People become landlords for all sorts of reasons, whether it is their own decision or through necessity. They could have been inspired by the buy-to-let success stories from daytime TV or have simply moved across the country for a job and need someone in their home to cover the mortgage. Either way, it can be hugely rewarding. However, there are a number of potential lettings issues that first-time landlords may not have considered.
Thankfully, a good lettings agency, backed up by a professional property management company like Executive Property Management Solutions, can help new landlords through these tricky situations. Look at these five possible problems with letting property.
As much as a landlord might like to simply find a tenant and just move them in without a fuss, it’s not quite that simple. There are several legal requirements in place to protect both landlords and tenants.
Firstly, the tenancy agreement must be watertight and beneficial to both parties. The landlord and tenant need to know exactly where they both stand should problems arise. It could include everything from who tends to the garden to what happens in the case of a flood in the property. It is essential to leave this to the professionals, rather than the landlord trying to wing it and leaving themselves or the tenants in a tricky legal situation.
There are many other legal details that need considering too. For example, landlords need to check the eligibility of their tenants to rent property in the UK. The Right to Rent scheme came into force in 2016. Landlords who don’t perform immigration checks on their tenants could be fined £3,000 per occupant. Thankfully, Executive Property Management Solutions undertakes this process on behalf of landlords as part of the pre-tenancy process.
Another rule that first-time landlords may not have considered revolves around secure deposits. When a landlord takes a deposit, they have 30 days to place it into a government-controlled scheme.
The three government-backed deposit schemes are MyDeposits, Deposit Protection Service and the Tenancy Deposit Scheme. Executive Property Management Solutions manages this process, and also sorts out returning the deposit to the tenant at the end of the tenancy.
Health and Safety
The health and safety of the tenants is paramount, and there is a lot of work needed to make everything official. This is one of the biggest potential lettings issues that first-time landlords may not have considered.
Landlords need to make sure there are smoke detectors on each floor, carbon monoxide detectors and an up-to-date gas certificate. They need to ensure the electrics, including supplied appliances, are safe.
In addition, there are a number of fire safety measures for landlords to adhere to. There must be clear access to escape routes and furniture must be fire safe. In multiple occupation houses, there should be fire alarms and extinguishers.
There is a lot for a new and inexperienced landlord to consider, which is why a good lettings agency and property management company is essential.
Many new landlords are surprised by the amount of maintenance issues they need to deal with. It is a landlord’s responsibility to keep everything working correctly and, for new landlords who go it alone, this can be very time-consuming.
It could be anything from a window that sticks, to a burst water pipe, but the tenants’ problems need fixing right away. Keeping renters happy is key to extending their stay and ensuring the property is occupied for as long as possible. Happy tenants make a happy landlord.
Having a letting agent and decent property management firm to deal with these issues is so important. Without this backing, the landlord would have to fix them alone or spend valuable time finding someone to do it on their behalf. It’s much easier to have a dedicated team who can leap into action straight away.
New landlords may not even consider the fact that some tenants simply do not pay rent. It could be merely because of a change in the tenant’s circumstances, or it could be something more sinister.
Either way, chasing up unpaid rent is time-consuming as well as being a legal minefield. You have to tread carefully with issues like this. Executive Property Management Solutions has plenty of experience in this field and is dedicated to resolving these issues in the correct manner.
How to Avoid Potential Lettings Issues
Look at how Executive Property Management Solutions helps to avoid these potential lettings issues.
Call now if you are a lettings agency that wants to offer your landlords these invaluable services. The number is 0208 5757630, or you can fill in the form below to contact us through the website.