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Landlords area

The major concern in the private rental sector (PRS), is achieving a decent yield. And landlords have to play their part here by offering their properties in good condition and with modernised kitchens and bathrooms..............

Your property is a valuable asset and we recommend having an inventory done prior to any tenancy commencing. A professional inventory ensures that both Landlords and Tenants have a clear understanding of the contents and condition of a property at the start and end of a Tenancy period. It can also prove invaluable in the event of dispute at the end of a Tenancy.

Letting your property
If you let your property, the tenancy will normally be an assured shorthold tenancy (AST).
With an AST, you have guarantees and rights, for example:

• you can get your property back after six months provided any fixed-term agreement has ended and you have given your tenant two months' notice to leave the property
• you can charge a market rent
• you can end a tenancy at any time if your tenants don't pay the rent, behave anti-socially or damage the property, including within the first six months or initial fixed term if the tenancy agreement provides for this

You should agree with your tenant how long the tenancy will last and write it into the tenancy agreement before they move in. You can agree to a set period - known as a 'fixed term' - or you can leave it open-ended.

A tenancy agreement is a written or verbal contract between a landlord and a tenant setting out the terms and conditions of a rental agreement. You should try to have a written agreement ready before a tenancy begins. You can use a verbal agreement but they offer no proof if disputes need to be settled. 1sthome prepares up to date tenancy agreements that cover all aspects of letting and incorporate the relevant housing acts.

Landlord responsibilities

Your responsibilities as a landlord include:

• repairs to the structure and exterior of the property
• repairs to heating and hot water installations
• repairs to sinks, baths and other sanitary installations
• safety of gas and electrical appliances that you supply
• fire safety of furniture and furnishings that you supply
• providing an Energy Performance Certificate for the property
• protecting your tenant's deposit in a government-approved scheme

In return, your tenant is responsible for taking good care of the property and paying the agreed rent. The tenant should also pay for other charges - like Council Tax or utility bills - unless you have already included an amount for these in the rent.
You will have to pay Income Tax on your gross rental income minus your day-to-day running expenses.