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General Tips for Letting Property
In this section:
Why Rent Anyway?
When letting property, there are some general tips that you should always keep in mind.
Why might you want to rent your property? There are many different reasons for turning into a landlord. You could be relocating for a year and seeking to cover the cost of your mortgage or you may choose to purchase property solely for investment reasons. The latter is typically referred to as “buy to let”.
Your reasons for letting your property will probably have an influence on how you actually go about the task. For example, if you are relocating to another country for a year you will probably need to rent your property using a managed service agency to handle your rental property. All of the major high street estate agents now offer these services. However, if you are buying property as an investment you may see the approximate 10% fees levied by the agent as being damaging to your income. In this instance you maybe want to let the property directly and deal with your tenants yourself.
What do I need to do before I think about renting my property?
Before you jump in at the deep-end, there are a number of items you need to consider about becoming a landlord:
- You will need to seek permission from your mortgage lender to let your property - if you do not have a buy-to-let mortgage.
- If you are in a leasehold property, get permission from the head lessee to rent the property.
- Make sure your buildings and contents insurance is appropriate.
- Take out letting's insurance.
- Get gas appliances checked in accordance with gas regulations.
- Check that furniture complies with Fire Safety Regulations.
- If you are an overseas landlord, apply for the Exemption Certificate from the HM Revenue & Customs.
For further information on the legal requirements of renting out your property.