Looking to rent out your property? Whether you’re a first-time landlord or an experienced investor, our how-to guide will walk you through the process step by step.
From advertising your rental to screening tenants, we’ll cover everything you need to know to find the perfect tenant and get your property rented out fast!
Whether you’re just starting or are looking for some helpful tips, read on for our top tips on renting out your property.
Getting started – Renting out your property
If you are considering renting out your property, there are several things you need to do to ensure a smooth transition and protect yourself from any legal issues.
First, you will need to find a tenant. It is advisable to use a reputable letting agent to help you with this, as they will have extensive knowledge of the rental market and will be able to match your property with the right tenant.
Once you have found a tenant, you will need to draw up a tenancy agreement. This document will outline the terms and conditions of the tenancy, including how much rent is to be paid, when it is due, and who is responsible for maintenance and repairs. Both you and the tenant must sign the agreement, as it will be legally binding.
You should also make sure that you are fully insured against any potential damage or loss that may occur during the tenancy.
A landlord cannot charge a tenant more than the following amounts:
- A security deposit, which may not exceed 5 weeks for annual rents under £50,000 and 6 weeks for those above
- The first month’s rent.
- A reasonable fee for the landlord to prepare and execute a written lease.
- A pet fee, if the tenant has a pet.
- A late payment fee, if the rent is not paid on time.
- A returned check fee, if a check is returned for insufficient funds.
- A replacement key fee, if the tenant loses their key.
- An early termination fee, if the tenant ends their lease before the end of the term.
- A moving fee, if the tenant moves out of the property before the end of the term.
If you are a landlord, it is important to know your responsibilities. The following are some basic responsibilities that all landlords have:
- You must make sure that the property is livable and safe for tenants. This includes ensuring that the property is in good condition and meets health and safety standards.
- You must provide proper notice before evicting a tenant. The tenant must be given written notice stating the reason for eviction and how much time they have to leave the property.
- You must not discriminate against tenants based on their race, religion, sex, national origin, or disability status.
- You must ensure that rent is paid on time each month. If rent is not paid on time, you can file a lawsuit to evict the tenant from the property.
A tenancy agreement is a contract between a tenant and a landlord. It sets out the rights and responsibilities of both parties.
A tenancy agreement will usually include the following information:
- The name and address of the landlord
- The name and address of the tenant
- The date the tenancy begins
- The amount of rent to be paid
- The date rent is due
- Details of any special conditions, such as no pets or no smoking
- How long the tenancy will last
- What services are included, such as water or heating
- How much notice must be given before either party can end the agreement
- What happens if the rent is not paid on time
Both the landlord and tenant should read and agree to the terms of the tenancy agreement before signing it.
Additional documents required before renting a property
You should also provide your tenant with:
- A copy of the terms and conditions of the tenancy agreement
- Proof of your identity and address
- Contact information for both you and your landlord insurance provider, in case of an emergency
- A copy of the latest gas safety certificate
- A copy of the latest EPC
- Details of where their deposit is being stored
- A copy of the electrical installation condition report
Landlords need to keep a copy of the How to Rent guide and give a copy to any new tenant.
Why should I issue a how to rent guide to tenants
If you don’t issue the How to Rent guide, your tenants may not be aware of their rights and responsibilities when it comes to renting from you. This can lead to conflict and disputes, which can be costly and time-consuming to resolve.
It’s important to have a written agreement in place for both you and your tenant to refer to in case of any questions or concerns. By issuing the How to Rent guide, you can help ensure that your tenants have a positive rental experience while protecting your interests as a landlord.
Can I email a copy of the how to rent guide to my tenant?
Yes, you can email a copy of the How to Rent Guide to your tenant.
Being a landlord doesn’t have to be complicated. By following these simple tips, you can get started on renting out your property with confidence. And once you find the perfect tenant, be sure to sign a tenancy agreement that outlines both of your rights and responsibilities during the rental period.
With just a little bit of planning, you can enjoy all the benefits that come with being a landlord!