With more homeowners than ever considering letting their homes due to the current property slump, how do they know their going about it the right way?<\/p>\n
Many homeowners feel somewhat overwhelmed and daunted at the process they invariably encounter when considering letting their homes.\u00a0 This new breed of landlord may have made the choice to let their house in a bid to move to a new property themselves but may not be able to sell the former house or may not want to.\u00a0 This Accidental Landlord has become a relatively new phenomenon.<\/p>\n
One of the biggest challenges in residential lettings\u00a0they face is the legal aspect.<\/p>\n
Things an Accidental Landlord needs to Know:<\/strong> While these are all necessary procedures, there still remain other issues, which you will need to remember. Finally, some important practicalities:<\/strong><\/p>\n * Ensure you have your post re-directed to your new home.\u00a0 Don\u2019t give anyone the opportunity to order goods and run up bills in your name.\u00a0 Identity theft is on the increase. By With more homeowners than ever considering letting their homes due to the current property slump, how do they know their going about it the right way? Many homeowners feel somewhat overwhelmed and daunted at the process they invariably encounter when considering letting their homes.\u00a0 This new breed of landlord may have made the choice to […]<\/p>\n","protected":false},"author":2,"featured_media":11204,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":[],"categories":[3],"tags":[],"yoast_head":"\n
\n<\/strong>1.\u00a0 If you are using a \u2018Letting Agent\u2019, they will advertise and supply the tenant.<\/em>
\n2.\u00a0 The agent will conduct the credit checks and check references.<\/em>
\n3.\u00a0 The agent will confirm a tenancy agreement with you.<\/em>
\n4.\u00a0 The agent will deliver two tenancy agreements to the tenant, which both the tenant and the landlord sign, agreeing,\u00a0\u00a0\u00a0 terms and conditions pertaining to the tenancy.<\/em>
\n5.\u00a0 The agent will secure an inventory including the condition of the property, which both parties agree and sign.<\/em>
\n6.\u00a0 The agent will collect the rent and periodically check the property for you.<\/em>
\nAgents commission vary, but is usually around the 10% mark.<\/em><\/em><\/p>\n
\nThings an Accidental Landlord needs to consider:<\/strong>
\n<\/strong>1.\u00a0 Every residential letting needs an EPC (Energy Performance Certificate)<\/em>
\n2.\u00a0 Building and\/or Contents Insurance<\/em>
\n3.\u00a0 Public Liability Insurance<\/em>
\n4.\u00a0 Accidental & Malicious Damage Cover<\/em>
\n5.\u00a0 Unoccupied Full Cover<\/em>
\n6.\u00a0 Rent Guarantee Insurance.\u00a0 (This ensures that you receive your rent, if your tenant fails to pay).<\/em>
\n7.\u00a0 Legal Expense Cover.\u00a0 Unfortunately things can and sometimes do go wrong so it\u2019s important that you have that extra cover, to give you peace of mind.\u00a0 Your insurers will be able to evict any nuisance tenants should the need arise, without you having to confront the issue directly yourself.<\/em><\/em><\/p>\n
\n*\u00a0 Ensure you notify the utility providers, i.e.; gas, electric, water, telephone, council tax of the new tenants details.
\n*\u00a0 Read your metres before the new tenant moves in.<\/p>\n
\nMadalena Penny<\/p>\n","protected":false},"excerpt":{"rendered":"