Tips For Landlords.

In this section you will find various essential hints and tips for the renting of property:

When letting property, there are some general tips that you should always keep in mind.

Why might you want to rent your property? There are many different reasons for turning into a landlord. You could be relocating for a year and seeking to cover the cost of your mortgage or you may choose to purchase property solely for investment reasons. The latter is typically referred to as “buy to let”.

Your reasons for letting your property will probably have an influence on how you actually go about the task. For example, if you are relocating to another country for a year you will probably need to rent your property using a managed service agency.

RightMove Lettings can help for all letting scenarios.
Things to Consider:

* You will need to seek permission from your mortgage lender to let your property - if you do not have a buy-to-let mortgage.
* If you are in a leasehold property, get permission from the head lessee to rent the property.
* Make sure your buildings and contents insurance is appropriate.
* Take out letting's insurance.
* Get gas appliances checked in accordance with gas regulations.
* Check that furniture complies with Fire Safety Regulations.
* If you are an overseas landlord, apply for the Exemption Certificate from the HM Revenue & Customs.

Tips for Tenants

* Make sure you have the details ready of who is going to provide your references (e.g. employers, previous landlord or agent, bank account etc.) before you enter into any negotiations with a landlord.

* If you are paying a 'reservation' or 'holding' deposit whilst your application for a tenancy is processed, make sure you get a receipt for your money. This receipt should detail the circumstances under which you may, or may not, get your money back in the event of any problem being found with your application.

* Remember that you may need to pay a minimum of 1 month's rent in advance and a damages deposit bond in addition to any other charges due to the agent. Make sure that you find out exactly what these amounts will be and arrange to have the amount available immediately in 'cleared funds' (banker's draft, cash, building society issued cheque) ready for you to use.

* Before you arrange a date and time to sign the tenancy agreement make sure that you and your fellow tenants (if any) have all seen a copy and read it through completely. Everyone should fully understand his or her obligations. Ask questions to clarify any aspect of the tenancy agreement that you are unclear about. All tenants must sign the tenancy agreement before they can move in.

* The agent will have certain obligations, varying from just letting the property to both letting and managing the property. Make sure you find out exactly what the agent's responsibilities are in relation to your property. If they are only responsible for letting the building, find out who is responsible for managing and maintaining the property - get their contact details!

* The agent will want to make regular checks on the property. Arrange a mutually convenient time for these checks and make a note of it.

* Responsibility for the property rests with you, the tenant. You will be responsible for making sure the building is secure. You will also need to report any gas or electrical problems. If the property is leasehold, you may also be bound by any rules and regulations affecting all residents within the block contained in the head lease.

* Make sure you ask for copies of all relevant safety certification, i.e. gas and electric. Keep all of your documents (such as insurance policy, copy of tenancy agreement, safety certificates, inventory) together in a file. Keep this file in a safe place!

* After you have signed the tenancy agreement but before you move in, contact your service providers (gas, electric, telephone). You may be required to pay a deposit before they will connect you. It is also worth noting that British Telecom carry out a credit check on customers before activating a line. Once you have moved in, make sure that you take meter readings and inform the relevant utility companies. You should also take a reading and inform the relevant companies when you move out.