An accidental landlord is someone who has fallen into letting out their property, rather than one who has purchased with this intention in mind. You may have inherited a property, or a change in circumstances may be the impetus, such as relocation or separation. One thing is for sure, there is a steep learning curve for anyone looking to let out their home.
We want to ensure you start out on the right foot, therefore make sure you have undertaken the following checks:
1. Inform your mortgage lender
You need to ensure you have informed your mortgage lender that the use of your property has changed. They may grant you a 'consent to let' but more than likely they will move you over to a buy-to-let mortgage.
2. Make sure your property is safe
You're legally required to have certain certificates in place to demonstrate your home is safe for your tenants. These include Gas Safety, Fire Safety, Energy Performance Certificate, and an electrical inspection.
3. Register with a deposit protection scheme
If you're letting the property on an Assured Shorthold Tenancy, have you organised for your tenants' deposit to be held in a deposit protection scheme. There are three schemes to choose from, and if you fail to hold your tenants' deposit safely they have the right to take you to court.
It is essential that you are up to date on all your legal responsibilities as a landlord. If we can be of any assistance to keep you legal and compliant then please do not hesitate to contact us.