Complete Guide to Becoming a Landlord

Complete Guide to Becoming a Landlord

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If becoming a landlord is something you have been considering, now is the time to learn all there is to know about it. Keep reading to find out what steps you need to take to become a landlord.

How to Become a Landlord

Since the beginning of the year, demand for rentals has significantly increased. And with demand far outweighing supply, there perhaps has never been a better time to become a landlord. 

In this guide, we will show you what steps you will need to take and how you can start renting out your property.

Landlord Eligibility

Landlord Eligibility

The first step to becoming a landlord is checking your eligibility. Not everyone can be a landlord and not all properties can be rented out. Therefore, it’s best to start by checking applicable legal requirements for your particular circumstances. 

For example, if your property is mortgaged, your mortgage lender will have to issue an approval before you are able to rent out the home. Your mortgage policy must also cover buy-to-let. 

For leasehold properties, the terms of the lease must allow you to sub-let.

Landlord Legal Responsibilities

Landlord Legal Responsibilities

Every landlord must ensure they are up to date and observe their legal requirements relating to their responsibilities and duty of care towards the tenant. This is paramount since not observing legal requirements may prove costly. 

Landlords must pay particular attention to the following legislation:

  • Minimum Energy Efficiency Standards (MEES)
  • Tenancy Deposit Schemes (TDP)
  • Tenant Fees Act
  • Section 21 Evictions
  • Electrical Safety Inspections

As a landlord, you will have to regularly check for any amendments to this and other legislation and check the rules that apply to your region. 

Since legislation is constantly changing and being amended, this is one of the main hurdles landlords have to overcome. It’s not always easy to stay up to date and understand all the rules that apply to you and your property. 

This is why many landlords choose to assign a letting agent to manage their property. An experienced letting agent will keep you up to speed on the ever-changing requirements for landlords and handle all the legal aspects of letting the property for you. On top of this, they will also handle all the day-to-day management and upkeep of the property so you don’t have to stress about anything. 

To contact one of our experienced letting agents, call 0207 055 0441 or send an email at info@realestateagentslondon.co.uk.

Observing Tenant Rights

Observing Tenant Rights

It is mandatory for all landlords to observe tenant rights and to have these rights listed in the lease agreement. To become a landlord, you must be aware of these rights and make sure the property meets the legal requirements. 

The main tenant rights you must observe include:

  • The property must be safe and in good state
  • The property must have a valid Energy Performance Certificate (EPC)
  • The tenant must know who their landlord is
  • You must have a written agreement in place for any fixed-term tenancy of more than three years
  • The tenant must be able to live in the property without being disturbed
  • The tenant must be protected against unlawful eviction
  • You must not charge tenants excessive fees 
  • You must return the tenant’s deposit once their tenancy ends

Property Condition 

Property Condition

If you want to succeed as a landlord, it is important to have a property that is in good condition. In many cases, landlords have properties that could use repairs, renovations, or improvements before being rented out. 

If your property needs work, it’s important to consider the costs of such work and how you will be able to finance it before you consider becoming a landlord.

Furnishings are optional for rental properties. You can rent out a property that is fully furnished, partially furnished, or unfurnished.

Every option has its advantages and downsides. So it’s up to you to consider the pros and cons and make a decision that suits your needs.

Property Management 

Property Management

Some landlords choose to manage their own rental properties and handle all of the day-to-day operations like promoting the property, communicating with tenants, and keeping the property in good condition. However, many landlords simply do not have the time or do not want the headaches and choose a letting agent for the management of their properties. 

The main advantages of choosing an experienced letting agent to manage your property are:

  • A letting agent can help you determine how much rent you should charge
  • Letting agents are more than familiar with the legal requirements applicable to rental properties 
  • An experienced letting agent has access to a wide range of potential tenants as well as professional marketing tools and techniques 
  • Letting agents are proficient in communicating with potential and existing tenants 
  • A letting agent will easily source professionals for repairs and upkeep to ensure the property is always in top condition

If you want to know how much rent you could get for your property and learn more about the advantages of choosing an experienced letting agent for the management of the property, contact our Canning Town estate agents today at 0207 055 0441 or info@realestateagentslondon.co.uk

5/5 - (31 votes)

Our Agents

Estate Agents Qaiser

Qaiser Masood

Estate Agents Rizwan

Rizwan Ashraf

What Our Customer's Say

Samarpan Thorat
Samarpan Thorat
2022-02-18
They have multiple options.
Lana Matta
Lana Matta
2022-02-01
Exceptional service! Always on time and proactive!
Adetola Ajala
Adetola Ajala
2022-01-24
From just a walk in to prompt service delivery. Adil took time to explain about property market and was very professional in every aspect of negotiation and final house letting process. So far property management has been satisfactory.
Amit Bains
Amit Bains
2021-12-10
I chose REMAX and Adil specifically to manage my property in the Canning Town area because I could tell the enthusiasm and customer service levels were extremely high. I have not been disappointed given the current market and global situation over the past year and more I could not have asked for a more attentive agent then Adil and the wider REMAX team
Adnans Syed
Adnans Syed
2021-12-06
Remax barking is best agents Mr Adil is best Man to deal with we take House From Mr Adil in 2018 now in 2021 we are moving From house But There service is very professional and decent I moving my house but in many years no problem with them regarding anything I live in U.K. since 15 years but this is the best agency we had if you guys be with remax barking road you never be a disappointed that’s for sure great service see you in future Mr Adil thanks for you kind service god bless you 🙏
Thunicia Moodley
Thunicia Moodley
2021-11-28
I approached REMAX after being dissatisfied with another agent in the area, who was very poorly responsive, negligent with our property, & unable to rent it out for 3 months. From the first interaction, Adil was highly responsive, provided advice on what was required to bring the property back up to standard, and swiftly obtained quotes for all work that needed to be carried out. REMAX oversaw completion of the extensive work & secured tenants in approximately 4 weeks. I initially contacted REMAX, amongst other agents, due to their high Google ratings. Based on my own experience, I rate the level of customer service & professionalism 5 star. Thank you Adil & Team.
Anam Asghar
Anam Asghar
2021-11-27
Excellent Customer Service and prompt action been taken when finding property for my self… Highly Recommended 👍🏻
Nitu Mariana
Nitu Mariana
2021-11-17
I have just secured a new apartment using the REMAX Canning Town Branch, and during the whole process, Mr Masood Qaiser was very helpful. I contacted him through Facebook regarding the available property. He was very professional, good communicator. Patient and reliable. Explained all the processes and followed up with emails and calls, which helped put my mind at ease and helped me throughout the whole process, making the process smooth and easy. Even he helped me with switching the bills. So I very much recommend this agency. I had a positive experience with them.
Martin Parvanov
Martin Parvanov
2021-11-15
I saw so many properties to rent in Facebook . You have so many advertises and when I ask Julian if they are still available He doesn't reply to me. Even not only him ..There is another guy I can't remember his name and he doesn't answered on my messages as well. This is the reason to give you only one star
Saugat Budhathoki
Saugat Budhathoki
2021-11-11
I've used Remax Canning Town Branch for Letting my apartment in Rathborne Market. Mr Rizwan is reliable and goes the extra mile to help and secure the professional tenants as I wanted. On top of his knowledge and experience, Rizwan is kind and personable, a pleasure to work with him, and I recommend REMAX wholeheartedly.

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