buy to let legal requirements

Buy to Let legal requirements guide

explained

As a landlord, you have certain responsibilities other than simply paying the inland revenue any due taxes. In order to help protect the rights and interests of both the tenants and landlords a number of regulations and responsibilities should be followed.

You must inform your mortgage provider that you will be letting your property.If only for a short period they may allow you to keep on your existing residential mortgage however they will usual request that you finance the property with a specific buy to let mortgage.

Inform your insurance company that you are letting the property. As a minimum you'll be required to have specific buildings insurance often referred to as landlords insurance.

Gas Safety checks should be performed annually by a registered corgi technician. Most letting agents require to see the certificates prior to letting the property.

Furniture and Furnishings must not contain foam that gives off toxic fumes when burnt. Labels saying these standards are met should be attached to items where relevant. Most modern furniture will usually comply with these rules however if your property has some older furniture items it is worth checking whether they comply.

All electrical item in the house must e safe. Though it is not yet law to have them tested and certified like with gas appliances it is a very good idea to do this. Any changes to the electrics must be carried out by a professional with the relevant membership of an approved scheme.

General duty of care. Landlords have a general duty to ensure that the premises are kept in repair. Any failure to do so could make the landlord liable for any injury or loss which results.

On a more general theme it will usually pay in the long run to invest some money back into your buy to let property. If you tend to and fix small issues early on you can often avoid more serious damage and expensive repairs in the long run. For example unblocking a length of guttering can prevent it overflowing which over a period of time may cause damp to permeate the wall beneath it, causing the need for repainting inside and possibly the replacement of damage bricks.