When renting out a property there are a few things you need to consider. Some are a few requirements few the bank others can be by law and you could end up in jail if you don’t follow them.
You need permission for letting. If you have a flat that is held under a rental agreement, you need permission from your leaseholder. If you have finance on the property, make sure its the right finance. In most cases it needs to be “Buy To Let” finance. As if it not, it could invalidate your insurance. Of which could also be a breach of your finance terms and conditions.
You need planning permission. This is suitable if more persons lease the place and they are not members of the same family. In this case, the property is converted to an HMO.
Don’t get caught out
In case you need to perform building work to the house, you need permission under the building regulations. You need to be aware that building regulation and planning permission are different things; you apply for them individually.
In case of any gas appliances, you will need a certificate. The appliances are checked by an engineer who needs to be listed with the Gas Safe Register. You need to do this before the tenants move in and you will also need to handle them a certificate copy. For more information, please contact your local Health and Safety Executive.
Make sure to offer product safety regulations. For example, the furniture must adhere to the Furniture and Furnishings Regulations. Any electrical equipment must be protected; make sure you don’t have any damaged wires or plugs. If the property is an HMO, you should check the electrical wiring on a regular basis. The property needs to be verified every five years in order to receive the Energy Performance Certificate. It’s your obligation to give this certificate to the tenants before they move in.
It’s your job to provide a safe property; you need to verify that everything you offer is secure. For further information, please contact your local Trading Standards Office. You will need to have an insurance cover; the general household insurance is enough.
It’s always best to keep records and to take care of all the guarantees, certificates and receipts. You can also keep a list of all the furniture, products and equipment and note their general condition, so you can easily check them when necessary.