Are you thinking about becoming a landlord for the first time? Maybe you’re about to buy an investment property or perhaps you’re moving out of your current home and want to let it out. Whatever the reason, there are a few factors you will need to consider before you put your property on the market.
At Brookings, we have a team of experienced letting agents and property managers who can help make your journey as smooth as possible. We offer a range of services to our landlords located in and around East London and Essex.
So, if becoming a landlord is your next step, read on for our expert guide to renting out your property.
Check with Your Lender
Before you do anything, you need to speak to your mortgage provider. If you haven’t bought the property yet, then you can apply for a buy-to-let mortgage which gives you the right to rent out your property without any issues. However, if the property has a residential mortgage and you’re hoping to let it out before the renewal term is up, you need to get permission/advice from your lender. Not doing so could put you in breach of your agreement. Our sister company, Home of Mortgages, provides advice in this area, just ask a member of our team for an introduction.
Are you a Leaseholder?
If you’re renting out a flat and you’re a leaseholder, then you need to check your lease to confirm you can let your property. In most cases, you can pay a small fee to the freeholder in order to let out the property without jeopardising your lease agreement. It’s important to understand your lease and stick to the contractual obligations. If you’re planning to let out a freehold property such as a house this isn’t a step you need to worry about.
Speak to a Local Agent
You can’t beat a local letting agent’s knowledge and understanding when it comes to renting out your property. While you should always do independent research to work out how much rent you can expect by looking at comparable properties, it’s always a good idea to work with a local agent to get an accurate rental valuation.
They not only market your property but will have a database of potential tenants they can contact to start the process. In addition, a letting agent already has all the procedures in place to get your tenancy off to the right start, from the tenancy agreement to contacts with inventory companies, repairs people and so on. Choose an agent you can trust and build a rapport with so you can feel confident when your property is ready for tenants.
Preparing Your Property
You want to attract the right tenants so it’s always best to get the property ready. A bright, fresh rental is bound to attract more attention than something that’s old and unloved. Whether it’s a coat of paint or a long list of repairs, make sure you get everything done before you market your property. This will give you a great set of photographs, but it will also save you doing any last-minute jobs or annoying your tenants if they move in and things aren’t working. Keep any paint colours neutral so tenants can make the property feel like their own space.
Decide if you want to let it out furnished or unfurnished. And if you choose to provide furnishings such as beds and sofas, make sure they are fire-safe and in good condition.
At this point, you need to ensure that all gas and electrical appliances and wiring are in good working order. You will need to arrange for a gas safety engineer to come and check all gas appliances as you will need to provide the tenant with an up-to-date gas safety certificate. You will also need to supply an Electrical Installation Condition Report (EICR) to show that all wiring, sockets, switches and so on are safe to use. If you’re leaving any small electric appliances these will need to be tested too.
Protect Yourself
You will hopefully already have building insurance, and if not, then you need it. Also, you may want to take out landlord insurance. This can protect you against any issues such as rent not being paid, damage to the property and so on.
Legal Obligations
Your letting agent can help advise what you need to do to meet the legal requirements of letting your property, but here’s a quick rundown of some of the requirements:
– Install smoke alarms on every floor
– Provide carbon monoxide monitors for every room that contains a gas appliance
– Ensure the property is hazard free (for example no broken windows, uneven stairs and so on)
– Provide an annual gas safety certificate to tenants
– Provide an EICR (to be done every five years)
– Make sure all small electrical appliances have been PAT tested
– Follow all fire regulations
– Issue up to date ‘How to Rent Guide’
– Lodge deposit with a government approved deposit scheme
– Issue prescribed information once deposit has been lodged
About Us
We let and manage property for hundreds of local landlords in areas such as Romford, Hornchurch, Upminster, Barking, Dagenham and Havering. We offer a friendly, reliable and cost-effective service to ensure both tenants and landlords are looked after.
If you’re looking for new tenants or are considering letting your property, give us a call on 0208 591 9088 so we can help.
