Background
Being a landlord is a big responsibility and you should take the time to understand fully what is expected of you. By fulfilling your role as landlord effectively and efficiently, you’ll give yourself the best possible chance of keeping your tenants happy, reducing the likelihood of clashes among tenants and between tenants and you.
Find out what’s expected of you as a landlord, and get help and advice on the required health and safety standards, tenancy agreements and inventory checks, whether you’re letting a room, flat or house.
- Health And Safety
In order to let your property, there are a number of health and safety guidelines you must follow to protect you legally and to ensure the safety of the tenants who are residing within the property.
- Structural & Infrastructural Adequacy
Use building engineers reorganised by regulatory bodies like coren and ensure that the structure of your house is fame and save. Infrastructures and electrical wiring in your property must be safe and in good working order throughout. You must also ensure your house provides the basic necessities to meet the need of tenants.
- Tenancy Agreement And Inventory
There are a number of crucial documents you need to have organised before you let your property. The most important is the tenancy agreement as this is the legally binding contract between you and the tenants that will form the terms and conditions of the tenancy. The tenancy agreement is a contract between you and the tenants. It specifies certain rights to both you and the tenants, such as the tenants’ right to live in the property for the agreed term and your right to receive rent for letting the property.
- The Landlord Inventory
This is one of the most important documents in the letting process. It details the contents of the property you will be leaving for the tenants to use and the condition they are in on the day the tenant moves in. It should also include any existing cosmetic blemishes, such as peeling wallpaper or flaking paint. You should be extremely thorough and give it your full attention.
On the day the tenant moves in, both the tenant and agent (or you, if you’re letting privately) will be expected to agree the exact condition of the contents of the property. All parties will initial each page and sign it. Make sure every party has a copy of the signed document. This should avoid any unnecessary disputes about any damage that may be caused by the tenant during the tenancy.
It is recommended that the landlord/agent schedule regular six-monthly inventory checks at the property in order to assess any damage that may have occurred. You must provide the tenant with sufficient notification of your intention to visit the property for this purpose (7 days notice should be sufficient). It is most common, however, for a final inventory check to be scheduled on the day the tenant moves out.
- Deposits
It is common practice to request a deposit from the tenant prior to them moving in to protect you from damage caused by the tenant beyond normal wear and tear, or in case the tenant leaves without paying the rent. Some agents will handle this on your behalf. It is usually taken along with the first bulk rent in advance.
The tenant should be provided with a receipt and a clear understanding of what the deposit is for and the conditions for its full return. You must return the money to the tenant within a reasonable period of time after the last day of the agreement if there is no damage to the property or its contents beyond normal wear and tear and if the rent payments are up to date.
If you do decide to withhold some or all of the deposit, you must notify the tenant as soon as possible in writing, stating how much money you are retaining and why. If possible, provide receipts of estimates or costs incurred to repair damage to the property.
- Experts & Contracts
Remember always that it is saver to engage the services of an expert in all property related matters. Once you’ve instructed an expert, you will need to sign a contract detailing the agreement between you. Make sure that you read ALL of the small print in the contract, so you know what you are signing up to.
Contact Palydom now or email us at info@palydom.com, for a FREE, No Obligation consultation regarding any of your property related issues or requirements.