Should I tell my mortgage lender if I’m planning to let out my property?
Yes, if you plan to let your property, you must inform your mortgage lender. A standard mortgage isn’t suitable for rental properties because a ‘consent for lease’ is necessary in the mortgage contract.
What rent can I charge for my property?
The monthly rental price depends on several factors like the neighbourhood, number of bedrooms, property size, and garden. However, local market conditions, demand for rental, proximity to public transport and local amenities all affect how much rent you can charge. Additionally, you can charge more for rent if the property is furnished.
How much will it cost me to rent out a property?
Renting a property is an excellent opportunity to generate extra income and a capital return. However, there are several costs to consider when managing a rental. For example, interest rates on a Buy to Let mortgage will be higher than a standard one. In addition, you have license costs if you rent your property as an HMO (House in Multiple Occupation). You should also be aware that your rental property must meet specific health and safety standards. Other costs can include landlord insurance, maintenance and income tax. Finally, if you decide to use a letting agent, you will have fees depending on the services you choose.
What are the advantages to using a letting agent or property manager?
Renting out your property can be stressful, time-consuming, and complicated. A trusted letting agency handles a wide variety of tasks, including advertising vacancies, vetting tenants, rent collection and handling issues with tenants. Additionally, a property manager will deal with paperwork, legalities and maintenance or repair issues including inspections of the property once or twice a year.
What happens to the tenant’s deposit?
You must protect a tenant’s security deposit in a government-approved tenancy deposit protection scheme. By law, you must put the deposit in the scheme within 30 days. If you choose our fully managed service we will do this on your behalf.
Is it difficult to stay up to date with current legislation?
Laws governing rental property change constantly, and keeping up with them is challenging. We always inform our clients about recent legislation so you know how they could affect your responsibilities.
What are my rights, after the tenants have moved in?
As a landlord, you have the right to receive rental payments every month on time. Also, tenants must adhere to the terms of the lease, which include not damaging property. In addition, you have the right to evict a tenant for tenancy lease violations.
Can I take action if a tenant damages my property?
You have the right to claim against any damages to your property that a tenant causes. First, you can require them to pay for repairs. Failing that, you can use the tenancy deposit against damages, claim for repairs in a small claims court or evict the tenant. We can work with you to resolve any issues relating to unruly tenants.
What happens if the tenant doesn’t pay their rent?
You can contact us if a tenant has rent arrears. We aim to protect your financial interests and take the necessary steps to recover unpaid rent. This involves sending a formal demand for payment and serving a Section 8 notice if necessary.
I want to end the tenancy – how do I do this?
You must serve the tenant a written ‘notice to quit’ at least one month in advance to end a tenancy. However, you can only do this at the end of a fixed-term tenancy unless the tenant is guilty of a lease violation.
