The basics of property letting for landlords
The experience of becoming a new landlord is a daunting one. You really need some good support to be able to understand the way UK property market works. Here are a few more tips for property owners looking for letting their property in the UK.
1. Letting agent
While it is not necessary to hire a letting agent, it is always worth having a strong support if you are new to the property market. Most property owners avoid using agents because of additional costs. However, with the popularity of online letting agents services, costs are not a matter of concern anymore! Online letting services provide you complete assistance in affordable rates and it is a great start for the newbie, to make sure they are doing it right!
When it comes to asking for rental deposits, it is completely the landlord’s decision. If you are letting your property to students, the rental deposit is usually waived. However, if you choose to take a rental deposit, it cannot be self-designed. Property owners are obliged to follow one of the approved Government tenancy deposit schemes; otherwise, there may be strict compensatory fines.
3. End of tenancy agreement
At the end of the tenancy agreement, there are a variety of choices for the landlord. Firstly, it is the landlord’s decision to continue the contract or not. If the relationship is continued, you are not bound to follow any of the statements in the previous agreements. You may want to continue the relationship with the tenant after modifications in the monthly rental amount.
4. More the better
Keeping tabs on the latest requirements and obligations of property owners that fall under the category of property letting, is always a smart idea. The more you know about how the property market works the better for you.