So you?ve taken the plunge and decided to become a buy to let landlord. For the beginner it can be a little bit alarming with so many things to arrange and keep track of.
Our easy to use checklist has been designed to take some of the worry away. So in the flurry of activity that goes along with getting a new tenant keep an eye out for these points and you shouldn?t go far wrong.
1. References. Obtaining the particulars of your new tenant?s preceding landlord is the best place to begin. This is where you?ll most likely get the most honest and relevant information. If this isn?t available, perhaps it?s their first home, then make sure you get employment details. Follow up the references, if you don?t it?s a waste of time.
2. Deposit. If all the documentation, references etc looks ok, it?s time to receive the deposit. Frequently this is a month?s rent but there?s nothing to stop you asking for more or less. These days you are legally obliged to protect the deposit in a government approved scheme. Make sure to do this promptly and tell the tenant within two weeks.
3. Tenancy Agreement. Ensure it?s properly drafted, that it names each tenant, that it?s signed and dated by all parties. This is where you get to include any clauses, terms or restrictions, so if you don?t want pets and smokers this is where you need to make that clear.
4. Inventory. This should to be done at check-in and check-out and there are a number of independent clerks who will do this for you. Make a list of all the items in the property, detailing existing damage then get the documents signed by all parties. Photos of major items may help prevent problems when it comes to checking out.
5. Meter readings and mail. Make sure you get the reading as close as you can to the day your tenant takes posession then let the utilities know that the householder has changed. Set up a mail re-direct too, you most likely can?t rely on your tenants to forward your mail to you.
6. Important items. So here you should make sure your tenants knows where to find the important things, burglar alarm codes, stopcocks, meters, boiler and heating controls. It might be worth writting and leaving behind a guide.
7. Contact details. Make sure your new tenants have your contact information in case of an emergency. Should the worst happen and they need to contact you, it makes sense to leave these details with them.
8. Insurance. Finally, make sure you have the right sort of landlords insurance. This method of cover, sometimes known as buy to let insurance protects you against the additional risks that come with being a landlord. A good buy to let insurance policy will cover loss of rent and alternative accommodation and you may find that standard home insurance will not be valid once you move out.
So, once you have covered all these 8 points should be on your way to a happy first tenancy.
Doug Walker Dip CII is General Manager of Academy Insurance Services Ltd. Academy is an independent insurance broker specialising in niche insurance markets such as buy to let property insurance and unoccupied property insurance.
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