Preparing your Property for Let
1) Preparing your Property for Let
Whether you have let a property before, or this is your first time, when you let a home there is a lot to think about;
What is an Assured Shorthold Tenancy and when should I use it?
If the rent on the property is less than £25,000 per year and you rent your property to a private individual, the tenancy automatically becomes and Assured Shorthold Tenancy (AST). An AST usually lasts for six or twelve months, unless you agree a fixed term for the tenancy in advance with your tenant.
When the fixed term of the tenancy has expired the landlord is able to gain back possession of the property provided they give two months written notice to the tenant. In addition, if the tenant owes at lease two months or eight weeks rent on the property you can apply to the court to seek a possession order.
Will the deposit be covered by the Tenancy Deposit Protection.
Under new legislation you are advised to ensure that your property is covered for Tenancy Deposit Protection, which will require all deposits to be covered under a scheme from 6th April 2007. RICS members are qualified to join the Tenancy Deposit Scheme for Regulated Agents (TDSRA), which ensures that the deposit is protected during the tenancy and that any dispute over its return will be resolved quickly and independently without any further costs. For more details please visit the TDSRA website – www.tds.gb.com
Is my property subject to House’s in Multiple Occupation license provisions
Landlords are required to apply for a licence from their local authority if the property they manage falls under the government’s Houses in Multiple Occupation (HMO) license provisions.
Landlords who own a property with five or more unrelated occupants, which is three or more storey’s high, are subject to mandatory or additional licensing requirements by their local authority. Landlords should contact their local authority to find out if the property is subject to HMO licensing. For more details please visit the Department for Communities and Local Government website – www.propertylicence.gov.uk
What is the new Housing Health and Safety Rating System (HHSRS) and what action do I need to take to comply with it?
The HHSRS provides analysis of how hazardous a property is through assessment of 29 potential hazards found in housing. Landlords have to maintain their properties to provide a safe and healthy environment. The HHSRS is enforced by local authorities. For further information visit www.communities.gov.uk/hhsrs
What are the Health and Safety requirements?
Before you let your property you must make sure by law that it and its contents comply with various safety regulations, including.
- Furniture and Furnishings (Fire) (Safety) Regulations 1998,
- as amended
- Gas Safety (Installation and Use) Regulations 1998.
- Smoke Detectors Act 1991
- Electrical Equipment (Safety) Regulations 1994.
Other considerations before letting your property
In addition to all of the above, you will also need to make sure you have:
- An agreed inventory of all items left in the property and a property condition report.
- Obtained permission from your mortgage lender (if you have a mortgage on your property) or told your freeholder.
- Advised your insurers and highlighted what items within the property you will be insuring and those that will fall to the tenants to insure.