Alas, far too many people think that renting their property will be a piece of cake and the simple answer to just making loads of money. If this is your attitude and you are preparing to rent your property, hang fire with such naivety and start to undertake some vital research.
Whatever type of property you are looking to rent out: from a large, 5 bedroom property to Portable Buildings, it is vital to ensure that you are fully up-to-date with all legal obligations that will prove to be pertinent to your specific home.
First and foremost, the health and safety of the property is the area that is most governed under English law. This means that there can be no serious threat of harm to your future tenants; all gas equipment must pass an annual safety check; electrical wiring is highly recommended in older properties; and if your property is furnished, this will mean far more checks.
Next, you need to think about the short hold tenancy agreement and all the legal obligations that will be in place on both sides. As a future landlord, it is 100% essential that you learn about the law in this area: there are many implied legal obligations that you will be have no choice in sticking to; if you fail to do so, your tenant can take legal action against you.
Putting your property on the market for rent is nothing like as straight forward as most people think from the outset. With this in mind, it can be a good idea to think about a letting agent to guide you through this. However, do shop around for the best rates of commission: around 12% is probably a good average nationwide.
