9:35 AM, 16th October 2016, About 5 years ago 13
I am close to completing the purchase of an investment property that has been mortgaged on a buy to let mortgage. As a first time landlord I am seeking some guidance on the responsibilities of the landlord for self managed Assured Shorthold tenancies. Here is how I see the workflow…
1. Advertise on property renting sites such as zoopla, rightmove,… Any other?
2. Collect a non refundable deposit and the following documents from prospective tenants in order to do a background check,
a. UK photo id card or passport and resident permit
b. Last three years address
c. Guarantor name, address and id
e. Employment details and last three months salary slip
f. Bank details & last three months bank statements
g. Resident permit to check whether prospect has right to live in the uk.
Would you recommend collecting any other documents that would further help in doing the background checks?
3. Agree the rent & deposit.
How much deposit would you recommend collecting for a 6 month tenancy?
4. Binding tenancy agreement. I have found the following websites that provide quite comprehensive binding tenancy agreement for England,
Would you recommend using a different source for creating a binding tenancy agreement. Any special terms that are worth adding to the agreement?
5. Inventory check (sign in check), planning to use the following service
Would you recommend using a different source?
6. Ask tenant to set up a direct debit for the rent.
7. Pay the deposit into a TDS scheme.
What is the difference between the different schemes? Is there one better than the other, what would you recommend & why?
8. Perform a Gas safety check and give the tenant a gas safety check certificate.
The property I am renting out does not have Gas pipes, do I still need to get this check done?
9. Electrical appliances check.
Is the electrical appliances check mandatory?
10. Provide the tenant with the EPC rating certificate.
11. Email the tenant the uk-gov – How to rent in the UK checklist
12. Inform the following about the tenancy,
a. mortgage company
c. water supplier
d. electricity supplier
e. building developer
f. building service management company
Feels like everything… Have I missed something out…
As a first time landlord, I am quite nervous about self managing the property, apart from the questions listed above, I am really keen to know from others about things to watch out for…
Thanks in advance for your replies
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