Last week our article looked at the benefits of buying to let in principle. Here we consider some practical elements:
Category Archives: Renting & Letting
Students are an excellent prospect for landlords wishing to maximise their return on investment. They are in ample supply, meaning an almost certain let, a greater choice of tenant and fewer void periods. Reliable student loans and parental guarantees mean that students are also less likely to default than they were in the past.
For many homeowners, letting provides and obvious investment opportunity as an alternative to selling. With the right expert help from your letting agent, the matter should be quite straightforward, although there are certain consents that should be obtained if you are to avoid some potentially costly problems.
Whilst both gas and electricity can be lethal, from a landlord’s perspective, the law relating to gas safety is more stringent than it is for electricity with substantial fines or even imprisonment for of the breaches of the Gas Safety (Installation and Use) Regulations 1998. These regulations impose a duty on landlords to use a Gas Safe Registered engineer to undertake and maintenance to pipe work, appliances and flues.
All residential tenancy deposits must by law be protected by being lodged in a government-recognised scheme, such as the Deposit Protection Service (DPS), which is evidence based. This means that the decision to either return or withhold a deposit at the end of a tenancy is made by considering any differences between the condition of the property at the beginning and the end of the tenancy.
Household emergencies generally occur during the depths of winter, but we recommend that landlords undertake a pre-winter checklist now to prevent unforeseen property headaches in the months to come. A tenant will often be less interested in preventative measures, but will of course complain if there is a problem – often too late and costly to remedy. Here are some pointers:
Three important regulations for landlords:
Whilst there are over one hundred pieces of legislation with which a letting agent should be familiar, three come particularly to mind when it comes to advising landlords about the basic responsibility they have to the safety of their tenants, as well as helping landlords avoid a £5,000 fine or six months in prison for non-compliance!