How to get your tenancy right

When you begin a new AST ensure to put it together having learnt from past mistake and get it right. In the long-term it will work out better for all parties.

Comply with the regulations, provide all necessary information
You must provide your tenants with a valid gas certificate, an Energy Performance Certificate and the government`s latest How to Rent Guide. The guide can be emailed. Also check local licensing requirements. If you let your property without a licence, you may be liable to pay a fine. Failure to comply with these points will invalidate a future Section 21 Claim in England. You also have to check that your tenant have the right to rent in the UK.

When you begin a new AST ensure to put it together having learnt from past mistake and get it right. In the long-term it will work out better for all parties.

  • Comply with the regulations, provide all necessary information

You must provide your tenants with a valid gas certificate, an Energy Performance Certificate and the government`s latest How to Rent Guide. The guide can be emailed. Also check local licensing requirements. If you let your property without a licence, you may be liable to pay a fine. Failure to comply with these points will invalidate a future Section 21 Claim in England. You also have to check that your tenant have the right to rent in the UK.

How to find good tenants

  • Secure the deposit

It is recommended to collect a deposit in the event of property damage or rent arrears. If you do secure a deposit you must protect it and register it within 30 days of receipt and provide a certificate to the tenant. You must explain to the tenant where the deposit is being kept. You can select one of the three Government back deposit schemes.

What is rent to rent

  • Provide a safe property 

Ensure wiring, electrical appliances are safe. It would be advisable to obtain an electrical safety check. HMOs are legally required to obtain an electrical safety check and electrical appliances need a portable appliance test. Landlords are required to provide a smoke alarm on all floors and a carbon monoxide alarm for any solid fuel appliances.

What happens at the end of a tenancy

  • Order an inventory

Obtain a comprehensive and accurate inventory when letting your property. This will help if you need to make any claims in the future. You can either order an inventory clerk to carry out this report or you can prepare the report with pictures taken by your phone. Beware an inventory prepared by you would be less respected when a claim reaches court than a report prepared by a third-party. Ensure to email the inventory to your tenant within 7 days or have your tenant sign it.

How to navigate the changes in tax relief for landlords

  • Spend time with your tenant

At the start of the tenancy walk through the property and explain how the property functions to your tenant. Explain to them how they are supposed to keep the house. Take meter readings. Ensure your tenants understand what is expected of them when it comes to looking after your property.

What is West London Property Networking?

If you have any questions on property management, please contact Pelin Martin to book a 30-minute free consultation on +0208 994 7327 – pm@bluecrystallondon.co.uk

How to find good tenants

Allow me to share with you top 8 tips on how to find good tenants for your rental property:

1. Follow the Law

Landlords must treat all potential tenants equally. The system is designed to prevent discrimination against certain classes of people in any activity related to housing. In short, you cannot discriminate based on race and colour, national origin, religion, sex, families with children, disability.

What is rent to rent

2. Choose a Tenant With Good Credit

You want to look for a tenant who is financially responsible. If they are responsible for paying their bills and on time, there is a strong chance they will pay their rent on time and be responsible for your property. Getting a credit check has a fee, and sometimes landlords ask their applicants to pay the credit check fee as well. Checking a tenant’s finances is a two-step process:

What happens at the end of a tenancy

3. First Verify Income

  • Check their income is sufficient to cover the monthly rent
  • Ask for copies of their bank statements and pay slips
  • Call their employer directly to confirm their employment, length of employment, attendance record and monthly earnings.

How to navigate the changes in tax relief for landlords

4. Check Credit History

  • Do they have a history of paying their bills on time?
  • Check their income to debt ratio.
    • Even if their income is sufficient, you have to factor in how much debt they have.
  • Look for county court judgments, bankruptcies or prior evictions

The criminal record is a public record and can be viewed at various courts. This check will turn up both serious and minor offences. You will need the tenant’s name and date of birth to run one. Keep in mind that those with a criminal record may try to falsify this information, so make sure to check a valid ID to verify that they are who they say they are.

It would be best to hire a reputable tenant screening company to perform this check for you. It can often be combined with the credit check.

Winter insurance tips for your rental property

5. Look at the Tenant’s Rental History

If possible, you should talk to at least two of the tenant’s previous landlords to check if the applicant was a problem tenant. There is a possible option that the current landlord may want to get rid of the tenant and may not be so honest.

Are your tenants going away?

6. Questions You Should Ask:

  • Did the tenants pay their rent on time
  • What was the reason for the move?
  • Was the tenant evicted for non-payment of rent or for breaking the landlord’s rules?
  • Did the tenant give the necessary notice
  • Was the property kept in good condition
  • Did they cause any damage to the property?
  • Were they respectful to their neighbours?
  • Were they demanding?

Of course, if the applicant is a first-time tenant, a student or a recent graduate, they may not have a rental history. In this case, you need to require a guarantor.

What you need to consider before refurbishing your rental property?

7. Choose a Tenant Who Is Stable

Check the tenant’s prior addresses and employment history on the application form. Do they move or switch jobs often? If they move often, this pattern is likely to continue and you will soon have a vacancy on your hands again. If they have not shown consistent employment, they may not be able to afford the apartment in a few months and you will be left starting your tenant search from scratch or dealing with an eviction.

Current buy to let lending rules

8. Trust Your Instincts

You can do all the screening in the world, but sometimes your instincts are the best judge of character. You may feel that there is something off about a tenant who otherwise looks good on paper, only later to find that the tenant has been using someone else’s identity to apply for the apartment. Trust your screening, but do not ignore your gut feelings.

What is West London Property Networking?

If you have any questions on property management, please contact Pelin Martin to book a 30-minute free consultation on +0208 994 7327 – pm@bluecrystallondon.co.uk

What is rent to rent

Find out what is Rent to Rent: an arrangement where a landlord still has major control over their properties.

In this case, the landlord agrees to let a Rent to Rent company let and manage the property.

Depending on the area and location, the property is rented to workers or professionals. Some landlords go for this option when they don’t live in the area and want nothing to do with his property or they may be overwhelmed by responsibilities. What happens at the end of a tenancy

Receiving a guaranteed rent each and every month may be an attractive offer.

Also, many “Rent to Rent” companies offer a light refurbishment at the beginning and at the end of the tenancy. This way, they release the landlords of the cost of updating their own properties. How to navigate the changes in tax relief for landlords

When a “Rent to Rent” company takes over a property from a landlord, they immediately start to market the property on a room-by-room basis. Rents have increased in many parts of the country. So, it is possible to make a decent income following a “Rent to Rent” formula.

Winter insurance tips for your rental property

If you decide to go for this method, then you will need to simply

  • have your offer accepted by an agent,
  • factor in the refurb costs,
  • add any maintenance that may be required,
  • the rent and the utility bills.

The difference between all costs and the rent received is the profit.

This is not for all landlords, though it is a growing business where a proportion of the landlords want the freedom of not dealing with their property at all.

What is West London Property Networking?

If you have any questions on property management, please contact Pelin Martin to book a 30-minute free consultation on +0208 994 7327 – pm@bluecrystallondon.co.uk