Doeda Property Rental
We are here to provide help and advice on becoming a property landlord or whether you are looking to rent a property.
Within this website you will find numerous articles and guidance on the various topics around property rental within the UK. There are many aspects that you need to consider and make sure that you get right so that you make a profit and don’t get caught out by the many rules and regulations.
This website portal will cover topics such as:
In today’s world there will always be a huge demand for rental accommodation in the right locations. However buy-to-let dealings raise an array of different issues that require the particular attention and the experience of a qualified conveyancer.
Any buy-to-let entrepreneur needs to take into consideration the numerous legal obligations of a landlord, for instance frequent check-ups, health and safety concerns, the general upkeep of the property and the actual tenancy requirements.
If you plan to let out an older property you need to bear in mind that this may not pass modern safety standards and could require considerable work to remedy. In addition if you are thinking that you may rent out a large property with a number of separate living quarters then you will need to apply for a house in multiple occupation license. These are available from your local council offices.
Whatever your requirements are, I hope that we can provide you with all the advice you may need so that your Landlord experience is a pleasant experience!
Years of Experience
I have been working within the property industry now for over 10 years and make a good living from it. I’m originally from the United States and started a small property business in Philadelphia in 2002. Since then I’ve bought properties in several locations around the world but decided to move to the UK in early 2014 to build my business here. I originally located myself on the south coast near Bournemouth as I wanted to focus my property lettings business in and around that area. Over the years I’ve learnt that the south coast is an extremely popular area that people want to move to due to the proximity of being near beaches and the beautiful landscape that surrounds it.
Since initally moving here I’ve already purchased a couple of properties and they are now rented out to tenants. I have been using an Estate Agent in Bournemouth to manage the properties on my behalf and I’m making money from the rentals.
Bournemouth and the surrounding areas have so much to offer both from both a personal and business perspective, and I’m keen to explore all of the opportunities I can find. I will of course keep hopping ‘back across the pond’ now and again to visit friends and family, however the UK has a very strong property market and I see this being the way for the foreseeable future.
About 18 months ago, I decided to move to area of Buckinghamshire. I really enjoy the English countryside and this area certainly has a lot to offer. With big towns such as Milton Keynes, the rental opportunities here are simply outstanding and I’ve recently acquired my first buy-to-let property within this area.
The Doeda Blog
More and more people are considering renting out their property as a way of generating extra income. With an abundance of potential tenants that are desperately seeking to secure rental accommodation, you are pretty much guaranteed a regular returns from your property.
Many areas of the UK are in desperate need of rental properties, with London currently have the fiercest competition amongst potential tenants. In fact it’s not just big cities like London that are experiencing this problem. Only a few weeks ago I spoke with an estate agents in Buckingham who told me that they currently have a waiting list of tenants and are really struggling to meet the demand. Unfortunately many of these tenants are currently unable to get onto the housing ladder as the average house price in the Buckingham area is £298,000. [info citied from RightMove]
However although becoming a landlord may sound simple, in fact there are many considerations that need to be borne in mind before putting your property up For Let.
Check With Your Mortgage Provider
Before you list your property for rent, one of the first things that you need to do is inform your mortgage provider. Part of the terms and conditions of your mortgage agreement is to let your lender know if somebody else will be living in your home, and your current product may not be suitable for a rental property, especially if the arrangement will be on a long term basis. You may have to switch to a different product or even a different provider before renting out your home.
Landlords have specific liabilities with regard to tax, and you must comply with these requirements to stay within the law. Any income from renting your property must be added to other monies that you have earned over the year and you will have to complete a Self-Assessment tax return. There are, however, some expenses which can be offset to reduce the amount of tax you pay. You may also have to pay Capital Gains Tax on any profit if you sell your rental property, although again there are certain expenses which can be offset against the total.
You will need to decide whether you are prepared to rent out your property on a long or short-term basis. While some landlords prefer the security of a long lease, many tenants are more interested in renting a property for 12 months or less.
A landlord must ensure that they have comprehensive insurance cover for their property that will protect them should anything go wrong. A good policy will provide buildings cover as well as protection against accidental damage and protection from loss of rent, and will help to guard you from being out of pocket in the event of a problem.
It is a landlord’s responsibility to ensure that any gas or electrical appliances in their property are safe to use. Part of these obligations involves having a yearly gas safety inspection and the provision of a Gas Safety Certificate to tenants, as well as ensuring that their home is equipped with smoke and carbon monoxide detectors.
Addressing Outstanding Works
If there are outstanding works in your property which need carrying out, for example repairs to part of the building’s structure or appliances, it is part of the landlord’s responsibility to ensure that these are done as quickly as possible. Landlords must ensure that any exterior problems are dealt with and that all utilities equipment is in good working order.
A landlord should always prepare an inventory detailing the contents and condition of their property before a tenant moves in to protect themselves from damages. This should be signed at the start of a tenancy by both landlord and tenant and then checked at the end so that any losses can be addressed.