Timely tips for first-time landlords

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by Gill Montia

Real estate specialist, Knight Frank, is expecting UK property prices to fall 5% this year, and the prospect of a new batch of forced landlords entering the private rental market has prompted the National Landlords’ Association (NLA) to issue some timely tips for first-time landlords.

Homeowners-cum-landlords need to comply with a raft of regulation but the NLA has highlighted the following essentials:

Provide a proper tenancy agreement, usually an Assured Shorthold Tenancy agreement that you and the tenant sign – this will outline the length of the tenancy, amount of rent, when it is to be paid, and deposit details.

Protect the tenant’s deposit with a government-authorised scheme, such as mydeposits.

Create an inventory describing the condition of the property in detail, along with the furnishings.

Have gas appliances checked annually by a Gas Safe registered engineer and provide the tenant with a Gas Safety Certificate.

Take out comprehensive landlord insurance to protect your property.

Ensure urgent repairs are fixed promptly and use reputable tradesmen that you know and can trust to tend to the property at short notice.

NLA chairman, David Salusbury, comments: “There are currently a record number of people searching for rental properties, meaning would-be landlords would have no problem finding a tenant.”

He adds: “Letting a property can be a rewarding experience and an effective way of providing additional income, but prospective landlords will need to remember they are effectively starting a small business.”