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Letting guide

The 0com.co.uk Guide to Letting Property

 

Here is our suggested process for letting your property. Please do your own research - your own requirements may vary depending on your circumstances.

 

1. Safety checks

 

As a landlord, you will have a number of responsibilities for ensuring the safety of your property:

 

  • Fire Safety: all upholstered items must be fire-safety tested, as defined in the Furniture and Furnishings (Fire) (Safety) Regulations1988 (amended 1989 and 1993).
  • Gas Safety: all gas boilers and other equipment must be serviced once a year by Gas Safe (previously CORGI); you must keep records of the inspections, ensure gas safety checks are made, and provide your tenants with an annual gas safety certificate.
  • Electrical Safety: similarly, electrical wiring must be safe and tested by an approved electrician, and smoke alarms must be fitted and working.
  • EPC: Before you can start to let your home, you should obtain an Energy Performance Certificate (EPC), to provide to potential renters. An EPC gives information on the energy efficiency of a property.

 

(There may be other responsibilities, depending on your particular circumstances)

 

2. Finance

Get a clear idea of your property’s rental value, by researching online and comparing local prices of similar properties.

 

3. Marketing

Decide how to market your property – you can market the property yourself with sites such as 0com.co.uk, or via an agent.

 

4. Viewings

Prepare your property for viewings, ensuring that it is as tidy and attractive as possible to viewers. Ensure that repairs have been carried out, and that you have details of utility bills and other monthly for viewers if required.

 

You can then expect a series of viewings from prospective tenants, with the aim of finding a tenant willing to rent your property.

 

5. Sign Tenancy agreement

Once you have found a tenant for your property, you must both sign an agreement, defining the type of tenancy and the rights and responsibilities for both parties.  Typically, this agreement is an "Assured Shorthold Tenancy", which lasts for at least 6 months. You can set the agreement to expire at the end of a defined period (say 12 months), or to continue indefinitely until terminated by either party after sufficient notice.

 

Once you have both signed this agreement, the tenancy will be legally binding.

 

6. Arrange Insurance

You must arrange buildings insurance, and insurance for all the furnishings you have provided. You can also arrange further insurance, such as liability insurance or loss of rent insurance. (Tenants should arrange contents insurance for their own contents,)

 

7. Deposit scheme

When you receive a deposit from your tenant, you will need to place this money into a Tenancy deposit scheme: either a private insurance-based scheme or to the Government custodial deposit organisation.

 

8. Move in!

Your tenant will move in on the agreed date in the tenancy agreement.

 
 
 
 


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