According to ARLA’s latest Private Rented Sector Report, the demand for rental property amongst new prospective tenants has wholeheartedly bounced back following the reopening of the housing market in May. This makes the property market a tantalising prospect for new london real estate landlords, and those considering letting their property or buying a buy-to-let home – and rightly so! At Rickman Properties London, we pride ourselves in providing landlords with an efficient, yet professional letting and management service based in the Royal Borough of Kensington & Chelsea.
If you’re a new or prospective real estate landlord, read on for our top pre-tenant tips to help you prepare.
Real Estate Duties and Legal Requirements
Whether using our tenant-find only service or property management service, our landlords receive top-notch specialised advice on the legal aspect of lettings. Here are the fundamentals (note, coronavirus has not amended these regulations):
1. Money protection schemes: It is a legal requirement for landlords to put tenants’ deposits in a government-approved tenancy deposit protection scheme and to hold any client money in a government-approved client money protection scheme.
2. Health and Safety: your rented property must be safe from hazards and hold the necessary certifications. These regulations centre on gas, electrical and fire safety measures, such as ensuring the safe installation and maintenance of gas and electrical equipment, and smoke and carbon monoxide alarms.
3. Energy Performance Certificate (EPC): Landlords must provide the property with an EPC.
4. Right to rent check: Prospective tenants must have a right to rent your property. It is the landlord’s responsibility to check.
For more information, see the government website.
Insurance
While you are not legally required to have landlord insurance, you may have specific requirements if the property-to-let is mortgaged. Mortgage lenders often require a specific type of landlord insurance, which might include landlord buildings insurance (covering damage to the structure) or landlord contents insurance (covering stolen or damaged contents).
For non-landlord specific insurance, it is imperative your insurer is told the property is for let or you may lose your cover.
Set the standard for your tenants
At Rickman Properties Limited, we offer a free pre-letting service to advise you on the condition of your property. Other than helping to ensure you get maximum rental rates, a clean, well-decorated and well-maintained property can set the tone for how your tenant will treat their new home. If carpets or furniture is stained or tatty, or the outdoor space is not well maintained for example, then this may make a tenant less careful about how they treat the property.
Focus on maintaining a well-cared-for property in-between tenants and aim to present a spotless inventory to new tenants.
Conclusion
Click here to read our Landlords Letting guide. For enquiries about our letting and management services, please contact us on 020 7937 9777 or email us on info@rickmanproperties.com
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