LANDLORD FAQ
Q. Letting your property
A. Renting your property can be an excellent way to increase your income. Whether you are renting a room or a whole property, make sure you research your area, prices, and legal requirements. You need to decide whether you want to rent on a short term or long term basis. Short term incomes can be slightly higher, but need filling more often. There will be the possibility that you may have some weeks when your property is empty.
Long term lets can be easier to manage, and useful if you are going away. Be prepared to take on the maintenance for the property
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Q. How much is your property worth?
A. List the best points about your property and consider what a prospective tenants priorities might be.
Find out how much your property is worth, either research yourself, or contact a local estate agent and have your property valued. The rental prices for property in London in London varies, depending on many factors, from distance to transport to style of property.
When renting out your property, make sure that you are aware of the rules and regulations that landlords are required to follow. It may be advisable to get a complete structural inspection, before you have your first tenant. It is the usually the landlord's obligation to maintain the property throughout the tenancy, subject to any terms and conditions in your tenancy agreement, agreed by both parties.
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Q. Contract
A. Make sure that your contract is specific to you and your property. This will prevent any misunderstanding or confusion. e. g. how many people are allowed to live in the property, do you expect them to maintain the garden, can they keep pets, etc.
Always contact a solicitor for any further advice.
It possible for landlords to offer tenants a 6 month contract , and is advisable to start with a short term contract. This way if you are happy with the tenant then you can extend the agreement.
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Q. Utilities
A. As a landlord you are required to cover the safety of gas appliances, the electrical installation and any furnishings supplied for the tenancy. (Annual gas checks by corgi registered inspectors are required by law.)
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