This time of year is perfect for checking your property portfolio, ensuring everything is legal and start planning to deal with routine checks on properties following the winter period.
Start by asking your Tenants if the bad weather has caused any known issues that may need to be addressed. Arrange to have a property inspection done and have smoke and carbon monoxide alarms tested at the same time. It’s well known that happy tenants in a well maintained home are likely to stay longer and take good care of the property.
Check any deposit is no more than the prescribed 5 weeks (or 6 for annual rent above £50,000), if so arrange to return the difference following the Tenant Fees Act change for all ASTs.
Check EPC ratings and ensure rented property is rated E or above. Its now unlawful to rent out if rated below an E. Check your full property portfolio.
Check for yearly CP12 Gas Safety Certificate is reserved to tenant annually or within 2 months of renewal date. This is also a legal requirement.
Its also worth checking with local authorities to see if licencing has been introduced. If already licenced, check expiry or renewal date.
A lot of private landlords with a property portfolio, utilise the services of a letting agent or inventory company to do the house inspections and cover all legal obligations. Due to the laws changing rapidly over the past few years, it makes sense and can be more cost effective way of managing your rental property in the long term.
