Guaranteed Rent London Timely tips for first-time landlords
Guaranteed Rent London
Real estate specialist, Knight Frank, is expecting UK property
prices to fall 5% this year, and the prospect of a new batch of
forced landlords entering the private rental market has prompted
the National Landlords’ Association (NLA) to issue some timely
tips for first-time landlords.
Homeowners-cum-landlords need to comply with a raft of regulation
but the NLA has highlighted the following essentials:
Provide a proper tenancy agreement, usually an Assured Shorthold
Tenancy agreement that you and the tenant sign – this will
outline the length of the tenancy, amount of rent, when it is to
be paid, and deposit details.
Protect the tenant’s deposit with a government-authorised scheme,
such as mydeposits.
Create an inventory describing the condition of the property in
detail, along with the furnishings.
Have gas appliances checked annually by a Gas Safe registered
engineer and provide the tenant with a Gas Safety Certificate.
Take out comprehensive landlord insurance to protect your
property.
Ensure urgent repairs are fixed promptly and use reputable
tradesmen that you know and can trust to tend to the property at
short notice.
NLA chairman, David Salusbury, comments: “There are currently a
record number of people searching for rental properties, meaning
would-be landlords would have no problem finding a tenant.â€
He adds: “Letting a property can be a rewarding experience and an
effective way of providing additional income, but prospective
landlords will need to remember they are effectively starting a
small business.â€
Source:
http://www.homemove.co.uk/news/2012/01/11/timely-tips-for-first-t
ime-landlords/