While many landlords make the deliberate decision to invest in Buy to Let, we know that others find themselves renting out property unexpectedly.
In fact, our own recent research found that more than a quarter of all landlords ended up letting property ‘by accident’.
This can happen for a variety of reasons, such as:
- Inheriting a property
- A change in family circumstances, e.g. moving in with a partner or separating
- Having to relocate for work
- Needing to move and being unable to sell a previous home
And letting can be an ideal solution. It allows you to hold on to a property, with rental income hopefully covering any mortgage payments and bringing in some extra monthly income – plus you should gain equity over time.
However, there are significant challenges to being a landlord. The biggest one is the sheer amount of legislation that governs the letting of property, and getting any of it wrong can have serious consequences, both financial and personal.
On top of that, the business of managing a tenancy and looking after both your tenant and your property can be time-consuming and it’s certainly not always easy!
So, if you’re thinking of becoming a landlord – and even if you already rent out property and want to test your knowledge – why not start by taking our quiz on some of the basic laws around letting:
Are you ready to become a landlord?
We’ve also created a second questionnaire that lets you find out roughly how much it will cost you to be a landlord, in terms of administering your rental. Just fill in some basic details about your property here:
How much does being a landlord cost?
Even if you choose to have a letting and managing agent, it’s a good idea to understand at least the basics of what it takes to be a landlord in today’s world.
And if you’re planning to look after your property yourself, you must seek specialist advice and take the time to understand lettings laws, particularly around:
- Property standards
- Health and safety
- Tenancies
- Your responsibilities and obligations as landlord.
And with lettings laws regularly being reviewed – bearing in mind that we’ve currently got both the Renters (Reform) Bill and the Leasehold and Freehold Reform Bill making their way through Parliament - it’s vital that you have a reliable way of staying up to date with the latest changes.
Because of the time and effort required to operate a successful, legally compliant let, many landlords – particularly those who have unexpectedly ended up with a ‘spare’ property - prefer to use the services of a qualified agent.
Putting your property in the hands of specialists gives you peace of mind that one of your most valuable assets is legally let and managed, by experts who have the right knowledge, skills and legal support.
If you’d like to talk about any of the legal changes currently being proposed, or you want to find out more about our own services, you can find the contact details for your local Your Move lettings team here.
Curious how much your current property could be worth? Book a free property valuation today.
The Your Move Content Marketing Team
