5 Things Every Landlord Should Be Aware Of
Being a landlord can be both a rewarding process, but also comes with its particular duties. Here we’ve put together a list of 5 things that as a landlord you should definitely pay attention to. Enjoy!
- Checking that all documentation from your tenants is correct.
Although not the most fun of tasks, checking your tenants’ Right to Rent is a crucial part of any letting process. As of February last year, it became a requirement for all tenants to prove that they have a right to rent property in England. Not only may you as a landlord face a fine of up to £3,000 if it gets proven that your tenants do not have the right to live in the UK, there is even the risk of imprisonment! These initial passport or license checks should be carried out fairly without risking accusation of discrimination, and follow-up checks are required for any tenants who fall under the ‘time-limited right to rent’ bracket. Either you or your letting agent can sort these checks out, but they do need doing!
- Gas safety checks
https://www.gov.uk/private-renting/your-landlords-safety-responsibilities As described in more detail on the gov.uk website, every landlord has to make sure that any gas equipment they supply is carefully installed and maintained by a proper Gas Safe registered engineer. Gas appliances have to be checked annually, and you have to supply your tenants with a copy of the gas safety check record before they move in. The last thing you want is for a gas appliance to get faulty, so best to keep on top of those checks to keep your tenants happy and make your life easier!
- Fire safety
An old but important regulation to uphold – fire safety should be a priority for every landlord. Smoke alarms should be fitted on each storey, and a carbon monoxide alarm supplied in any room fitted with a solid fuel-burning appliance (such as a coal fire or wood burning stove). Invest in furnishings that are fire safe, and be sure that you or your tenants test your fire alarms regularly to ensure they’re in working order.
Deposits are a key element for any tenancy agreement as they provide landlords with extra security in case of any property damages or issues that arise. But whilst deposits are a benefit to you, it’s also required that you put any deposits you receive in a government-approved tenancy deposit protection scheme (TDP) within 30 days of getting them. You’re also expected to return deposits within 10 days of agreeing how much your tenant will get back, so be sure to pay promptly to avoid any issues.
- Rent increases
If you’re planning on increasing your tenants’ rent, then there are a few steps involved. Whether it’s producing a written record of an agreement that you can both sign, or providing them with a form to increase rent after the fixed term has ended, you had to provide a minimum of one month’s notice before doing so. This is even as long as 6 months’ notice if your tenants have a yearly tenancy, so get organised and plan any rent increases carefully!
Do you need help with renting a property? Download our handy e-guide to property vetting right here. No matter your question or query, the Silks Estates team are here to guide you through every step of the way. Get in touch with our team today!