10 Steps to Letting

The residential lettings market is thriving, more and more people are investing in property. The choice of properties for tenants is now more varied and competitively priced, however lettings can be a minefield due to legislation and regulations. Noble Living is here to make the process simple for you and ensure your property is compliant. We have put together this guide to make the process easier, from choosing the right tenants to ensuring tenancy runs smoothly, allowing you to enjoy the personal and financial rewards without the stress.

1. Research

Get to know your market, look at comparable properties and the rental income they are achieving. Prospective tenants will be put off if rents are too high or too low. Think about your target demographics and who the property would be suitable for, families, single professionals or students. This research should give you an idea of the rental income you can achieve and an idea of the sort of applicants you will receive.

2. Prepare

Before you rent your property, you should decide whether to rent your property furnished or unfurnished, remove any valuable or personal items and remove anything old and tired or not fit for purpose. Calm and neutral decoration is standard, and it will be more appealing to tenants and will be easier to maintain during, and at the end of the tenancy. The property will need to have a deep clean ready for the start of the tenancy and make sure you have any copies of keys and manuals for the property.

2. Insurance

You must ensure that your current insurer is aware that you intend to let your property, your buildings and contents insurance will usually need to be amended in this case. Consider an insurance policy that covers the building, tenants and your investment. Some policies will even cover rents should your tenant fall into arrears.

4. Responsibilities

Check your mortgage provider allows you to rent out your property, some agreements contain caveats to prevent this. You must be prepared to deal with your property and tenants at any time of the night or day. Some issues will require Immediate attention. You will be accountable for all repairs and maintenance and any refurbishments when required

5. Regulations & legalities

Safety of your tenants is very important And there are currently around 150 laws which landlords must adhere to when letting a property. Credit checks and right to rent checks to be in line with immigration laws deposit protection essential paperwork including a rental information pack for the tenancy and make sure the property is fit for purpose. Alongside this you require an energy performance certificate and gas safety check. We advised all electrical appliance and wiring are checked, smoke alarms and carbon monoxide alarms fitted where necessary and a legionella risk assessment is carried out. You must also understand your financial responsibilities regarding tax and national insurance

6. Tenants

finding a tenant for a property is usually easy however finding the right tenant for your property can take a bit longer be sure to carry out viewings and gather applicants not just accept the first application make sure credit checks are carried out alongside right to rent checks the right tenant will look after your property and ensure the rents are paid on time as agreed a bad tenant can sadly do the complete opposite

7. Agents

choosing the right agent is important as you will need an agent who works to the industry standards and our experienced and trained professionals a good agent will keep you updated with any information on the letting process and tenancy if you choose a managed service

8. Deposits

By Law tenants deposits must be held by a government approved scheme a tenant must be presented with a deposit certificate and prescribed information at the start of the tenancy if there is a dispute at the end of a tenancy deposit protection service can assist you with the process without the need for court action

9. Inventories

it is strongly advised to have a detailed schedule of condition or inventory for your property start of any tenancy this will serve as a guide to the tenant enable them to hand the property back in same condition allowing for wear and tear and inventory will also be used in the case of any dispute it is also advisable to include the metre readings for the utility’s within this inventory

10. Tenancy

You should collect the rent and ensure any issues or maintenance problems that arise are dealt with swiftly and with little disturbance to the tenant good communication is key as occasionally tenants can be rightfully upset if they have no heating or hot water not aware of when the works are going to be carried out to correct the problem at the end of a tenancy check the property against him and train you will you will ensure you follow the deposit guidelines annual reach satisfactory conclusion to the tenancy and be ready to repeat the process again

 

The good news is noble living can advise you and take care of all of the above, allowing you to sit back knowing your property is compliant knowing you have achieved the correct rental figure for property and knowing we have the right tenants for you