You’ve decided to rent out your property. Finding an agent you feel comfortable with is a huge decision, but before you even get to that point why not ensure that you have as much ready to go as possible first.
Permissions
You’ll likely need permission from your mortgage company in order to let you property, if your property is mortgaged, and if you’re in a block of flats you could also need permission from the Freeholder or management company.
Licences
Check with your Council borough that you don’t need any licences in order to rent your property out.
As a general rule, if the property has three or more bedrooms (and it is not necessarily going to be let to one family) then you will likely need a licence.
There are anomalies though such as in the London Borough of Hammersmith & Fulham where you need licences for properties on most ‘main’ roads like Fulham Road and King Street, regardless of property size.
Taxes
Do you have an accountant? You should seek advice as to how your rental income will be taxed. If you’re moving abroad you may also need to register with HMRC for a ‘non-resident landlord’ number.
Suitability
Is your property in good order, with no repairs needed? What sort of tenants might your property attract and is there anything you could do to make your property more appealing to them?
Electrical Safety
You will need an Electrical Inspection Condition Report (EICR,) which will also need updating every 5 years.
When you first get this done it may well throw up various remedial works, so it’s best to allow a bit of time to get everything done (when using a fully managed service, your agent can help with this).
Gas Safety
You will need a landlord gas safety certificate, which will also need updating annually (when using a fully managed service, your agent can help with this).
EPC
You will need an energy performance certificate before your property can even be listed, and this lasts for 10 years.
Smoke and Carbon Monoxide Detectors
You will need a smoke detector on each habitable floor level of your property, ideally hard wired / mains with battery back-up. You will also need a Carbon Monoxide detector for any burning or gas appliance, such as a boiler.
There are various other items such as fire compliant furniture and blind cord lengths to which you have to adhere also.
Get in touch or call 020 3893 8635 to discuss what is needed and how we can help.
