The National Landlords Association (NLA) has published guidelines for homeowners who are considering becoming a landlord and letting out their home.
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With the possibility of UK property prices falling by up to 5% in 2012*, many homeowners may consider letting their property as an alternative to selling. A recent NLA survey of landlords found average rental yields are now 6.7%**.
David Salusbury, Chairman, National Landlords Association, commented:
“If house prices fall this year, we may see more homeowners who were planning to sell instead considering letting their homes while they wait for the market to stabilise.
“There are currently a record number of people searching for rental properties, meaning would-be landlords would have no problem finding a tenant.
“Letting a property can be a rewarding experience and an effective way of providing additional income, but prospective landlords will need to remember they are effectively starting a small business. They must ensure they are well aware of the rules and regulations governing the letting of private residential accommodation.”
The NLA has released the following tips for homeowners, to ensure they comply with regulations:
- Provide a proper tenancy agreement, usually an Assured Shorthold Tenancy (AST) agreement that you and the tenant sign. This will outline the length of the tenancy, amount of rent, when it is to be paid, and deposit details
- Protect the tenant’s deposit with a government-authorised scheme, such as mydeposits
- Create an inventory describing the condition of the property in detail, along with the furnishings
- Have gas appliances checked annually by a Gas Safe registered engineer and provide the tenant with a Gas Safety Certificate
- Take out comprehensive landlord insurance to protect your property
- Ensure urgent repairs are fixed promptly. Use reputable tradesmen that you know and can trust to tend to the property at short notice.
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