If you are thinking of becoming a landlord, there are quite a few things to manage before and during the tenancy. Our simple guide for new landlords gives you some important pointers to help you know where to start.

Organise the property

Before letting the property make sure it is in liveable condition and carry out any repairs. This may be needed more in older properties that you’ve inherited and haven’t lived in before. Making some improvements can also help you set a higher rental rate and enjoy better long-term yields.

You’ll also need to make some decisions about the property, such as:

  • Will you rent the property furnished or unfurnished?
  • Can tenants own pets in the property?
  • Will you allow tenants to smoke inside the property?

Look at the local market to get a feel for an appropriate rental price. You can factor in your yield based on any mortgages you may be paying off and for periods where the property may not be occupied between tenancies.

Landlords also need specialist insurance policies that offer the right level of protection. While it isn’t a legal requirement, it can reduce the amount of risk you’re exposed to by having other people live in the property.

Put the property on the market

Most people use a letting agency to help them promote their property and to manage tenant enquiries. If you use a reputable agency, like Hastings International, with a good local reputation, we can help you manage the letting process from start to finish – many also offer property management services that take away much of the hard work of being a landlord, including rent collection, maintenance and repairs and more.

We can use our marketing channels to promote your property and to find suitable tenants that match your preferred profile. We’ll also make sure your property meets all legal requirements and that tenant’s are aware of their responsibilities with binding tenancy agreements.

We can ensure the tenants deposit is secure (using a government-approved scheme) and carry out ‘Right to Rent’ checks that will verify their legal right to rent the property. We’ll be responsible for organising property viewings and carrying out employment and credit checks on potential tenants.

Health and safety

There are several health and safety requirements you must comply with as a landlord. This includes:

• Gas and electrical safety

The property must have a new gas safety certificate every year. All electrical equipment must be safety checked before the tenant moves in.

• Smoke and carbon monoxide detectors

Landlords in England and Wales must install carbon monoxide detectors in properties that have fixed appliances such as fires or gas boilers. At least one hard-wired smoke alarm must be fitted on every floor of the property.

• Fire regulations

As a landlord you will have to comply wit the Furniture and Furniture Regulations. This means making sure all upholstered furniture, upholstery and loose furniture is fire safe.

Electrical safety

Landlord’s also have a responsibility to ensure that electrical installations in the property undergo safety checks before the tenant moves in. This has been a mandatory legal requirement since June 2020 and the checks must be carried out by a qualified and competent professional. These inspections must also be carried out at least once every 5 years at the property.

Energy efficiency

You will have to provide your tenants with an Energy Performance Certificate (EPC) before they move in. It is illegal to let a property with an EPC rating lower than E. Before listing the property, you can carry out an independent inspection to receive a rating and make any suggested alterations if needed.

Property access

If you need to gain access to the property to carry out any repairs, you should give the tenant at least 24 hours’ notice, unless it’s an emergency.

While you are the property owner, the tenant has a right to their privacy while living there, so good communication will help to build a strong relationship that allows work to be completed without the tenant feeling intruded upon.

Thinking of renting out a property

Hastings International have years of experience helping landlords in London to successfully let their property to high calibre tenants. We offer a full range of property management services and are available to speak with today to discuss your options.