Landlord Bits

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People rent properties for various reasons. They may be working abroad and wish to rent to keep that foot hold in the progressive UK housing ladder you may wish to rent a room in your house or you simply may be in the renting business for investment purposes whichever you fits your criteria as a landlord you have responsibilities to your tenanats and you must be aware of the landlords rights as well as the tenants rights and all the pitfalls. Before you step up the Buy to Let ladder you must 1. Check with your bank or building society that it is okay on your current mortgage to let the property. 2. If you are in a leased property (not freehold) you must get permisiion from the land owner before renting. 3. Check your insurance as you may need specialist buy to let insurance, this is very important as most buy to let insurance covers aspects like liabilities that most domestic insurances dont cover. 4. It is law that all gas appliances that is ever single gas appliance in the building has to have a gas safety certificate. These normally cost around £35 per appliance but dont run the risk of not getting one as the tenant has to recieve a copy each year. It is always useful to get your plumbing covered this is the norm callout for landlords the radiators broke the heating wont work, the major crunch here is that you have 72 hours to fix it before the landlord can either move out or you have to put them up in another property or hotel at your expense. Dont get caught out. The best one i have found for price and efficency for landlord breakdowns is this http://www.homeserve.com/emergency-repairs 5.Check all your furniture complies with fire regulations. 6. If you are a none resident landlord you need to tell the inland revenue and fill out this form http://www.hmrc.gov.uk/cnr/nrl6.pdf Bits to do before your tenants move in. 1. Always check your tenants references never just take mobile phone numbers always ask for addresses landline. This is very impotanat for landlords as is gusrs you to a cetain extent from bad tenants. 2. Leases are very important steer clear of the free one on the net as they dont hold up very well as an assured shorthold tenancy agreement. The cheapest place for leases i have found is here http://landlord.co.uk/shop/shop.html dont run the risk for the sake of £10 3. Take the deposit first thing this needs to be held by a deposit holder under the new rules there are two options Custodial Scheme and insuranse based scheme. Click here for more info http://www.rla.org.uk/landlord/tenancy%5Fdeposits/?gclid=CI63x6zrzY4CFQESEgodv0pvAA 4. Do or get an inventory done. This is very impotant as if there is damage to the property or a discrepance the inventory is the proof. You shoudl go around the rented property with the tenant and note everything down if you the landlord videos the property as well you can get the tenant to sign the inventory document do two copies one for the tenant one for the landlord. Good inventory documents can be downloaded here http://landlord.co.uk/shop/shop.html 5. If you have lived in the property you need to redirect your mail. This is very important as a landlord to prevent from identity theft. 6. Do all meter readings and inform the correct companies ie. for Gas, electric, phone, rates.

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http://www.landlordrights.co.uk