Laws regarding the responsibilities of landlords have certainly and rightly, tightened in recent years. It is with that in mind, you are strongly advised to use a registered letting agent, who in a lot of cases, will protect you from falling foul of these rules and regulations.
Here at Waymark, we have the experience and expertise to make sure all the right checks and balances are in place to protect you and your property and ensuring you get the maximum return on your investment. From single property owners to multi-property portfolios, we have the perfect letting solution for you.
In the same way that you need an Energy Performance Certificate (EPC) for selling a property, you need one to let a home too. One other key piece of documentation is a valid Gas Safety Certificate to cover all gas appliances within the property. They have to be renewed every 12 months and are supplied by a Gas Safe registered engineer. Smoke alarms should also be on each and every floor and shown to have been tested and working. If the property has open fires, then carbon monoxide checks and monitors need to be installed. It is also good practice to carry out an electrical check every five years.
As a landlord, you are also advised to have certain insurances in place to protect against those unforeseen situations.
Also, all furniture or furnishings must be clearly marked with a label showing that they meet all of the necessary standards. All new furniture that is subject to the law should come with a label already attached, however, over time, safety labels can be lost, removed or damaged. A missing label is no excuse so if you rent out the property after the labels have been lost, you should either have the furniture re-tested or replaced.
From a landlord's perspective, you need to know that your prospective tenants are whom they say they are and have the creditworthiness to afford the monthly rent. One of the main advantages of using Waymark as opposed to doing it yourself is that we can ask those slightly awkward questions and seek out the correct documentation.
We then look to correlate all the collected information by carrying out credit checks. These will highlight any County Court Judgments and confirm that the tenants have provided true information. Where there are borderline applications or concerns about the tenant, a suitable guarantor can be sort. Where applicable, Waymark will take a photographic inventory with copies sent to both the landlord and the tenant.
It’s always advisable to get a deposit that at the very least covers one month’s rent or ideally is equal to six weeks rent which can then cover and minor damages or cleaning costs which may occur at the end of a tenancy. As Waymark, we lodge all deposits with our chosen Tenancy Deposit Scheme (TDS) which ensures that all parties and stakeholders are protected.
We want your letting experience to run as smoothly as possible and as you can see, there are plenty of opportunities for things to be missed. At Waymark, in the same way, we are with our residential and commercial business, our attention to detail alongside proven processes ensures that all parties get to enjoy the property for however long they might be in residence.