THE property market has its ups and downs as we all know and the phrase “safe as houses’ is perhaps not so reliable as it used to be but in this new era of near zero base rates and ultra-low mortgage interest a foray into the buy-to-let market may well be attractive.
Buying a house is both a joy and a stress often but when you are buying to rent a house out you need to be sure that you are looking not just at the bricks and mortar and the completion date but also at complying with a myriad of new legislation governing the property.
Choosing a house that will be attractive to tenants, easy to maintain and will produce the desired return is just the first step to what can be a very lucrative investment.
Recent changes to the laws on rental properties now require landlords to ensure that appliances are tested, that gas safety checks have been carried out – and kept up to date – and that smoke alarms are installed. In a number of properties a carbon monoxide detector will also be required.
Stringent rules on the issue of a tenancy agreement, checking the background of your tenant and serving the How to Rent guide are an essential requirement – get these things wrong and you will struggle to move on a tenant who breaches the terms of their carefully worded agreement.
Likewise, rules governing deposits are ignored at your peril – both in terms of lodging a deposit with the Tenancy Deposit Scheme and providing your tenant with the prescribed information inside the specified 30 day deadline.
Perhaps looking at this makes you think it is not worthwhile after all and you may as well keep the nest egg under your mattress.
Fear not – our Conveyancing and Private Landlord Teams can assist and are here to help you through the maze. We have lots of experience in the buy-to-let market and can advise on the processes and the paperwork. We’re also here to help if your tenant misbehaves and you need to obtain a possession Order.
The key is to be prepared. For a checklist of the points you need to consider go to the Private Landlord section of our website at www.wilsonbrowne.co.uk or contact George Smith on 01604 876697.
