Alexandra Morris interviews Kate Faulkner from Property Checklists
In theory becoming a private landlord is very easy. All you need is a property and a tenant and away you go. But in reality, it isn't so simple. Yes, in essence, a property to let out and a tenant to pay you rent is all you need. But getting to the point where the rent money starts rolling in isn't quite so straightforward. But let's start at the beginning.
Checking out your tenant at the end of their tenancy is hugely important. And it should be so much more than simply taking the key back. A correct check out procedure is one of the private landlord's most effective tools when dealing with deposit disputes.
Thursday 13th September was the date and Imperial College London the place. The RLA put on a conference to discuss the future of renting specifically addressing the question: What does the future hold for private landlords?
You've gone through the process of finding a tenant. The viewing was a success and the tenant seems a nice sort. You're eager to get the tenancy agreement signed and for the rent payments to start rolling in. That's only natural. But before handing over the keys don't forget to go through referencing.
The saying; first impressions counts might be a cliche, but there is often more than a grain of truth in such sayings and this is definitely the case in property
Most of the time the rent arrives like clockwork. Every month the payment appears in your bank account. This is just as well. Because your expenses also appear like clockwork. Mortgage payments, insurance premiums, letting agent's fees etc.
Setting the rent is something private landlords can agonise over. You have to get it right. Set it too high and you will struggle to attract tenants with your property sitting empty. Set it too low and you may not meet your costs. Either way, you're going to take a financial hit.
The deadline for the new mandatory licensing rules for HMOs comes into effect on 1st October and despite a relatively low key promotion of the changes, the government stats landlords could face an unlimited fine for renting out an unlicensed HMO.
When you install a new tenant it's always nice to think you'll return at the end of the tenancy to find the property in good order. No mess, no damage and nothing for you to do before the next tenant moves in. It can happen. It's great when it does.