Successful Property Letting

by Heather Hilder on
Successful Property Letting

“Landlords Successful Letting”

Successful Property Letting

Successful property letting depends on getting many things right.  The right property, tenants, location, rent.  Plus adhering to legislation and regulation.

In today’s article, therefore, we share our Top 10 SUCCESSFUL LETTING TIPS which residential private Landlords should understand and apply:

TOP 10 SUCCESSFUL LETTING TIPS

1.    Property Letting Standards

Tenants can report your property if it is below standard.

  • Landlords have a legal duty to ensure that the property is maintained in a habitable condition.  Moreover, this applies unless any failure is caused by the tenant.
  • Landlords could fall foul of the Housing Health and Safety Rating System (HHSRS).  This legislation assesses 29 categories of Housing Hazards categories 1 and 2.
  • HHSRS enforcement lies with Local Authorities’ environmental departments.
  • Landlords should refer to Section 11 of the Landlord and Tenant Act 1985 for further details.

2.    ‘Tenant-like manner’

Tenants must keep a rented property in a ‘tenant-like manner’.  Landlords’ repairs or maintenance do not extend to items that a tenant has broken through negligence or misuse. Tenants must look after their rented property and carry out small jobs around the property.

3.    Deposits

  • You must place your tenants’ deposit in a tenancy deposit protection (TDS) scheme if you rent out your home on an assured shorthold tenancy that started after 6 April 2007.
  • It is a criminal offence to fail to lodge any deposit in a government registered Tenancy Deposit Scheme (TDS).
  • It is a criminal offence to fail to comply within 30 working days of a tenancy commencing or the deposit being received.
  • Penalties are fines of up to three times the amount of the deposit.
  • Failure to lodge deposits through a recognised scheme also invalidates any Section 21 Notice (eviction notice)

4.    Tax Evasion

Beware accidental tax evasion. If you receive an income from a property, you must declare this on an annual tax return.  This is irrespective of whether you would not otherwise be required to complete a tax return.

5.    Letting – Right to Rent

  • Landlords must check that any occupiers have the Right to Rent.
  • Applicants must provide acceptable documentation to prove that they have the right to reside in the UK.
  • Failure to comply could mean a penalty of up to £3,000 per adult occupier.

6. Safety requirements

Landlords should ensure that their property meets all current safety regulations including Gas, Electrical and Fire.  You should arrange for all privately rented properties to have a working smoke alarm on each floor.  You must fit Carbon Monoxide alarms in any rooms classed as ‘high risk’.

7. Legionnaires’ Disease

You must carry out an assessment to determine the risk of Legionella in all residential rental properties.

8. Referencing

To avoid ‘problem’ tenants, you should carry out thorough referencing. This can include previous landlord references and credit rating checks on each occupier.  Additionally, you can carry out credit checks on any guarantors.

9. Property Insurance

Everyone has buildings insurance, especially if it is a condition of your buy-to-let mortgage.  Your insurer will need to know that the property is let to a tenant, or your insurance may be invalid.

10. Inventories

Carry out a full inventory check and property condition report at the beginning and end of each tenancy.  Take digital photographs to show the condition of the property.  Digital photos can include the date on which they were taken.  This is the only evidence a landlord can use to claim against the tenant’s deposit.  In contested cases, the standard position is ‘the money belongs to the tenant’.  In other words, it’s up to the landlord to prove otherwise.

For free expert advice on successful property letting, call Callaways on 01273-735237.  You may prefer to email us at enquiries@callaways.co.uk