Help! I’m about to become a landlord for the first time and have no idea where to begin!
This is something that we get asked regularly. In fact we get asked this so much that I wrote a Landlord Guide for all first time landlord’s that might be struggling with where to begin! Don’t worry, this month’s blog is going to help reduce your panic and stress and tell you what all new landlord’s need to know.
Don’t forget to check out the link at the bottom of the page for your very own copy of our Landlord Guide!
1. Mortgage – Do you have a mortgage on your rental property? If so, you will either need Consent to Let or a Buy To Let Mortgage. Your first call should be to your mortgage provider or broker. If you don’t have either of those then any tenancy agreement entered into is null and void.
2. Leaseholds – If you are a leaseholder you will need to check the terms of your Lease incase you need to obtain consent or there are any restrictions on letting out your property. Your lease will also tell you whether pets are allowed in the building or if your tenants can hang their washing outside.
3. Energy Performance Certificate – You will legally need one of these in order to market your property for let. They last ten years and must be in date and rated E or above to start your rental journey. Don’t worry if you have never heard of them or have any idea where to get one from we can do that for you.
4. Legal responsibilities – As a landlord you will need a gas safety certificate if your property has a gas supply and you will also need a working smoke alarm on each floor of the property. Again, this is something that we can arrange for you. When we come out to take a look at your property and give you a rental valuation we can discuss the full range of responsibilities including electrical checks and carbon monoxide alarms.
5. Income Tax! – No one likes tax but unfortunately it is a necessary evil. If you are going to be living abroad for more than six months of the year you will need to register for an exemption certificate from Revenue and Customs and we can help point you in the right direction. It is always a good idea to speak to your accountant before you rent your property to make sure that you are tax efficient.
6. Letting Agents – You will need a good letting agent to help get you the maximum rental yield on the property, reduce your void gaps (where you will be responsible for the council tax and bills) and look after your investment. If you are a first time landlord it is an absolute must that you use a fully managed service to avoid heavy fines, wayward tenants and loss of potential income. Check that your agent is regulated and have a look at their reviews before signing any terms.
I hope you have found that helpful but please take a look at my Landlord Guide for the full list of things to consider and also how a Letting Agent’s service works. The link to my Guide is here
If you would like to know how we can help you at homes4harogate then please head over to the website where you can see our full range of services and the 60 five star reviews that we have had from happy clients including many first time landlords!
