For those of you in the property market, becoming a landlord can be a great way to create a passive income along with your job. However, it’s not as simple as just getting in some people to fill your rooms. The private renting sector is fraught with a myriad of legal hoops to jump through in order to protect tenants rights and your own.With this in mind, if you’re a landlord or thinking of becoming one, it’s important that you understand your legal responsibilities. Here are just a few tips to keep in mind when entering the rental sector.
Is a landlord licence necessary?
If you’re new to the rental sector, it’s important to first check to see if you need a landlord licence. Recently, more and more local authorities across the country have been requiring landlords to buy a licence before they’re allowed to rent out their property.
With this in mind, it’s essential to check if this is applicable to you before you look for tenants in order to keep you on the right side of the law.
Carry out a comprehensive tenant check
Unfortunately, it’s not uncommon to have a tenant who could cause you a variety of problems later down the line. Because of this, it’s in your best interest to carry out rigorous checks on your prospective tenants.
Check with previous landlords, their credit eligibility and their right to live lawfully in the UK. In not doing this, you could be putting yourself at risk of prosecution.
Ensure the property is safe and rental ready
As the owner of the property, it is your responsibility to ensure it is ready for use. For example, checks on your boiler by a Gas Safe engineer are required before tenants move in and working fire alarms need to be fitted and operating properly.
It can also be a good idea to fix any niggling problems that could cause an issue between yourself and your tenant at a later date. Although it may cost you a bit more now, it will help to ensure a cordial relationship over the duration of the lease.
Invest in insurance
The right insurance policy can save you from heaps of trouble if something goes wrong so it’s essential that you’re properly covered. Unfortunately, most standard building insurers won’t offer specialised landlord policies so it’s best to shop around to find the right one for you.
Make your tenancy work with Andrew Lee & Co
These tips, although handy, are just the tip of the iceberg when it comes to the complex process of legally renting out a property. One mistake can land you in trouble so it’s vital that all bases are covered to keep you on the right side of the law.
At Andrew Lee & Co, we have a specialist team devoted to helping you understand the world of property law from the landlord's standpoint. We’ll advise you on all aspects of the rental process and provide you with useful information to keep your prized asset working for you.
For more information on our range of legal services, visit our website or get in touch with our team on 01622 750 101.
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