In Britain renting between two people is regulated by 145 pieces of legislation. This means you need to comply with this number of laws. Failure to comply with some laws may result in criminal conviction, and in other cases, you will have to pay a fine. So this is an issue that deserves careful consideration.
Some counties in Britain have a licensing system when renting out property. But since 2004 there has been a law stating that not all landlords have to get a license. Find out in advance which category your house falls into.
So that your tenants can find you more quickly, find a good professional estate agent. Tell him or her about your plans and which tenants you would like to have in your home.
You can also take some steps in this direction yourself. Create accounts on popular real estate portals in London. For example on Rightmove. The statistics of the site show that it has over 150,000 daily views. Tenants prefer this site thanks to its map search option. You can also find a lot of useful information for tenants and landlords.
Another popular resource is Zoopla. Here, you should spend some time describing your home in detail to ensure that your home is in demand and tenants are interested. Take lots of photos of your house and include all the details and parameters in the description. Find a Hood is also a popular service among tenants. On this resource, the search works mainly by city district.
Current laws work to protect the interests of both parties, the landlord and the tenant. One of these laws states that the landlord must carry out regular inventory checks to ensure that the contract complies with the Immigration Act. This rule is the same for everyone. The landlord has a right to know on what grounds the tenant is in Britain.
Another important issue is tenant deposit protection. If your tenant knows their rights well, they can request that the deposit be handed over through the Tenancy Deposit Scheme. In this case, your contractual relationship is vetted through the government's security deposit scheme. This measure is also designed to protect the interests of both parties.
If you are planning to earn less than £50,000 a year from rent then the amount of deposit you can request from the tenant can be up to a maximum of 5 weeks. If the annual amount is more than £50,000, the amount of the deposit can be equal to 6 weeks maximum. But this item differs in every region of Britain. You must resolve deposit protection issues within 30 days of receiving the money.
There are two types of protection schemes: insurance and custodial. Once the deposit has been secured you should send the tenant an order stating all the details of the deposit and its protection.
If your home is insured, you should notify your insurance agent. Otherwise, your policy may lose its legal validity. Rental insurance companies have a special policy where the tenant is also included in your insurance company and has the option of getting compensation in the event of damage.
Apart from legal issues, you will have to take care of technical matters. These are the following items:
1. The safety of electrical networks and appliances. We recommend that you look at the standards that are in force from June 1, 2020. There are new rules and requirements.
2. The safety of gas appliances. To do this you need to have a gas safety engineer come to your home. The inspection must be carried out at least 2 months before your current safety certificate expires.
3. Check smoke detectors and fire safety. Fire alarms must be in working order or the owner must install new ones. There is also a new law on this issue, which came into force in October 2022. If an inspection reveals non-compliance, the owner will face a fine of up to £500.
You should also check that chimneys, water pipes, drains and other networks are in good working order. Once these issues have been addressed, you can think about whether the house will be rented furnished or unfurnished. Also, think about the cost of renting. You can do this by analyzing local web resources and comparing other offers.
It is also up to you to determine who you would like to see as your tenants. Young people and students are unlikely to be able to afford to buy their own furniture. In this case, it is advisable to provide the necessary minimum of furniture and appliances in the flat. To avoid conflicts and disputes in the future, we recommend you use a property management service. Such a service will help you keep your possessions safe and receive your rent on time.