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Letting? You need to know these little-known facts…

Hand writing Get the facts, business concept

 

It’s not often that something slips by me…

…but something has come to light this week about the letting process that even I didn’t know!  So the first thing I thought about was sharing it with my community, so that you keep abreast of important factors in your property business, however big or small! 🙂

When you let a property to a tenant, there are, of course, some important tasks you need to do.  Now, if you have your property managed for you by a competent letting agent, then you don’t need to think about having to do it yourself.  For us, we have a mixture of both managed and self-managed properties in our portfolio.  Some of our earlier ones still have the same tenants in as when we bought them, which is why we self-manage those ones…long may that continue!

If you are in the situation where you self-let and manage your own property/ies, then you need to know about some recent changes…and if you have a letting agent, you need to make sure that they are doing their job properly!  We knew about all except the first one, and although we haven’t let to any new tenants since last October, we now have 3 new tenancies coming up (a bit like buses, I guess!!), so it is certainly good to know!

Since 1st October 2015, an updated ruling came into play.

When you let a property, you MUST provide the following.  Here is what you, or your agent, needs to provide the tenant with…
• A copy of the guide ‘How to rent: the checklist for for renting in England’ – which can be found here
• A Gas Safety Certificate, which must be renewed each year if there are gas installations in the property
• The correct deposit paperwork, including all relevant documents relating to which scheme you have protected the deposit within, including the Prescribed Information leaflet
• An Energy Performance Certificate

The most important aspect about this is…

…if one or more of these documents are missing, you will not be able to evict a tenant until you do.  Of course, having to evict a tenant is one of the last things on your mind at the start of a budding new tenancy, however, it can quickly become the most imperative action if things go south!

I trust this has been an enlightening message…now go and check your paperwork…!

Before I forget, (and I know we’re already a little way in!) I’d like to wish you a very Happy New Year.  May 2016 bring you much peace, happiness and prosperity. 🙂

Best,
Hazel

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