Becoming a landlord for the first time is an exciting and rewarding venture that can easily become one of the best decisions of your life.
However, landlords must fulfil several duties and meet numerous legal requirements before, during and after a tenancy that you may be unaware of.
In light of this, our experienced letting agents in Warrington have produced a guide that delves into the world of property management for first-time landlords – keep reading to find out more!
What’s the role of a landlord?
Landlords own rental properties, which they let out to a tenant in exchange for monthly rental payments. As a landlord, your role involves several responsibilities, including:
- Insuring the property
The landlord must insure their property for let to protect it from accidental damages, including fire and flood damage. Some insurance policies may also cover the landlord for legal expenses if injury occurs on the property or in the event of disputes with tenants.
- Ensuring property standards
It’s a legal requirement for landlords to make their rental properties safe and ensure they meet the minimum standards outlined under the Homes (Fitness for Human Habitation) Act, which was introduced to ensure letting homes are fit to live in.
Properties that are let out must:
- Be in good condition and stable
- Have enough natural light and ventilation
- Supply hot and cold water
- Have fully functioning lavatories and effective drainage
- Not have any of the hazards listed in the Housing Health and Safety (England) Regulations 2005
- Have fully functioning smoke alarms on every floor and carbon monoxide alarms
- Be adapted to a tenant’s special needs if they’re disabled
- Organising essential paperwork
Landlords must obtain and keep the following documents and certificates:
Tenancy agreement – A vital contract between tenant and landlord which outlines the legal conditions of the tenancy and when the tenancy will end.
Gas Safety certificate – This is proof that a qualified engineer has inspected and approved any gas appliances on the property.
Energy Performance Certificate (EPC) – This documentation shows the energy efficiency rating of a rental property – failing to obtain one could result in hefty fines. Tenants must legally receive a copy of the EPC so they’re aware of the running costs of their new home.
Inventory – A comprehensive list or collection of photos of the items within your letting property. Inventories are proof of any damages or stolen goods at the hands of tenants.
- Handling deposits
Landlords must safely look after their tenant’s deposit by keeping it within a Tenancy Deposit Protection Scheme, such as the Deposit Protection Service (DPS).
- Collecting rent
Part of a landlord’s role is to collect monthly rental payments from tenants – there are several collection methods such as standard orders, bank transfers and card payments.
To ensure the full amount is paid in time, landlords have to inform those staying in their rental property the amount of rent they must pay, when the rent is due, and how they should make payments.
The above will be outlined in the tenancy agreement signed before the move-in.
- Property maintenance
If the rental property is furnished, it’s the landlord’s responsibility to replace broken or worn appliances or furniture and repair them if necessary.
What’s more, any repairs to pipework, electrics and general maintenance is down to the landlord.
What should every first-time landlord know?
Here are some additional points that potential landlords may benefit from knowing:
- Landlord rights
To ensure landlords receive all they’re entitled to, they must familiarise themselves with their rights, consisting of:
- Having their rent paid
- Requesting that their tenant leaves their property (of course, the correct legal procedures must be adhered to)
- Collecting rent if the tenant breaks the agreed contract before their term has ended
However, although they own the property, landlords don’t have the right to enter the property whenever they like. Instead, they must provide 24 hours’ notice beforehand.
- Furnishing the property
Landlords must decide whether to furnish their letting property or not.
The choice is entirely theirs, although a fully furnished property can greatly appeal to a wider pool of tenants, ensuring their rental properties remain occupied and rental income consistently flows.
If furnished, any sofas, armchairs or beds installed must be fire-resistant and any old or worn furniture must be upgraded before a new tenant moves in.
Do landlords need property management support?
Letting out their property may seem quite daunting for fledgling landlords, given the various responsibilities they’ll have on their plate and the legal regulations that must be abided by.
To ease first-time landlords into the process, a trusted lettings company in Warrington will be on hand to guide them into the rewarding world of rental properties.
What property management service is best for first-time landlords?
There are several property management packages available to first-time landlords, offering varying degrees of landlord support.
Let Only packages
With a Let Only property management service, your letting agent in Warrington will simply assist with:
- Marketing and viewings
- Arranging tenancies and tenancy agreements
- Completing all the relevant checks required by law
- Securing the tenant’s deposit within the DPS
This type of service is ideal for first-time landlords who want to be more hands-on with property management, prefer minimal support and would rather take charge of communications with their tenants.
Full Management services
The most complete package, Full Management involves a dedicated property manager from an established lettings agent in Warrington taking responsibility for most landlord duties, such as:
- Evaluating a property’s potential rental income
- Marketing and accompanying all viewings so landlords don’t have to
- Undertaking tenant screening, identity checks and credit searches
- Preparing tenancy agreements
- Handling the tenant’s deposit securely
- Collecting rent
- Arranging a detailed inventory
- Rectifying maintenance problems
- Inspecting the property regularly
- Producing legal check-out documents and deducting expenses from the deposit
Full property management is ideal for first-time landlords who aren’t entirely confident taking the reins, or who have full-time jobs and can’t dedicate much time to property management.
Ultimately, selecting the right landlord support service depends on the amount of support landlords may require.
Speak to us about landlord property management
Interested in tailored landlord services from reliable and experienced letting agents in Warrington? Maybe you want to know more about our property management packages?
If so, please don’t hesitate to contact our friendly and helpful team today, who are equipped with the experience and knowledge to support all your needs as a landlord in Cheshire.
