Everything a First-Time Landlord Needs to Think About Before Letting Their Property
If you don’t know what to do with a property which has suddenly come into your possession, letting it via an agency can be a good extra source of income. However, becoming a landlord unexpectedly can be a daunting prospect.
There’s a lot to consider when becoming a first-time landlord – if you neglect to complete certain tasks, you could fall foul of legislation and face fines or, worse, prosecution. It’s a good idea then, to review our comprehensive checklist to ensure you haven’t missed anything out.
Before Letting the Property
- Clean the property
- Carry out improvements and decorate if needed
- Ensure the Energy Performance Certificate is valid and get a new one done if not
- Ensure the Gas Safety Certificate is valid and get a new one done if not
- Have an Electric Installation Condition Report (EICR) compiled
- Ensure working smoke detectors are installed on each floor
- Ensure a working carbon monoxide detector is installed in any room using solid fuel
- Have risk assessments for fire, legionella and asbestos completed
- Ensure that building and/or landlord insurance is valid and get new insurance if not
- Set up a self-assessment tax account with HMRC as a business owner
- Compile inventory of contents
- Take photographs to advertise the property
- Decide whether smokers and/or pets are acceptable
- Prepare an Assured Shorthold Tenancy agreement and other documents to be signed
