working of the start of each tenancy.
Right to Rent Act
From the 1st February 2016 only people with permission or a right to be in the UK have a right to rent a property. If you are found to be renting a property to someone who does not have the right to be in the UK and you cannot prove you have complied with the appropriate right to rent checks you could face a fine of up to £3000.
From the 6th of April 2007 it is a legal requirement that all deposits taken by landlords and agents for all assured shorthold tenancies in England and Wales must be protected by the tenancy deposit protection scheme. Failure to do so may result in a fine and you will not be able to gain possession of the property using a section 21 notice. This is included in our fully managed packages and we will do this for you.
We will provide an inventory for all fully managed properties at the start of each tenancy. This document will have the full condition of the property including photographs where required. We can provide an inventory at an additional cost to landlords self managing. An inventory will set the standard for which the tenant will leave the property at the end of the tenancy. Inventories are also a vital document in any deposit claim.
Check In and Check Out
At the start and end of each tenancy we undertake a check in and check out on all managed properties. We attend with the inventory and check the general condition of the property. Once all parties have agreed, this is signed off and the deposit gets lodged or returned.
As a landlord and property owner you must ensure you have the correct insurance for your needs.
If you have a mortgage on the property you wish to let please check with your mortgage provider you have the authority to let your property out and it does not affect your policy.
As a landlord you may be liable to pay tax on your rental income. For more information please contact HMRC here.
Know which package you want?
At Henderson Setterfield we offer packages to suit out landlords, once you know the facts about being a landlord and you have decided whether you want to be fully managed or finders only take a look at our landlords fee guide.
Click here to see our latest landlords fee guide.