Renting Your Home
A Guide For Landlords
Courtyard offers three levels of service for landlords; fully managed, tenant find or rent collection, however we can tailor any package to suit your needs, just contact the office to discuss your requirements.
Renting A Property Out
It's important to remember that rental prices and demand can fluctuate on a month to month or even week to week basis, and there may be periods when the property is empty in between tenants. Also don't forget to allow for repairs and maintenance.
- Mortgaged Properties - if your property is mortgaged, don't forget to inform and obtain the lenders permission before commencing a tenancy.
- Landlords insurance - A standard home insurance policy will not cover you properly and may result in claims being rejected so you'll need a special landlords' insurance policy. But don't worry – premiums are not much higher than on a standard policy.
- Energy Performance Certificate – As with a sale property, you are required to have an EPC.
- Gas Safety Certificate - it's a legal responsibility of the landlord to ensure that all gas appliances and fittings are safe for tenants use. An annual gas safety check must be carried out by a registered engineer and a copy given to tenants prior to move in, or within 28 days of the check being done.
- Electrical Safety - Electrical Equipment and Safety Regulations say you must ensure that the electrics are safe, with operating instructions and safety notices supplied before a letting commences. We highly recommend getting electrics regularly checked by a qualified electrician.
- Fire Regulations - If you are leaving any furnishings in the property, you need to ensure they are fire safe and comply with regulatory levels of fire resistance as set down in Furniture and Furnishings (Fire Safety) Regulations 1988.
- Repairs and Maintenance - The law states you must maintain the property and undertake any major repairs that are required. This includes anything that affects the structure and exterior as well as the electrical, heating, hot water and sanitary conditions.
- Tax Liability - As a landlord, you'll have to declare your income and costs – whether you make a profit or not – and keep all records, invoices, receipts and statements for up to six years. If you aren't resident in the UK and use a letting agent for management you can get an exemption from HMRC so that the rent can be paid over to you gross.
- Deposit - A tenants deposit must be placed within one of the government- backed schemes within 30 days of receiving it. When a tenant leaves, providing that the terms of the tenancy have been met and there is no damage to the property, the deposit must be returned within 10 days of the tenancy ending.