5 key elements every UK landlord should have in place
LANDLORDS are being advised of their legal duties when investing in property to earn an income.
And here are the detailed five key elements to ensure people are fully covered.
1. Gas Safety Certificates
If you have any gas appliances in the property, they must be checked annually by a gas safety engineer. You will be given two copies of the gas safety certificate and you must hand one copy to your tenant.
2. Energy Certificate
You must obtain an Energy Performance Certificate for any property you intend to rent. A copy of the certificate must be shown to the tenant.
3. Written Tenancy Agreement
It is not necessary to have a written agreement. However, if there is a written agreement there is no dispute at a later date as to what the terms of the tenancy are. The written agreement will include details of how much the rent is, how long the tenancy lasts for and the terms you expect the tenant to abide by.
4. Tenancy Deposit Scheme
It is a legal requirement to protect any deposit (bond) taken in a recognised tenancy deposit scheme within 30 days of receipt and hand the tenant the prescribed information from the scheme. Failure to do so could result in the tenant being awarded compensation up to three times the amount of the deposit.
5. Consent from mortgage and insurance company
If you have not got a specific buy-to-let mortgage you need to inform your mortgage company that you will be renting the property. Also you must inform your buildings insurer as failure to do so could void your policy.