At the Henley branch of Savills, recently appointed head of lettings ADRIAN MOODY gave Standard Property some very
At the Henley branch of Savills, recently appointed head of lettings ADRIAN MOODY gave Standard Property some very good advice on the sort of thing you need to think about if you’ve found yourself suddenly in the position of renting out a property
FIRST and foremost, check that your mortgage will actually allow you to let your property out — some have clauses which don’t allow you to let.
Next, think about how long you want to let your property out for. Keep in mind that most corporate tenants want to rent for a minimum of two to three years.
If you are a landlord thinking of only letting out for six to 12 months, you may want to price your property more competitively to secure a tenant quickly and thus avoid lengthy void periods.
Think about your tax position as it is important to understand how much tax you are going to have to pay and whether letting the property out makes financial sense. This is particularly relevant for those accidental landlords who may only be letting in the short-term.
Look at your property objectively and think what work may need to be done. Rooms are likely to need to be de-cluttered and repainted as a minimum. There are a number of safety tests including a portable appliance test and electrical installation condition report (electrical safety tests) and gas safety test which will need to be undertaken and there may be a requirement for further work if these fail.
In addition, there will be a requirement for a professional clean and for an independent inventory to be undertaken. The lettings industry is fast-paced so be prepared to act quickly.
Last but not least: choose your letting agent carefully. As members of the Association of Residential Letting Agents (ARLA) our clients are safe in the knowledge that we have client money protection.
It is also worth investigating options for specialist landlord insurance.