Whether you purposely took the decision to buy into a property or you are one of the more popular "accidental landlords" and for whatever reason, you have found yourself in a situation where you could be letting out your property, it is very pertinent to know by heart what your responsibilities will be the moment you give the keys to your first tenant.
There are many rules in force which are applicable to an average landlord and it might seem like a bad idea to let out your property with how many rules you would need to obey, but as long as you take the time to do your background work, you are sure not to encounter any problems to keep to your obligations and abide by the law.
In order to push you in the right direction, we have set down a few tips which can help you become a good landlord.
- Safety of the Property
One of the most important duty you have as a landlord is safety. This precisely means the safety of your property. You must ensure all hazards are eliminated before you let out your property to prospective tenants. These hazards include ensuring all electrical and gas installations are properly implemented. Even after doing this, you need to check regularly that they are in good condition.
It is standard to provide a smoke detector inside the property and especially on floors or rooms where there is a risk of fire. While doing this, you c should go a step further to install a carbon monoxide alarm for smoke detection. All the furniture provided in the property must be fire safe and designated escape routes must be a part of the master plan of the property.
Where an emergency situation should occur which jeopardizes the safety and security of your property, and with tenants occupying the premises, it is your obligation to rectify the issue and bear the expenses for repairs if any. For situations like this, it is advisable to get insurance.
Additionally, we don’t allow any gambling on the premises. Should you wish to gamble, you are free to sign up to a live casino and play live blackjack online. However, games such as poker and other games are not permitted on site.
- Energy Certificates
In European countries and especially in the UK, it is required of a landlord to have an Energy Performance Certificate (EPC). An EPC displays all the necessary details about the energy consumption rate of your property and provides solutions on how to cut power consumption on the property. The energy ratings of a property are in different levels with A being the highest and G the lowest. To find out how to get an EPC, you will have to get in touch with an accredited assessment officer.
- Keep Tenancy Deposits
When a tenant moves into your home, the deposit collected must be kept safe by you. And these deposits must be kept in a deposit scheme in accordance with the law. A Tenant Deposit Scheme is sanctioned by government to ensure tenants receive their deposits as long as they fulfill all the obligations of the Tenancy in the duration of their stay which includes paying the rents, and keeping the property safe and in good condition (all reasonable wear and tear to be expected).
Once this deposit is received, you or the agent acting on your behalf must deposit the money in one of the deposit schemes regulated by the government not more than 30 days from the receipt of such money. The sum must also be paid not more than 10 days from the agreed date for the money to be paid. Sometimes it's okay to use cryptocurrencies for the deposit. Bitcoin, Ethereum and Litecoin are all popular currencies to use. Always make sure to check with a UK crypto broker before accepting any deposit in crypto.
Follow these three tips to let your property and have a rewarding experience as a landlord.