Becoming a Landlord
Fri 11 Aug 2017
Being a landlord can be daunting, however, at Seths we are finding that more people are investing in properties, many of whom are becoming first time landlords. Due to low interest rates on savings accounts and volatile stock market conditions, many people are looking at an alternative way to make their money earn an income.
At Seths we have a professional lettings team who will guide you every step of the way, offering you clear advise and making the whole experience stress free.
Once you have decided to become a landlord, there are many questions to answer, so we have come up with some impartial advise for you.
Q: Where should I buy my first rental property?
A: At Seths we have over 45 years of experience in Leicester’s property market and have a great understanding of which areas work best for buy-to-let properties.
Q: Do you have any Buy-To-Let properties for sale?
A: Once we have agreed on a location, we will work with you to find the right property to let. At times we may even have a fully let buy-to-let property for sale.
Q: Are there any legal requirements to renting a property out?
A: There are many legal requirements that a landlord needs to follow, from ensuring the property is safe, to having an up to date gas safety check, a legionella test amongst other requirements. At Seths we will work with you to meet all of these requirements and we will also keep you updated with any legislation changes as they arise.
Q: How long should I rent my property for?
A We recommend having a short tenancy agreement between 6-12 months, on average for 12 months.
Q: How do I find the right tenant for my property?
A: Our experienced team will find a suitable tenant for your property and we will carry out necessary checks to ensure that they are a good and suitable tenant.
Q: What is a Tenancy Agreement?
A: A tenancy agreement is an agreement (a contract) between you as the landlord and the tenant who is renting the property from you. This includes your duty and care as a landlord and it also includes the duty and care for your property by the tenant. At Seths our experienced team can help arrange this for you and explain this in full to you.
Q: How do I know my property is going to be returned to me in the same condition when I first let it out?
A: Before the property is rented out to a new tenant, we will take photographs of your property as proof of the condition you gave to your tenant. We also carry out regular property checks to ensure that the tenant is maintaining your property, as agreed in the tenancy agreement.
For added security, a deposit of 6-8 weeks is taken from the tenant and this is used if the property is not returned in the condition it was let, to cover any repair costs needed.
Q: Who looks after the deposit?
A: The tenant’s deposit is lodged in a government backed tenancy deposit scheme to ensure it is safeguarded.
Q: Will I have to deal with ongoing repairs?
A: No, at Seths we offer a fully managed service, ensuring that we will deal with the tenant, should an issue arise and liaise with one of our contractors to ensure the work is carried out as quick as possible to keep the tenant happy. All repair costs will be agreed in advance with you and will be deducted from your rental income. If a major repair is needed, we will work with you to fix this and may need to take a separate payment for this.
Q: Who will collect my rent?
A: We will collect your rental income every month from the tenant and transfer it to your bank account minus the management fee and any incurred repair costs.
Q: Do I need insurance?
A: Yes, we recommend that you have specific landlords insurance and we can help you to source this.
Renting out your property is a good source of income however there can be lots of paperwork and the process could take time. Seths are here to help every step of the way.
Thanks for reading.
Are you thinking of becoming a landlord? Email me directly at email@example.com or call 0116 266 9977 for honest, expert and friendly advice.