There are many benefits of letting out a property and as a result, this has become a popular stream of income for many people. However, becoming a landlord for the first time might seem a bit complicated, as you might not be aware of all the responsibilities you will have. As you are learning the ins and outs of the process, you may find a few aspects confusing. Nevertheless, with enough research and experience, you will become better informed and equipped to deal with a variety of challenges. Below you will find more guidance on four of the most important obligations you will have as a landlord.
Protecting Tenancy Deposits
Firstly, as a landlord, you will need to protect your tenant’s deposit by using a tenancy deposit protection scheme. As a result, tenancy deposits will be protected and there will be certain procedures you will need to follow, if any problems arise. Once you have received the deposit, you will have 30 days to place it into a UK government-approved deposit protection scheme. In addition, you should also inform your tenant about the scheme and their rights. Failing to do this can result in fines, which can make it more difficult to end the tenancy.
Ensuring Electrical Safety
Another obligation that you will have is to check that all electrical appliances are safe, ensuring an assessment has been conducted of any electrical hazards. It’s crucial to carry out an electrical installation condition report or EICR Test on a regular basis. You can book an assessment today with Trade Facilities Services, who provide all types of electrical safety certificates. An official document will be issued after an assessment has been conducted by a qualified electrician. As a result, you will find out if the electrical circuits in your property are in good condition and safe to use. Also, you will know if there is a risk of electrical shock.
Writing A Detailed Inventory
It’s strongly recommended to prepare a detailed inventory of all the furniture and items that are available for use by tenants. You may be the one writing the inventory or it can be done on your behalf by a letting agency. Regardless of what you choose, your inventory should list all the contents provided in the property, along with descriptions of the items, their condition, and age. The inventory should be presented to the tenant in a suitable format and should be checked and signed by both parties. This means that you will be able to ensure that anything that gets broken will be fixed by the tenant, as you will have proof of its original condition.
Dealing With Repairs
Most of the time, you will be responsible for dealing with all types of structural repairs to the property. These might refer to windows, walls, roofs, floors, chimneys, drains, and guttering. For example, if there is a leak in the kitchen or a faulty boiler, you will be the one responsible for fixing this problem. You will also need to ensure that the equipment used to supply water, gas, and electricity is kept in working order. Tenants are normally responsible for some minor jobs, such as general housework or gardening.