Landlords - FAQ

What maintenance am I responsible for?
A landlord is responsible for the following maintenance on their rental property:

• All appliances must be in working order and safe
• There must be no internal or external leaks
• There must be an annual certified gas and electricity safety check
• The house should be a clean, safe, comfortable and warm place to live

What fees are associated with renting?
When it comes to renting your property, you must take into account the following fees:

• Stamp Duty if you are buying the property
• Agent fees for finding a tenant
• Agent fees for managing your property (if you want your property managing)
• The cost of the mortgage if required plus monthly mortgage payments
• Tax paid on the rental income
• Fees for maintenance or safety work that might need carrying out

What is the best mortgage for me?
As a landlord, you will need a ‘Buy to let’ mortgage. Your main decision is whether you want an interest-only or repayment mortgage. The former is less expensive, but will only contribute to the interest on the mortgage, whereas the latter, whilst more expensive, will increase your equity in the property.

ONE Mortgages, Protection and Estates can advise on the best mortgage for your circumstances, so get in touch if you have any queries.

What if I don’t already have a house to rent?
You will need to purchase the rental property, and there are many things to consider here. For example, one of the most important considerations is how much rent you should charge; this will take into account the cost of the house, monthly repayments, the local area and finding the most suitable tenant.

ONE Mortgages, Protection and Estates are experienced in advising on all aspects of becoming a new landlord including finding your ideal rental property, so get in touch if you have any queries.

What compliance issues are associated with renting?
Compliance and regulation is an increasingly important factor when it comes to renting. Here’s a quick check-list of what you will need to consider:

• Do you need a landlord licence?
• Are you tenants legally ‘right to rent’?
• Have you protected your tenant’s deposit?
• Have you carried out an EPC (Energy Performance Certificate) assessment?
• Does the condition of your property mean it is safe?
• Have you carried out a certified gas inspection?
• Have you carried out a certified annual electrical safety check?
• Are there sufficient smoke and carbon monoxide alarms in working order?
• Have you carried out a fire risk assessment?
• If there are fittings and furniture, do they meet safety standards?
• Is your property insurance up to date?
• Have your tenants been provided with a ‘How to rent’ checklist?