Do You Know The Rules Of Becoming A Landlord?

In the ’80s and ’90s, many people made the decision to buy a second property with the intention of letting it out. Today, the trend is changing, and more and more people are becoming landlords by accident. Either way, if you have paying tenants in your property, there are definite responsibilities that lie at your door.

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Safety First

As you might expect, there are very strict guidelines regarding safety. Start with the appliances and make sure they are all inspected for damage regularly and remain in good working order. Gas and electrical equipment must be installed by a registered engineer, and there should be a regular service plan in place.

You must have at least one smoke alarm on each floor of the property, and if it has a fireplace or woodburner, you are required to fit an alarm for carbon monoxide, too. Fire escape routes must be clear.

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Energy

All properties are required by law to have an Energy Performance Certificate, or EPC. They give prospective tenants an idea of the typical running costs for the energy required at the property and suggestions for how that might be reduced. A certificate is valid for ten years.

Right To Rent

As a landlord in England, you are obligated to check that a prospective tenant has the right to rent, which means determining whether they are legally entitled to rent in this country. To ensure you stay on the right side of discrimination laws, you must check all tenants’ rights and not just any you suspect might not hold British citizenship. There can be fines for making mistakes.

For more information about what you need to consider when becoming a landlord and starting to rent your property out, see the government’s advice. You might also want to consider looking into Block and Estate Management in case that might be a viable option for you and your property.

A specialist Block and Estate Management company will take care of the day-to-day running of your property, including general maintenance and contract negotiations.

Of course, there is much more to being a landlord than simply owning a property, so make sure you research it thoroughly to avoid potentially damaging and costly errors.

It can feel overwhelming initially, but there are plenty of resources available to help you.