Becoming a Landlord For the First Time
If you are going to be using a Letting Agent below is some useful information that may help you save time
Keys
Be prepared with keys - you’ll need 3 sets of keys of the property for your Letting Agent and one – two sets for yourself.
Landlord Registration - Becoming A Landlord
To comply with legislation all Landlords have to register and apply to be a Landlord with their Local Authority. Your Letting Agent can arrange this for you (and will charge you) or you can do this quite easily yourself. If you arrange to do it yourself, you’ll need to ask your agent for their Letting Agent reference, so that you can notify your local council that the property is now being managed by an agent
Gas, Electric, Telephone, (Utility Bills)
Your Letting agent normally notifies telephones, gas, electric and telephone companies when a new tenant moves into the property. To save a lot of bother I’d recommend taking a note as well, you can phone directly to sort out any bills over the phone. Most Letting Agents recommend that you have a forwarding address in place so that you can receive mail, this is something that Letting Agents don’t normally arrange.
Notify Mortgage Lender
If you haven’t already done so, or don’t have a specific mortgage for tenants such as a Buy-To-Let, you’ll have to inform or ask permission from your Building Society or Bank to let your property out. Some Lenders may not agree to their mortgaged property being let out.
Insurance
If you don’t have Landlord’s Insurance, notify your existing Insurance Company that you intend to let out your property.You may wish to consider various types of insurance such as, Tenant Insurance, Rent Guarantee and LandlordInsurance.
Gas Safety Checks
Legislation requires you to get annual gas safety checks carried out for boilers in the property that is being let out. You will therefore need to ensure that you obtain a Landlord’s Safety Certificate from a Corgi registered Gas Fitter/Company. Normally 3 copies are given, one copy for youself, the second for the Letting Agent and the tenant's copy.
Smoke Alarms
If your property has more than one level, new legislation requires that properties being let for the first time must have interlinking smoke alarms.
Electric safety Checks
Under Scots Law, this isn’t enforced by legislation yet. Some Letting Agents request that an electrical safety check must be carried out before property is let out, other Letting Agents don’t require this. The best rule is to be guided by your Landlord’s Insurance Policy, if it is required, it will say so in your policy. If this is not required by your insurance, its worthwhile asking several Letting Agent if this is a requirement before selecting your Letting Agent.( If you’re not letting the property out yourself).
Furniture
If you are letting your property out furnished, all Landlords and Letting Agents are required to comply with the Furniture and Furnishings Fire Safety and Portable Appliance Safety sections of the Consumer Protection Act 1987 ensuring all furniture and electrical items are safe.
Furniture Fire Safety Regulations
Upholstered furniture manufactured after the 1950’s and before 1993, must adequately withstand these flammability tests:-
- Cigarette test
- Match test
- Ignitability test
Soft furniture before 1950 was manufactured from materials which do not create toxic fumes when burnt. New furniture produced after 1993 should have been manufactured from flame retardant materials and labelled at source by the manufacturer.
Furniture which does not meet the required safety standard must either be replaced or treated with a flame retardant substance.