Do you have permission from your mortgage lender to let the property? Does your building insurer know the property is let out and are you adequately covered? If the property is leasehold, have you gained the necessary leasehold consents?
This is a very important contractual document in the lettings process. The Assured Shorthold Tenancy (AST) is the most common type of agreement which provides the tenant with certain protections and gives the landlord rights to regain possession. There are other forms of tenancy agreement, it is however vital the correct tenancy agreement is used for the circumstances to ensure you are properly protected.
Smoke & Carbon Monoxide Alarms
Properties built after 1992 must have mains-wired smoke alarms on each floor. It’s a legal requirement that landlords provide at least one battery operated smoke per floor and where there is a solid fuel appliance, carbon monoxide alarms must also be installed in the property. – Don’t forget to make sure they are installed in the appropriate places within the home.
Every gas appliance must be checked by a certified Gas Safe engineer before a tenant moves in and annually thereafter.
The electrical wiring in the rented property must be checked by a qualified & certified NICEIC electrician annually to verify their safety.
Energy Performance Certificate
As a landlord, your property must have one of these certificates assessing its energy performance. Your property must have a minimum of an E rating to be rented.
Tax on Rental Property Income
All rental income from property in the UK is taxable. If you are unsure of your liabilities, we recommend you contact a specialist tax accountant.
Tenant Deposit Scheme
For all ASTs, the tenant’s deposit should be registered with a recognised deposit protection scheme.
Before the rental starts, a full inventory should be undertaken and supplied to both the landlord and tenant.
These are just a handful of the regulations many more include Right to Rent, Deposit Handling Requirements, Fire Safety Measures, The Deregulation Act, The Tenant Fee Ban, Furniture and Furnishings and Fire Regulations. Contact us today as We can help you safely navigate your way through this maze and keep you on the right side of the law.