Landlords are required to be legally compliant when letting their property out to tenants. This is a quick and simple guide which explains the steps required to let your property with MoveSelf. If you want to let your house quickly it’s imperative that you follow this guide without skipping any steps.
1. Check That You Can Legally Let Your Home
If you only own the leasehold for your property you will have to satisfy the terms in your lease in relation to subletting – it may or may not be permitted. If you own the freehold you can let your property since you own the building and the land.
2. Check With Your Mortgage Lender
If you are purchasing a buy-to-let property via a mortgage, you will specifically require a buy-to-let mortgage. Typically the loan-to-value of a buy-to-let mortgage is lower than that of a residential mortgage, meaning that you will have to stump up more of a deposit. The interest rates are slightly higher too on a buy-to-let mortgage.
If you already own the property and are changing its use from your primary place of residence to letting it out, you must seek consent from your mortgage lender and insurance provider.
3. Landlord Insurance
Landlord insurance isn’t a legal requirement, but many mortgage lenders require that you have it. It may include one or more of the following insurance policies:
If your property suffers a flood or fire, buildings insurance will cover the rebuilding costs. If you are a leaseholder you will normally already contribute to the communal buildings insurance for the property.
Protect your beds, carpets, sofas, TVs and other possessions from theft or damage.
Landlord Rental Protection
Cover against loss of rent if you can’t rent out the property due to damage.
Landlord Liability Cover
Cover against tenants who may try and sue you for an accident that occurred at your property.
Home Emergency Cover
Cover the cost of arranging emergency repairs following gas leaks, burst pipes, break-ins or pest infestations at your property.
4. Ensure Tenant Safety
You have an obligation to ensure that your property is safe for tenants to live in, and there are certain legal requirements that you must adhere to:
EPC (Energy Performance Certificate)
You must provide a valid EPC. An EPC contains information about your property’s energy efficiency and typical energy costs.
CP12 (CORGI Proforma 12) Gas Safety Certificate
You must provide a gas safety certificate. Engineers will check gas appliances and fittings to ensure that they are in good working order.
Electrical appliances that you supply with your property must be safe to use.
Smoke/Fire and Carbon Monoxide Detection
You must make sure a smoke alarm is fitted on each storey, and a carbon monoxide alarm is advised. If the property is a flat, bedsit or hostel there must be a written risk assessment in place to comply with the Fire Safety Order.
5. Prepare Your Home For Listing
Now you can prepare your home for listing to ensure it appeals to the largest audience of potential renters and gives you an optimal chance to let your house quickly.
6. List Your Home For Let
Your home should now be in showroom condition, and you can advertise it on major property portals within 24 hours! Remember that MoveSelf not only provide a platform for letting your house online, but our platform also enables you to let your house online for free!
7. Provide Tenant with a How To Rent
Provide the tenant with a copy of the How To Rent Checklist to help them understand their rights and responsibilities.
8. Get Tenant References and Right to Rent Check
So you’ve listed your property and found a potential tenant. Great. Now you must ensure that everyone who will be living at your property provide documentation to prove they have the right to rent in the UK, and that they are suitable people to rent your property.
9. Issue Assured Shorthold Tenancy (AST) Contract
The AST is the most common type of tenancy. This contract provides details on how much rent to pay, who is responsible for repairs, how long the tenancy lasts and notice periods. Download and complete a model AST agreement now. Two copies should be made – one for the landlord and one for the tenant. They should both be signed by each party and kept in a safe place.
10. Tenant Deposit Protection
Tenants pay landlords a deposit to protect against damage and general misuse of the property. By law Landlords have to protect their tenants’ deposit with a government-backed deposit protection scheme (DPS) within 30 days of receiving the deposit.
11. Record Inventory
You and your tenant should agree an inventory of your rented home before your tenant moves in. To do this you need to take photos of the inside and outside of your home, clearly identifying any damage and repairs that are required. An inventory can help resolve disputes about deductions from your tenancy deposit at the end of your tenancy.
12. Issue Keys to Property
You can now issue a copy of the property keys to your new tenant. Ensure that you keep a copy of the keys for yourself.
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