How to rent out your property

I was speaking to a homeowner this week who had found their dream property but was struggling to sell their current home. They wondered, what with prices seemingly on the up and interest rates currently low, whether they might be able to rent out their current property to make their next move up the ladder.

The first thing you need to ensure if you want to rent out your property is that you are allowed to! Breaching the agreements you have in place could have serious consequences.

If your property is leasehold, you’ll need to check there are no restrictive covenants in the lease that prevent you from renting out the property. The freeholder will probably need to be made aware that you intend to let the property.

If you have a mortgage, the mortgage company will need to either provide you with ‘consent to let’ on your current mortgage, or they may switch you to a buy-to-let product.

Finally, your standard home insurance won’t cut the mustard - you’ll need a specific landlord insurance policy to ensure your home is protected should the worse happen whilst it’s tenanted (as a landlord you’re responsible for the buildings insurance).

Then it’s time to find a tenant! But, before you do, you’ll need to ensure you have a valid EPC (Energy Performance Certificate) in place, which you can check via www.epcregister.com. New regulations for rental properties also mean you need a smoke alarm on each floor of the property and a carbon monoxide alarm in any rooms with a solid fuel burning device.

The majority of tenants will find their home via the online property portals e.g. Rightmove, so you want to ensure your property is listed there. As well as this you could also try social media, such as Facebook, or the local classified ads in the newspaper or local shop windows.

Once you’ve found tenants who are keen to move in, you should reference them thoroughly and perform the new (as of February 2016) ‘Right to Rent’ checks. Then you’ll need a gas safety certificate (if applicable) and after protecting the tenants security deposit you need to provide them with the prescribed information, along with the government’s ‘how to rent’ leaflet.

You should also have an inventory in place (complete with photos), which demonstrates the condition of the property, before finally signing the tenancy agreement and handing over the keys.

If you’d like some advice on any of the above please get in touch. If, on the other hand, it all just sounds too much, please give me a call to see if I can help take the hassle off your hands whilst ensuring all the i’s are dotted and the t’s crossed.

(This article was featured in the Chichester Observer's property section on 9th June 2016)

Clive Janes, CRJ Lettings.  

www.crjlettings.co.uk

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If you are looking for an agent that is well-established, professional and communicative in Chichester, then contact us to find out how we can get the best out of your investment property.

E-mail me on clive@crjlettings.co.uk or call 01243 624 599.

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