Letting a property can be a complicated process, but one that can yield many benefits when done correctly. Here are the basics of the process to help you on your way.
Use a letting agent
Unless you’re an extremely experienced landlord with plenty of time on your hands, you’re far better off using the services of a letting agent to deal with at least some aspects of letting the property. The extent to which you use the services of an agent can vary depending on your needs: you can employ them to dea with every aspect of the procedure, from the legal aspects through to managing the property on a day-to-day basis; or you can just get them to help you with setting up the rental, with advertising and drawing up a contract.
Tell your mortgage lender
It’s usually a legal requirement written into your contract with your mortgage lender that you must inform them if you’re planning on letting out your property. Failure to do this could mean that you’re breaking your contract leading to costly legal complications. If you’re planning on letting out the house from the outset, it’s worthwhile doing some research and considering a buy to let mortgage, which will give you the most beneficial deal for your circumstances.
Present the property
Before you go ahead and advertise for potential letters, or even before you make a final decision on the rent you pa to charge with the advice of your letting agent, it’s worthwhile spending some time and money presenting the property in the best possible light to maximise its value and attract as many potential clients as possible. This should at least include a clear out of any clutter that has accumulated, as well as a thorough clean, and may stretch to repainting and even a redesign of the layout of the interior.
Again, ask the advice of the letting agent on what the best course of action is here, as there’s little point spending tens of thousands of pounds on a redesign if it won’t increase the rent much. You’ll also need to meet any legal health and safety requirements, which are outlined here on the government website.
Find a tenant
You may have engaged an agent to perform this step for you – always a good idea unless you have tie and expertise on your side – but if not you’ll need to ensure that you find a reliable and responsible tenant for your property. Ask for reference, have a credit check performed, and always create a contract that covers every eventuality, and is approved by a legal expert.
