Letting a House – A Landlord’s Guide

admin    Landlords, Real Estate     landlord responsibilities, letting agreement, property letting, property rental

So you’ve decided to enter into the world of property letting? Before you rush off to advertise for that first tenant there are several things you should consider and do prior to that step. As with anything worthwhile it’s worth doing well, so you’ll want to remember that first impressions are everything. Take a close look at your property and see if there’s anything you could do to make your property more appealing, both internally and externally.

Haul away some garbage or tidy up the gardens, maybe throw a little paint on some unsightly walls so that the property looks its best. The same principles apply to letting a property as it does to someone who is trying to sell a property, so you’ll need to maintain this condition throughout the letting process.

There are also several safety standards you’ll most definitely need to follow and make sure that you comply with before letting the property. Some of these safety standards are; Gas Safety (Installation and Use) Regulations 1998, Furniture and Furnishings (Fire) (Safety) Regulations 1988, as amended 1993 and Smoke Detectors Act 1991 Electrical Equipment (Safety) Regulations 1994.

As the landlord you are expected to be able to produce certificates for all of these to show compliance, where applicable. You should also look into obtaining a Portable Appliance Testing (PAT) for any electrical appliance that you plan on including in your rental unit. If you happen to have furniture that was made prior to 1988, you should seriously consider replacing it as the furniture will not meet the necessary standards. You should include any item that has upholstery or material such as beds, mattresses, cushions, headboards or sofa beds.

The following are items that are exempt from this legislation:

Sleeping bags, duvets, blankets, carpets and curtains and any furniture made before 1950.

There are severe consequences – from heavy fines to prison sentences – for non-compliance if an accident were to happen, so it is in your best interest to be aware of the standards and how to check that your possessions are up to par.

This goes hand in hand with making sure you are also in compliance with the Energy Performance Certificate (EPC) that has been required since October 2008. Energy efficiency is not only required by law these days but as our earth is in need of our help, it is the duty of each citizen to do our best to improve the carbon emissions and the way in which we leave our foot prints behind.

Landlords should contact their local authorities if the property you are about to let is within the House in Multiple  Occupation (HMO) leasing, as there are specific standards for this type of housing that you will need to comply with.

Other items you will need to make sure you have are; an agreed inventory which will be included in the tenancy agreement; permission from your lender (if you have a mortgage); advise your insurance company what items you intend to include in your insurance policy and what items will be the responsibility of the tenant.

Ever since April 6 2007, landlords who accept a deposit on the property must ensure that the deposit is held by an authorised deposit scheme. This protects the deposit and helps deal with disputes quickly. As landlord you must inform the tenant within 14 days of receiving the deposit which scheme you are using and giving the tenant all of the pertinent information.

At this point you’ll want to decide whether to manage the property yourself or hire a letting agent to manage the day to day operations of the building, including finding the right tenant(s), handling the viewings and paperwork, and assist in working out the appropriate rent to charge for your specific location. Having an agent certainly lessens the worry and allows you to pursue other interests. The letting agent will also handle the marketing of your property since he will likely be experienced in this area. You will need to sign an agreement with this agent so make sure you read your contract carefully and don’t go into a lengthy term. Here at Letting Links we can help find that suitable letting agent or for that matter, an appropriate tenant.

And lastly, here are a few items that you should consider as your checklist: Get permission from your lending source; if you plan on making structural changes to the property, get approval from the council’s planning office; get in touch with the Environmental Health Department (if you have a HMO); get all of your safety certificates in order and include having the wiring checked out by a licensed electrician; inform Council Tax department and utility suppliers that you plan on letting the property.

Although it sounds extensive, it will prove to be worthwhile in the end. Now that all of the hard work has been done you can sit back and enjoy the experience of being a landlord. And welcome to the world of property letting! Contact us at Letting Links if you need any assistance along your journey!

Lettinglinks.com is a social networking site that connects landlords with tenants. If you are looking to rent out your property then visit the main site and create your account in seconds. The site is 100% FREE to use. Gain access to thousands of UK registered tenants NOW!

The Evolution of Property Portals

admin    Landlords, Real Estate, Tenants     letting links, letting rental, property portals, property rental, rental property

Over the past several years the Property Portals market has been changing and evolving in the attempts to please all parties involved in the letting business. The market gets flooded with many players but several only last a short period of time, mainly because they’re unable to keep their promises which leave only the major players in the game.

The biggest contributor to the evolution is the internet and the web companies that have made their voices known. Keeping up with the ever changing trends is never an easy process so the successful businesses are required to be pro-active instead of re-active. It’s vital to introduce new products and unique ideas that will benefit letting agents, landlords and tenants alike. The old adage of “if you’re not moving forward, or just standing still, then you might as well be moving backwards”, has never been more relevant than it is to the property portals market.

If you can’t attract new customers on a consistent basis you’re never going to stay in business for very long. The best idea so far has been for the property portals to have a limited number of letting agents on board – hopefully you’ll find fast reactive agents that will keep your business ahead of the rest of the field. With over 11,000 registered letting agents, all of whom are paying large sums of money for registration, it’s not surprising that some of the less than dynamic agents start to struggle, their income decreases and they’re left with a large business loss.

The main idea behind the property portals is to first drive site traffic which will then provide the searching users with the information they’re looking for, which will then provide leads for the letting agent. If all of this occurs in a proper manner, everyone will be happy and the letting agents business will continue its growth. Letting Links is such a property portals that are here to help connect prospective tenants with letting agents and landlords.

By listening to the letting agents and to the tenants in order to address any additional questions, concerns or problems, the web business or property portal will continue to evolve and thrive into very successful online businesses.