Are you a new buy-to-let landlord and would like to know the latest rules, regulations, and general best practices? If yes, then at Beaconsfield Estate Agency we have highlighted three common areas that new buy-to-let landlords need to know about before starting out! We hope you find this article helpful.
1. Tenancy Agreements
A tenancy agreement is a legal contract between a private tenant and a landlord. Typically, the contract is in the form of a document and can be granted for a fixed term, such six months, or a year, or even a periodic period, which means the contract between the landlord and the tenant can roll on a monthly or weekly basis.
Many first time landlords, will work with a property agent who will outline an official legal agreement for them, while others can simply download an online template and then create one themselves. If you would like to learn more about tenancy agreements, then a great source of information is the UK government website.
2. Legal Responsibilities
Whether you are a landlord or tenant, it is important to know your legal rights and responsibilities. The Government has put in place rules and regulations that help safeguard both tenants and landlords. But what are a landlord or tenant’s responsibilities?
- Fixes to the interior and exterior structure of the house, plumbing and water systems, sinks, and showers etc.
- The safety of all gas and electrical applications
- The fire safety of fittings and fixtures supplied under the tenancy agreement.
- Ensuring that the rental property is suitable for a tenant to live in.
The landlord is also permitted to visit a property to examine and complete any renovations.
- Ensuring the rent is paid on time.
- Potentially pay any utility and council tax bills if this has been decided with the landlord
- Ensuring the property is kept in a satisfactory clean condition.
Tenants must not show any form of anti-social behaviour towards their neighbours.
While landlords are not legally obliged to take a deposit, it is extremely unusual to find a landlord who will not ask for one. Today, it is now a legal requirement for landlords or property agents to transfer deposits into a permitted tenancy deposit scheme (TDP) within a certain period.
Typically, if a tenant has not caused any damage to the Landlord’s property, has paid their rent and bills, and generally followed the terms and conditions outlined within their tenancy agreement, then they are legally entitled to receive their deposit back at the end of their tenancy. Often, landlords can make sufficient deductions to cover any unpaid rent or any damage to the property, but this should always be communicated to the tenant.
We hope you found this article helpful. If you are a new buy-to-let landlord and would like to know more information on the latest rules, regulations, and general best practices, then there are many governing bodies and information platforms available to the public. Bodies like the National Residential Landlords Association (NRLA) and the British Landlords Association (BLA) are a fantastic source of information for new buy-to-let landlords. Additionally, the government and HMRC websites provide a plethora of information and helpful advice for new buy-to-let landlords.
For more information on all our rental properties and our other services and bespoke packages please call us directly at 01494 68 11 68 or email the team at firstname.lastname@example.org.