Life as a landlord comes with its perks, however it can be tough. There are a lot of things to worry about from tenancy agreements, missed rent payments to staying up to date with property legislation. As a progressive property law firm, we get it. As a landlord you have enough on your plate. We are here to support landlords through the challenges and triumphs of their property business. If you are looking for a few ways to protect yourselves, check our simple suggestions.
1. Understand Your Tenancy Agreement
When you rent your property you will need a tenant agreement between yourself and the tenant to clarify rights and responsibilities. This is a legal requirement and key to protecting yourself in the event of missed rent payments and access arrangements to the property. It is highly recommended you have an experienced property solicitor draft this agreement. This will clearly protect your interests and make sure you understand your obligations as a landlord. You will also need to take a deposit at the start of the tenancy which must be held with one of the approved tenancy deposit schemes. Making sure you follow the correct protocols protects you against any claims. Additionally, it gives you peace of mind from the beginning.
2. Get Landlord Insurance
Landlord insurance can cover the risks and costs of any furniture you have in the property that you are providing for the tenant. There are a lot of different options in terms of types of cover and it is worth speaking to an insurance specialist. Ensure you choose the right protection for your property. For example, standard issuance often covers key areas like fire, flood and theft. Also, extra add ons can be selected like legal expenses and loss of rental income. Taking out an insurance policy at the start of every tenancy is a smart way to protect yourself against any damage.
3. Act Fast
While in the best case scenario you have a dream tenant who pays the rent on time and takes care of the property, every situation is different. If your tenant misses a rental payment or causes damage you will want to act fast. Your conveyancer can advise you on how best to evict a tenant should the need arise. It is important to follow the correct notice procedures and timelines to prevent delays and further costs. Many landlords try to handle evictions by themselves causing frustrations and even landing on the wrong side of the law unknowingly. An experienced property solicitor can make sure you evict a tenant as quickly and smoothly as possible.
4. Read References
When a tenant rents your property they will need to pass references to ensure they can meet the rental payments and have no bad history. Your estate agent will normally handle this process. When the results come, be sure to talk through them, making sure they have a stable job and strong history as a tenant. Sometimes, it is worth waiting a bit longer to find the right tenant than rushing someone in and running into problems. Make sure you talk to your estate agent about how long you want to rent the property and what you are looking for to find the best fit.
5. Stay In The Loop
Property law changes very quickly. From EPC requirements, tenant referencing to deposit regulations, make sure that you stay one step ahead. It is important as a landlord you stay compliant with your obligations and responsibilities. These apply to every stage of renting a property from taking the deposit, managing the property to any evictions. Seeking legal advice in the event of any dispute is highly recommended as opposed to trying to handle matters yourself. If you are unsure about any of your responsibilities, speak to a property solicitor who can make sure you are on the right side of the law.
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The Wrap Up
Being a landlord comes with equal perks and challenges. It is important you protect yourself against any claims, missed rent payments or damage to your property. Having a watertight tenancy that you understand is the first place to start. An experienced solicitor can help prepare this for you in a way that best protects your interests. Landlord insurance and acting fast in the event of any bad behaviour from the tenant is key. An expert property solicitor can provide you with everything you need as a landlord. From a strong tenancy agreement to supporting you through any necessary evictions. Finally, keeping up to date with any changes in legislation will ensure you are compliant so you can relax and enjoy life as a landlord.
