Parties you need to inform before letting your property?
• Before you can let your property, you need to consult a number of parties/ people:
• Your mortgage lender - your lender may ask that you let your property on an Assured Shorthold basis
• Your insurance company - if you don't let your insurance company know that you have let your property, you may not be covered in the event of damage, fire or theft in the property
• Your freeholder (if you have one) - important if you wish to let a leasehold flat, for example.
Although your thoughts may be leaning towards how much you can make from letting your property, it is important that you consider and budget for the costs involved in letting your property. The following cost should all be taken into careful consideration;
• Any monthly mortgage repayments owed on the property
• Any expenses involved in bringing the property up to the required standards, both physically and in terms of the regulatory safety standards of furniture, utility equipment and appliances
• Furniture and furnishings (most tenants prefer a furnished property, a furnished property can assist in you receiving the highest possible rental price for your property)
• Solicitor's fees (If applicable)
• Letting agent/management fees
• Insurance fees
• Contingency budget for ad hoc repairs and maintenance.
If you opt not to have your property managed, we would advise that you have access to sufficient funds at all times for unpredictable repairs that your property may need.
Our pre-tenancy check-list will help you make sure you've ticked all the right boxes before you take the next step in letting your property.
• Update your insurance to take into account that your property is going to be let
• Get the requisite permission from your mortgage lender
• Obtain approval from the council's planning office (if you plan to make structural alterations to the property or change the property's use)
• Inform the council's Environmental Health Department if you plan on letting as a House in Multiple Occupation (HMO)
• Make sure all furniture and furnishings comply with the latest fire regulations
• Ensure that all gas appliances and equipment have been serviced by a CORGI-registered engineer and that safety records are kept in a safe place (You should have an up-to-date Gas Safety certificate)
• Make sure that all electrical wiring has been checked and safety approved by a qualified electrician (You should have an up-to-date EPC certificate)
• Inform the Council Tax department and utility suppliers that the property will be let (relevant if you plan on being a non-resident of a self-contained property).