How to Rent Out Your Property

When economic uncertainty makes the news, many people feel comforted by their bricks and mortar investments.

So it’s no surprise there are more private landlords than ever in Britain, with several seeking to join their ranks every day.

If you’re interested in becoming a new landlord, we have complied a list of steps to take when renting out your property.

Check your legal status

The first thing to determine is whether you have the legal right to rent out your property.

If it’s a leasehold, there may be a clause in your agreement that prevents subletting and you may need to contact the freeholder for permission.

Even with permission, you may still need to acquire a licence to let, depending on the rules of your local authority.

Responsibility and compliance

Assuming you are allowed to rent out your property, there are numerous criteria that you’ll need to satisfy in terms of legal compliance and health & safety.

You’ll be responsible for ensuring your property is maintained and kept to a certain standard, allowing for any changes in the law too.

Considerations you’ll need to be aware of include:

  • Electrical and gas safety standards
  • Energy performance certificates
  • Deposit schemes
  • Structural repairs
  • Boiler and heating system repairs
  • Plumbing and sanitation repairs
  • Repairs and maintenance of common areas (for flats/shared houses)

 

This isn’t an exhaustive list but should give an idea of the time and costs involved in renting out your property even before a tenant is in situ.

It’s little wonder many private landlords bypass these stresses by trusting a letting agent to manage their property.

How much to charge?

Do you know how much rental yield you can realistically expect as a return on your investment?

One of the easiest ways to get an idea is by talking to an estate agent with local knowledge of the rental market in your area.

Use the current market rates as a reliable guide – finding a tenant prepared to pay over the odds may keep your property empty longer than necessary.

Make sure your mortgage is up-to-date

If you have a mortgage, you’ll need to notify your lender that you’re intending to rent out your property rather live in it yourself.

You may need to obtain a ‘consent for lease’ or even change your policy completely.

Typically the process should be straightforward – and failing to notify your lender could incur financial penalties for breaking your original terms.

Find a letting agent

If you’re a first time landlord, you should contact a local letting agent with an established reputation for letting properties in your area.

Drawing on their experience and asking questions will provide you peace-of-mind during the process.

And you’ll be able to discuss how ‘hands-on’ you want to be as a landlord, or whether the convenience of a let management service would suit.

Ready to look into renting out your property?

Simply need support with rent collection arrangement, or would you prefer to discuss full property management?

To speak to a member of our helpful team about your required services, please get in touch today.

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