Things to Consider when letting your property
If the property has a mortgage you must have consent from your mortgage lender of the intent to rent the property. Similarly if the property is lease hold permission will be required from the Landlord. You will need to keep all written consents safe. You must also inform the insurance company and receive their consent to the tenancy.
It is statutory obligation that the landlord provides sufficient buildings insurance before letting the property. Elliotts Estate Agents as agents are able to provide independent advice on bespoke products specifically designed for property which is being let, however should the property be lease hold (usually flats) then the landlord will most probably insure as part of the service charges, thus building insurance will not be required. Again it is imperative that you are aware as to whether the landlord (of the leasehold property) insures the property.
If the property is fully furnished we advise Landlords to have the comprehensive all risks policy in place, however we do stress to all our tenants the importance of contents insurance as this not only safeguards their own belongings it also covers the landlords furnishings and also gives the tenant some assurance that they will get their deposit returned in full. Elliotts Estate Agents as agents are able to provide independent advice on bespoke products specifically designed for property which is being let.
Elliotts Estate Agents can obtain rental guarantee for Landlords at an additional cost.
The rent you receive from your property will be classed as income and may therefore be subject to tax. It is the duty of the landlord to inform the Inland Revenue of any residential letting income.
The quality of the furnishing in a property will attract a certain quality of tenant, which means it is sometimes beneficial to let the property as unfurnished rather than keep replacing the furniture which can be costly. Unfurnished properties should still contain the basics such as carpets, curtains, fridge, cooker and where possible a washing machine. If you wish to let the property as furnished we would suggest that anything of sentimental significance should be removed. All soft furnishings (upholstery and upholstered furnishings, loose fittings, permanent of loose covers etc) must comply with the Furniture and Furnishings (Fire) (Safety) Regulations 1988. It is an offence to "supply" furniture which does not comply with these Fire Resistant Requirements. We at Elliotts Estate Agents will not check whether you have complied with these regulations. We reiterate it is the liability of the landlord to deal with the same.
Gas Safety Regulation
The Gas Safety (Installation and Use) Regulations 1998 apply to all domestic properties and compel landlords to have all gas appliances safety checked annually by a qualified registered contractor, to keep records of work carried out on the appliances, and to obtain a Gas Safety Report (GSR). The GSR must be available for a tenant at the commencement of the tenancy. Elliotts Estate Agents can arrange for a gas safety certificate inspection to be carried out on your behalf, subject to a fee, please feel free to contact our team to discuss.
Electrical Safety Regulations
The Electrical Equipment (Safety) Regulation 1994 applied to all domestic properties compel landlords to have all electrical appliances safety checked. The Plugs and Sockets (Safety) Regulations 1994 also apply to domestic properties. Elliotts Estate Agents will not be liable for checking any electrical appliances so therefore we reiterate it is the liability of the landlord to deal with the same.
Tenancy Deposit Protection Scheme
The Deposit Protection Scheme was introduced on the 6th April 2007, from this date onwards landlords must protect all deposits received and deposits held if the tenant renews on a fixed term contract. If Elliotts Estate Agents are instructed by you to hold the Deposit from the tenant, we shall do so under the terms of the Tenancy Deposit Scheme. If you decide to hold the deposit yourself, we will transfer it to you within 7 working days of receiving it provided you provide us with the membership number of the Protection Scheme where the Deposit will be covered.
Please ensure smoke alarms and carbon-monoxide detectors are fitted to all floors of the property. We at Elliotts Estate Agents will not be liable for such checks.
Energy Performance Certificates
As of 1st October 2008 new reforms were rolled out to ensure all properties - homes, commercial and public buildings - when bought, sold, built or rented will need an EPC. Larger public buildings will also need to display an energy certificate.
The EPC must be made available free of charge by a landlord to a prospective tenant prior to the commencement of a tenancy. Elliotts Estate Agents can arrange for a EPC to be carried out on your behalf subject to a fee, please feel free to contact our team to discuss.