Jul 18, 2015
Landlord buy to let tips
Top 10 tips, when renting out your buy to let property – updated.
A small minority of tenants are particularly astute in taking advantage of buy to let Landlords don’t become one of them.
- Do try and vet your potential tenants rather than just going for the first one who comes along. Asking questions about their work history, employers letters and wages slips a years worth of bank statements will allow you to see whether a tenant is genuine. Do also try and internet search. Better still get a reputable agents but be firm on your acceptable criteria of tenants.
- Do try and make sure that you get the maximum rent deposit, which is now set as 5 weeks worth from your tenant (for rents up to £50,000 and rents higher than this the amount is 6 weeks worth of rent as a deposit) and protect this in one of the deposit protection schemes within 30 days from receipt.
- Take action as quick as possible and make a note of each representation by the tenant. Every email, text message, and whatsapp. Although there are discretionary grounds and mandatory ground, giving quick notices without fail will help bring the seriousness of the rent payment failure to the tenant.
- Get insurance for legal expenses and even loss of buy to let rent policy. It is well worth it.
- Do ensure that your Land Registry details have your correct address and a restriction preventing dealings with it without a solicitors certificate. Buy to let Landlord usually forget this and sometimes criminal tenants try and sell /mortgage the investment.
- Ensure that there a regular inspections to check condition and occupiers for your buy to let property, you may need to include this right your tenancy agreement.
- Have you gas safety and electrical safety items in a diary reminder system (like in your smartphone). Don’t forget you will need an Energy Performance Certificate with a minimum rating of E.
- Take pictures of the condition so there is no dispute about dis-repair claims about the buy to let property (which are common).
- Do try if possible for at least 1 year not to use the surplus funds from the rent and use this is a minimum sinking fund for buy to let property repairs etc..
- There are many poorly drafted agreements, do ensure you have a quality agreement, many can be purchased from us for a reasonable price call us 020 3026 6321.