Landlord Checklist: What are my Responsibilities?
Becoming a landlord can be a great way to invest in the property market and make a comfortable, passive income. However, if you’re looking to buy a rental property here in Glasgow, it’s important to remember that you will have a host of responsibilities both to your tenant and to the government.
By not adhering to these responsibilities, you could be putting yourself at risk of litigation or worse, putting your tenant in danger. With this in mind, we’ve put together a quick list of some of the most important things you need to check off of your list before renting your property out.
Before you can begin the renting process, it’s important to check if you have permission to rent your property out. If you are not the sole owner of the property (having a mortgage is a prime example of this) you’ll need to read over the terms and conditions of the contract.
You don’t need to have signed a buy-to-let agreement with your lender to rent out your property, however, they may want you to change the details of the contract. Therefore, always check with your lender before making any decisions.
It’s essential that your property is licensed under the UK Government and local authorities as both require all rented homes to have the correct paperwork.
To start with, all HMOs in the private sector require a national mandatory license to legally operate. After this, you’ll need to apply for either an Additional or Selective license which operates on a local level.
Having your tenants pay a deposit for the property can be a great way to protect your asset if something goes wrong. However, you are legally obliged to put this deposit in a secure protection scheme. In not doing this, you could put yourself at risk of a serious legal dispute.
An estate agent can do this on your behalf, however, some won’t meaning it is important to provide your tenant(s) with proof that their money is in a secure deposit protection scheme.
Everyone wants to live in a home that is both comfortable and safe to reside in. With this in mind, it is your responsibility to ensure that your rented property is fit for habitation. This should include testing your plumbing for Legionnaires disease, the boiler system and the electrics throughout the property.
A rented property must undergo a PAT test in order to legally be rented out which is why it’s essential to have an expert electrician to check your electrical system throughout the home.
Here at Interlink Lighting, our team of technicians can carry out a comprehensive PAT test to ensure that your rental property is safe and ready to go.
For more information about what we do, visit our website or give us a call on +44 (0) 141 429 1254.