Once you have made the decision to let out your property, I’m sure there will be many things on your mind. To help you out a little, here are a few of our top tips to get you started…
> 1) Mortgage Consent
Ask for your mortgage lenders consent, as you may be in breach of your mortgage agreement.
> 2) Insurance Company
Have you notified your insurance company? They must know that you have decided to let your property as you may have to pay an increase on your premiums. Also ensure that any building, content, and legal protection is in order before you let out your property.
> 3) Legal Certificates
Have you carried out the Gas Safety Certificate on the boiler? If not, we can assist in providing one for you. This is a legal requirement when you wish to let your property and must be renewed yearly on every new tenancy. Also have you arranged for the Energy Performance Certificate to be carried out? This is also a legal requirement when letting or even selling your property and lasts for 10 years.
> 4) Repairs and Presenting
Are there any necessary repairs you have to carry out? Is your property left clean and tidy as you would expect to find it yourself? If you have taken reasonable care and attention before you let your property out the new occupiers will more likely follow suit.
> 5) Fire Regulations
Make sure you have removed all personal items and property which are not compliant with fire regulations.
> 6) Utility Companies
Once you have secured a tenancy make sure you and/or the estate agent have informed the utility companies (Gas, Electric, Water and Council Tax) of change of address and the date of new tenancy.
> 7) Post
Have you arranged for your post to be re-directed to your forwarding address?
> 8) Tax Liability
Have you been in touch with your accountant regarding tax liability on your rental income? It is a requirement to declare the income on your tax return.
> 9) Manuals and Instruction Booklets
Make sure all necessary appliance manuals, instructions and leaflets are left at the property and retain a copy for your own reference just in case the originals get mis-placed.
> 10) Keys
If your estate agent is fully managing your property make sure they are given enough set of keys for all tenants and one copy should be retained for office use.