Whether you have consciously decided to become a landlord or due to unforeseen circumstances you become what is known as an accidental landlord, our guide will provide you with some pointers.

 

Some landlords LET their property while others treat it as a business. Look at your letting returns as a revenue stream. Don't just look at your property in isolation, compare your rental yield with similar properties. Explore rent level changes across the UK with Direct Line's interactive map .

 

Landlords often stick to what they know and consider properties for sale based on local knowledge of the borough they live in. The more adventurous who are willing to rely on their research will benefit from a promising future will approach local agents to gain inside knowledge.

 

Most landlords usually put away approximately £750 per property on a yearly basis to ensure that they are in a position to carry out repairs if necessary. From the tenant's perspective, a landlord who takes care of his/her property is likely to attract longer tenancies.

 

The disadvantages of looking at older homes is that they require a lot of time and money to bring them up to a high spec and are usually less energy efficient. However, if you are feeling ambitious and see potential in an older property, with the expert help of our contractors, showing a neglected home some love can be a highly profitable investment. The decision to go for a house or flat should be based on what type of tenant you intend to attract. For example, we usually see young professional couples renting flats. It has been estimated that 1 in 5 landlords do not have landlord insurance. Usually, the mortgage provider will insist that you are covered.

 

 

Safety Regulations

 

Wonderlease will help landlords arrange for the following checks and certificates to be completed upon request. For further information on any safety regulations, please feel free to contact us on 020 8509 3000 and we will be happy to explain in greater detail. Landlords in the UK must adhere to strict safety regulations in order to protect tenants:

 

- Gas Safety (Installation & Use) regulations 1998. - All installations must be checked annually by a GAS Safe Registered engineer. A Gas Safety record must be issued every year, and a copy issued to Wonderlease & the tenant(s). 

 

- The Energy Performance of Buildings (Certificates and Inspections) (England & Wales) Regulations 2007. Energy Performance Certificate (EPC) - The law requires you to provide an EPC to prospective Tenants. You must commission an EPC before the property is marketed to rent. It is your responsibility to use all reasonable efforts to obtain an EPC within 7 days of first marketing the property for rent. 

 

- The Electrical Equipment (Safety) Regulations 1994, requires that all electrical equipment is safe. A portable appliance Test (PAT) should be carried out regularly. All electrical testing must be carried out by a qualified and registered engineer. 

 

- The plugs and Sockets etc. (Safety) Regulations 1994. Any plug, socket or adaptor must meet current and relevant British Standards. Plugs must have correct fuse, approved adaptors must be used on appliances with non-UK plugs. 

 

- Part P Building Regulations (Electrical safety in Dwellings) 2005. All electrical work must be carried out by a contractor who is part of an approved scheme 

 

- The Furniture and Furnishings (Fire Safety) Regulations 1998. It is a criminal offence to let premises with upholstered furniture than does not comply with safety regulations. This law covers such items as beds, headboards, futons, sofas, scatter cushions etc. Most furniture bought since 1988 from a reputable source should be labelled indication compliance. 

 

- Fire Safety in property. All properties must be fitted with mains operated smoke detectors on each floor of the building. 

 

- Private Rented Property Licence - This means that owners of every privately rented home in the borough that has introduced such laws; must apply for a Private Rented Property Licence (PRPL), which will issued by the Council, unless an exemption applies. Owners with multiple rented properties in the borough must complete an application for each property.

Published on 04 May 2016

Source Wonderlease

Written by Marc Cohen

Free Valuation
Share This