Some valuable information…
Often renting a property can be a stressful experience and it is vital that you are up to date with the legal requirements and industry regulations that are constantly being updated. It is important as a landlord that you are fully aware of such requirements and that you and your tenants are always protected. We have therefore outlined below some key issues that you should consider if you have not done so already.
Gas and Electrical Certificates
- By law you are obliged to have a CORGI Gas Safety Certificate annually and an NICEIC Electrical Certificate every 3 to 5 years. In the event of a claim, without certificates, your buildings insurance will be void.
If you do not currently have valid Gas and Electrical certificates and wish for us to send our experienced and certified engineers to carry these out, please contact us for prices. We can arrange to have these completed for you without delay and sent directly to your home.
Tenancy Deposit Protection
Since 6th April 2007, all deposits (for rent up to £25,000 per annum) taken by landlords and agents for assured shorthold tenancies (AST) have had to be protected by an authorised tenancy deposit scheme. The aim of this scheme is to raise standards in the private rental market and to ensure good practice in deposit handling. This will encourage both parties in the tenancy to agree at the start of a tenancy the condition and contents of the property so that when a tenant pays a deposit they are certain to get it back. This protects the landlord also in the way that tenants are reminded that in order to get their deposits back the property must be returned in the same condition they received it (subject to wear and tear) and must be up to date with rents and any charges owing. To aid in the resolution of disputes the service offers a free alternative dispute service (ADR) and the disputed part of the deposit will be protected until the ADR or court decide what is just.
Inventory
Having a comprehensive inventory record is critical to the secure recovery of your deposits.
Buildings Insurance
Landlords must have the appropriate insurance cover for their rental properties. Residential/Household insurance policies will not cover a landlord for third party risks.
If you do not already have buildings insurance please call us for more information and we can refer you to companies we work with who offer highly competitive rates.
If you do have buildings insurance and it is with your current mortgage lender it may be worthwhile getting another quote as often mortgage lenders do not offer the most competitive rates.
Rent Guarantee and Legal Expense Cover
It is not uncommon to hear of situations in which landlord’s properties have been empty for one reason or another and meeting mortgage repayments has been a problem. It is also not uncommon to hear of situations in which a landlord may try to evict a tenant who is not paying their rent. This can often be a lengthy and costly process. It may be worthwhile to consider insuring yourself against such unfortunate circumstances.
We work with leading providers of rent guarantee insurance. Please call us for more information and prices.
Home Emergency Breakdown Cover
‘Home Emergency Breakdown Cover’ offers a 24-hour 365-day service to all landlords and covers the following areas which are often costly and time consuming to take care of; Plumbing and Drainage, Electrics, Pest infestation, Gas Leaks, Boiler and Heating, Security and Keys. Please call for prices and more details.
Energy Performance Certificates
Commencing October 2008 all properties will require by law an Energy Performance Certificate (EPC) whenever they are built, sold or rented. The aim of this is to help improve the energy efficiency of buildings.
The EPC will provide an 'A' to 'G' rating for the building, with 'A' being the most energy efficient and 'G' being the least. A report will also be attached suggesting improvements to make the building more energy efficient. An EPC for rented property is valid for ten years and must be carried out by an accredited energy assessor.
We hope that this information has been valuable for you and should you require any further information please feel free to contact us without obligation. |