If you don’t know what to do with a property which has suddenly come into your possession, letting it via an agency can be a good extra source of income. However, becoming a landlord unexpectedly can be a daunting prospect.

There’s a lot to consider when becoming a first-time landlord - if you neglect to complete certain tasks, you could fall foul of legislation and face fines or, worse, prosecution. It’s a good idea then, to review our comprehensive checklist to ensure you haven’t missed anything out.

Here are some key items to consider at various stages:

1.      Before Letting the Property

2.      When a Tenant Has Been Found

3.      When all parties have confirmed they would like to move forward

4.      During the Tenancy

5.      At the End of the Tenancy

Before Letting the Property

Ensure all the necessary certificates and safety procedures are carried out in line with legislation, like checking smoke alarms and instructing gas certificates, EPC’s as well as advising HMRC.

When a Tenant Has Been Found

Ensure the tenant provides references, deposits and evidence that they have the legal right to rent in the UK

When all parties have confirmed they would like to move forward

Create and jointly sign Assured Shorthold Tenancy, collect deposits, rent, complete an inventory and confirm meter readings with the utility suppliers.

Provide the tenant with the signed hard copy of the Assured Shorthold Tenancy agreement, guarantors agreement, bank details, copy of the Checklist for Renting in England guide, safety certificates, DPS certification and instruction manuals.

During the Tenancy

Log all communications with tenant and create and maintain a letter/email trail, respond to written complaints in writing within 14 days and address anything that falls under your responsibilities

At the End of the Tenancy

Serve the correct form of notice depending on the circumstances of the tenancy coming to an end.

Collect keys and any other items given to tenant, check inventory and list deductions and return deposits

There’s a lot to think about when renting out one of your properties. LETSiNVEST has the experience and knowledge to handle the vast majority of work on your behalf. Get in touch with us today to find out how we can help.

Visit us at  www.letsinvest.co.uk or call us on 020 7193 1858 for a complete copy of a ‘First-Time Landlord’s Lettings Checklist’.

Happy to help.