Updated: 10 January 2020
Once you have purchased your buy to let investment make it work for you
In recent years we have seen many changes to regulations and legislation relating to the letting of property. Keeping appraised of this legislation, which is wide ranging, is essential as non compliance can not only lead to fines but custodial sentence’s.
Appointing a reputable letting agent will offer a landlord assurance that they will be kept informed of their legal obligations. Landlords will also benefit greatly from and experienced agents local knowledge with regard tenant demand and achievable rents. Having invested in a buy to let it is important to obtain the appropriate return. By setting a rent too low a landlord will not get the best return, whilst set too high a property may struggle to generate interest and stand vacant for extended periods.
Choosing your Tenants
Your buy to let investment is a significant asset and must be protected and tenancy referencing should not be underestimated. It is important to check any applicants employment status, previous rental history as well as understanding tenants financial commitments.
In additional to undertaking standard referencing all occupants of any proposed tenancy must meet the requirements of 'Right to Rent' legislation. Goadsby run all references in house and our landlords are provided the references for review and approval before any tenancy commences.
To protect your property and to ensure you are able to terminate tenancies in confidence it is essential that the tenancy agreement and associated notices are correctly prepared and served at the appropriate times. An incorrect notice can result in landlords not being to gain possession of their property!
Landlords must also comply with legislation demanding that they protect tenants deposits through registration in an approved tenancy deposit scheme. This legislation stipulates that tenants must be provided with prescribed information and confirmation their deposit has been registered and failing to do so carries penalties.
To protect both tenant and landlord it is important that a comprehensive inventory is prepared. It is this document together with the tenancy agreement that will be used to determine if deductions can be charged against the deposit at the end of the tenancy.
An experienced letting agent, such as Goadsby, will ensure that all these documents are commissioned at the appropriate time and in order.
A happy tenant creates a happy tenancy and dealing with maintenance issues properly will not only ensure your property doesn’t fall in to disrepair but will also maintain a good relationship with your tenant.
Tenants are much more likely to look after a well maintained property and they often sight the reason for giving notice as reported maintenance works not being dealt with quickly.
At Goadsby we undertake regular inspections of all fully managed properties. These visits are undertaken to not only ensure the tenants are looking after the property but also to highlight any maintenance issues early.
Our central management department have access to a network of reliable contractors across our region who will respond promptly to our instructions.