So you want to let your property? Great idea, letting properties has become popular in Britain and it’s a great source of extra income; however, there are responsibilities and legal obligations that you need to be aware of. Here’s our guide on how to let a property;
5 Bed Detached – The Ridings, Epsom available to let by The Personal Agent
1. Preparing Your Property
First thing’s first, prepare your property for tenants. If you were a tenant, would you want to live in your house? The Landlord & Tenant Act 1985 (link contains further legal information and requirements on how to let a property) states that landlords must repair the structure and exterior of the property if required.
First impressions make a lasting impression, so we’ve got a quick checklist of things to look out for:
- Minor repairs and plumbing: fix any cracks or leaks, replace light bulbs if needed.
- Re-decorate: re-painting can really help to change the atmosphere of the room
- Spring clean
- Spruce up the garden: remove any dead plants and replace them with fresh ones
- Get rid of any unpleasant odours
- Fix any electrical wiring, heating and gas piping.
- Provide an Energy Performance Certificate for the property
- Make sure all alarms are working (e.g. smoke alarm)
2. Who do you have to tell about renting your property?
There are certain people that you have to consult before letting your property:
It is a legal requirement (this link will download a PDF guide to lettings by GOV.UK) to let your mortgage lender know that you are renting out your property. They should give you a ‘consent to lease’ before you start the process.
You also need to consider whether you’re renting out your property on a short-term or long-term basis. If you are letting for a short period, you can ask your mortgage lender for a ‘consent to let’ mortgage. This type of mortgage has lower rates than if you were to let for a longer period, in which case you’d need a ‘buy-to-let’ mortgage.
You must consult your buildings and contents insurance provider, otherwise, you may risk a financial loss if the tenant damages yours or other’s property. We also recommend rent guarantee insurance in case the tenants stop paying.
3. Should I Use A Letting Agent?
Of course you can advertise a property to let yourself, but advertising through a letting agent can save you time, will be managed professionally, reduces risks and delays and find you a better tenant match.
The Personal Agent Letting Team
Here’s how The Personal Agent can help you with this:
- Large database of applicants already registered so we can reach out to lots more people than you’d be able to do on your own
- Advertise on the major portals
- Thorough referencing on everyone aged over 18
- Communicate with the tenant if you don’t want to
- Compile the Tenancy Agreement
- Advise on how to price the rent based on rented properties in the area
- Give any other advice and guidance throughout the process
- Offer property management services
- Provide home removal services
You may be asking ‘How fast can a letting agent find me a tenant?’ It depends on the type of property. At The Personal Agent, we can let a property within a couple of hours if it is well presented. On average, it usually takes our team 1 week to find tenants. If you are wondering how long it takes to buy a house, we have written some content on this topic that you might find very useful.
Luckily, we have an extensive marketing approach and professional photographer to help speed up the process.
4. Budget for costs
It’s exciting to have an extra source of income through property; however, there are some costs that you will need to budget for, for example:
- Re-decorating or repairing
- Repairs and maintenance
- Letting agent fees
- Insurance fees
- Monthly mortgage repayments during void periods (when the property is empty)
- Income tax on rental income
So there you have it, our quick guide on how to let a property. Feel free to ask us any further questions on letting your property, we’re more than happy to help.