Tim Cross, Head of Real Estate at city firm Langleys says:
“It pays to take your responsibilities as a residential landlord seriously. The unprepared landlord can risk unexpected costs, hefty fines and even criminal penalties.”
Here are some useful pointers every landlord should consider:
· Invest in a professional tenancy agreement
It’s important to set out what the tenant is expected to be responsible for from the start. A professionally drawn assured shorthold tenancy should mean that both parties are clear about their responsibilities.
· Get an EPC
An Energy Performance Certificate, or EPC, provides information about the energy efficiency of a dwelling and it’s now compulsory for an EPC to be provided to tenants at the earliest opportunity. The obligation to provide an EPC is enforced by Trading Standards or Building Control for new homes.
· Be safety compliant
Be aware of the rules concerning gas, electricity and fire safety. In excess of 30 people die each year as a result of poisoning caused by defective gas appliances and flues. You’ll need a gas safety check each year carried out by a CORGI registered Gas Safe engineer a copy of which should be provided to your tenant. Substantial fines and even criminal and civil prosecutions can follow for those in default.
· Take a rent deposit … and register it
Holding a deposit to help cover damage caused by a rogue tenant can prove invaluable. It’s now mandatory for such deposits to be protected within a government approved deposit scheme. Failure to appropriately register the deposit may lead to a fine and cause difficulties when it comes to recovering possession of the property.
· Be aware of repairs!
The law requires landlords in shorter residential leases to keep the structure and exterior of the property together with various sanitary items in good repair.
Tim Cross is Head of Real Estate at Langleys and may be contacted on 01904 610886.