Setting yourself up as a private landlord can be an incredibly exciting time, not least because it will be a whole new source of income to take advantage of. However, it isn’t always the most straightforward process, so it is important to understand your landlord responsibilities and what you can do to make the tenant experience the best it can be. There’s a lot you will have to do before you hand your new tenants the keys, and although this is only scratching the surface, we are here to provide you with an overview of the steps required to become a landlord.
1. Are you allowed to let your property?
Before you even begin to plan your tenancy, it is important to establish whether you are legally entitled to rent out your property. For example, if you don’t own the property yourself, you need the owner’s permission and the right terms in your leasing agreement to allow sub-letting. On the other hand, if you own the property, you should ensure that renting the property is compatible with your mortgage and insurance terms. If you purchased your property as part of a shared ownership scheme, you need to check with the housing association and the other parties involved to check whether this is allowed.
2. Does your property meet the legal requirements?
As a landlord, one of your most important obligations is to ensure that the property meets the legislative standards for someone to move in. Your rental property must be “fit for human habitation”, which means it needs to meet certain standards. There are also many different areas of safety legislation you need to keep on top of, such as making sure all of your electrical and gas equipment is safely installed, regularly checked and properly maintained. Any furnishings you provide have to be fire safe and there must always be access to escape routes in the event of a fire. An EPC certificate is also a compulsory requirement, and as of 1st April 2020, all existing and new tenancies must have a minimum EPC rating of ‘E’.
These legal requirements are changing regularly, representing another huge task in themselves, and it can be difficult to meet the demands on your own. Here at Hancock and Partners, our lettings department offers a full property management service. This has been refined over many years using the very latest technology to provide a first-class service for landlords.
3. Finding the right tenants
This may seem like the biggest step in becoming a landlord, as finding the right tenants for your property is essential to your success. The residential rental market is always changing, especially over the last few months, as tenant priorities are changing in response to the restrictions across the country. By working with a professional letting agent like Hancock and Partners, we can manage this aspect of the process for you: Lettings Manager, Simone Procter and her team will do all the hard work to maximise your chances of finding an excellent long-term tenant, by identifying these newest trends and giving your property the boost in the market it deserves.
Do you want to start renting your property?
As a professional letting agent in Chichester, we are experts in the local property market, and would be delighted to help you. Simone Procter, our Lettings Manager was born in Chichester, and returned to the city in her 20s to settle down after emigrating to Sydney. Simone’s local knowledge of Chichester property is truly exceptional, and she has a total of 15 years’ experience of the lettings market. If you would like to have a chat with Simone regarding letting your property, she would be happy to hear from you. Please call Simone on 01243 531111 for a friendly, no-obligation chat.