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Paris

Landlord Guide

With a growing population and a lack of available housing to meet the demand has spawned a housing crisis in the UK. As a result, prices have been pushed up in many areas which have priced many people are able to afford. Subsequently, many people are choosing to rent for it is a far cheaper option than an initial down payment on a home. In this current market, your property will be very much in demand.

At Paris Estate and Letting Agents, we always mention to landlords who are looking to buy property-to-let to imagine living there as a tenant and whether they would be happy living in the property as a tenant. We also encourage landlords to remain emotionally detached from a property and to view it as a long-term investment.

Our checklist for successful buying-to-let is dependent on the following factors:

  • Purchase a property that appeals to a wide range of tenants
  • Buy a property in the right area
  • Having tenants who pay rent on time and look after the property
  • Being able to manage a tenancy effectively
  • Complying with all rules & regulations for letting

Legal responsibilities and landlord duties

Before letting your property out for rent and becoming a landlord, it is important that you understand what will be required of you as a landlord.

By law, you will be required to maintain the property and carry out major repairs if needed. This includes repairs to structure, interior, electrical system, heating, hot water and sanitary systems.

There are specific rules with regards to soft furnishings, gas and electrical safety, tenants with disabilities and shared houses.

Soft furnishings must comply Furniture and Furnishings (Fire) Safety Regulations 1988 act and must be compliant with fire safety regulations. This can be found by checking for a fire safety label on the aforementioned furnishings.

Due to the Gas Safety (Installation and Use) Regulations 1998 act, landlords have to ensure that gas appliances, fittings and flues are safe for tenants use. This also includes installation, maintenance and annual safety checks by a Corgi-registered gas installer. You will only be given a CP12 certificate if the property meets all of the necessary gas safety requirements. A copy must be handed to the tenant and it is your duty to ensure gas safety checks are carried out annually on the property.

If your property is a flat, you will have to inform the freeholder depending on your lease agreements of such plans to let out your property. Your lease agreement may prevent you from certain lettings.

A standard home insurance will not cover a let on your former home and you will have to apply for a landlord specific insurance.  Failing to do so, will see your claim rejected but do not despair as premiums are not much higher than the average.

 

What are the features of a property that is quickly let?

With years of experience in the letting and selling market, at Paris we have found that there are several features that successful properties tend to have.

  • Nicely decorated and well maintained rooms
  • Kitchens and bathrooms with nice decor and in a good condition
  • Proximity to great transport links, shops and other facilities is an added bonus
  • For students, close proximity to the university is a massive bonus
  • Great storage options and flowing natural light into every room
  • Parking
  • Garden
  • Good security options

If you have a type of buy-to-let property in mind, do not hesitate to contact Paris Estate and Letting Agents today.

Finding a good letting agent

An expert letting agent will help save your time and will show would-be tenants around the property. Many landlords find this is an effective time saving measure and you will not to deal with calls, emails and handle viewings.

When you select Paris as your letting agent, we will conduct a market appraisal on your property which enables us to assess the rent that your property will be able to reach. We will also find good tenants for your property who will look after it and Paris will draw a tenancy agreement.

During our tenant check, we will check the tenant’s credit status, employment, previous history as a tenant, identification and their income levels.

Don’t be persuaded by letting agents who charge low fees and hard sell with promises to find you a range of tenants and highest rents. We also advise landlords ask the letting agents what will be involved in their fees. State to your agent what type of tenant you would like in your property and what sort of tenant you would not like for example a smoker or a pet owner etc.

Once you have consented to your property being let and the agent has found a suitable tenant, a moving-in date will be agreed. It will be on this day that the agent ensures the first month’s rent and deposit has been received with a signed tenant agreement. Utility meters will have to be read and council tax transferred into the tenant’s name. The agent may give the tenant instructions on how things work in the property and a list of emergency numbers.

Depending on the letting agent, there may be a thorough inventory in which the state and condition of everything in the property is carefully listed to and signed by the tenant.

We recommend that you do not skip having a proper inventory check and proper references done. Proper referencing will allow you to gauge whether your tenant is an ideal tenant or an unreliable tenant. A proper inventory check will allow you to check whether there was reasonable wear and tear within a property.

Tenancy Deposit Schemes

In England and Wales, the most common tenancy agreement tends be the Assured Shorthold Tenancy (called Short Assured in Scotland). If needs be you will be able to recover the property just by giving the tenant adequate notice.

New Assured Shorthold Tenancies in England and Wales that started on or after the 6th of April 2007 will have their deposit protected under the Tenancy Deposit Scheme which is a government scheme. By hiring a letting agent, they will take care of this as part of the service.

A deposit can be returned to the tenant providing the property has been left in the same state it was let out in (with reasonable wear and tear) and that there are no outstanding rent arrears. If there is not reasonable wear or tear, you are able to itemise deductions from the deposit with the agreement of the tenant.

Managing the letting

A letting agent will make your life a lot easier and they will be able to deal with many tenant issues and queries, have maintenance works done if required and they are able to carry out property inspections.

 

 

 Good luck and give us a call is you need and advice without obligation.

01202 302020