16 Essential Tips for Landlords

  1. Always put the tenant deposit into the Deposit Protection Scheme – it’s a legal requirement.
  2. Always get the safety checks done before rental- i.e. gas safety cert – it’s a legal requirement.
  3. Get a proper agreement, not just a standard AST.
  4. Take inventory including photos and even video of the state of the property, and get the tenant to sign and give them a copy.
  5. Try not to get involved in taking money from tenants, collect rent via the bank and check it arrives.
  6. ALWAYS reference check tenants and ask for copies of bank statements.
  7. Make sure you switch all utilities to their name AND have their responsibility for them in the agreement.
  8. Check with your insurers, you may need to add specialist insurance.
  9. If you rent with furniture included, it too must adhere to safety standards.
  10. Get smoke detectors fitted, tenants are often negligent and may not care for the property as you would.
  11. If you rent to friends, use the same rules as above! (Personally I never rent to friends-it’s a minefield of potential problems.)
  12. You must get permission from your current mortgage provider to rent, and they may want you to change mortgages to BTL.
  13. There are over 70 pieces of legislation that cover renting a property, get familiar with them.
  14. Get familiar with the eviction process, delays in acting can cost you a lot of money if problems occur.
  15. Check your tax situation before you begin, you could be liable for Income Tax and Capital Gains Tax; also, there are tax expenses you can deduct.
  16. Build up a fund for when things get damaged or broken or if there is a void you need to cover.
Thelettingcompany.co is a website owned and managed by Richard Gibbs trading as The Letting Company and our VAT number is 876269571.
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