Letting process - Wright Lettings

Letting Process

The simple steps of the letting process as follows:

1. Preparing to let

Before deciding on letting out a property, you may wish to seek guidance from a letting agent to ensure that you fully understand UK legislation and how to protect your investment, whether the property you purchased via your first buy-to-let investment or expanding an existing portfolio, there are many aspects to consider, to ensure maximise the potential return on your investment.

As a landlord you will need to consider the following when you let your property:

  • Landlord insurance - general home and contents insurance will not be sufficient
  • An Energy Performance Certificate (EPC) will be required before the property can be remarketed. EPCs need to be carried out by an accredited assessor and each certificate lasts for ten years
  • Putting aside some of the collected rent for contingencies can help cover the costs of any unforeseen repairs, which are a landlord’s responsibility to resolve or for vacant periods in the property
  • If the rental property is a leasehold property, you should seek the permission of the freeholder before letting. You should also inform HMRC of your new revenue stream
  • Becoming accredited by the National Landlords Association (NLA) offers a number of products and services designed to help private landlords. If your letting agent belongs to Association of Residential Letting Agents (ARLA) and London Rental Standard (LRS) this will give prospective tenants peace of mind when choosing your property over other potential properties
  • If the property is mortgaged, you will need to inform your lender. The lender may increase the interest rate payable if the loan is not buy-to-let
  • An inventory – this must be carried out by a professional, independent inventory clerk. Without a check in report at the start of tenancy and check out at the end, it will not be possible to claim against the deposit for loss or damage to or within the property
  • A 12 month gas safety check must be carried out by a qualified and registered engineer to ensure you are compliant with safety regulations. A copy of this safety certificate must be supplied to the new tenant before the tenancy term begins and within 28 days of any annual test during the tenancy
  • You have an obligation to ensure all the electrical equipment is safe and some circumstances this will involve testing
  • If you used to live in the property you are planning to let, you should arrange for mail to be redirected to your new address through the Post Office
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