SIX NEW YEAR’S RESOLUTIONS FOR NEW LANDLORDS

Since the start of January, I have already helped several first-time landlords prepare to take the step into the private rented sector, writes Catherine Hunt.  Alongside informing them of their legal responsibilities and assisting them with marketing their properties, it is interesting how several pieces of advice are commonly welcomed by those who are new to the world of residential lettings.

As it’s January, I thought that I would offer six potential new year’s resolutions for anyone who is about to let a home, whether it is your first time or you are an experienced landlord – it is never to late to learn new things!

1. Set up a separate bank account for your property, into which all rent and other payments can be made, and from which all expenses can be paid.  This will keep it distinct from your personal finances, and make accounting for the property much easier.

2. Likewise, set up a separate folder in your email inbox where you can put all relevant communications regarding your property.  This means you will have easy access to everything, especially when you come to do your tax return.

3. If you are someone who likes to have things on paper, invest in a lever arch file to keep all your documents, receipts and other paperwork all in one place.  But actually, given that Making Tax Digital for landlords starts being implemented in April, it’s probably a better idea to set yourself up digitally now, so that when the time comes you are ready and don’t have to start all over again.

4. Collate all the relevant certificates for your property in one place: gas safety certificate, Electrical Installation Condition Report (EICR), Chimney Sweep certificate (if relevant), insurance certificate and so on.  This might be a physical file or a digital one, but you need to be able to lay your hands on these documents at any time.

5. It’s a good idea to get your property professionally cleaned, and the garden professionally sorted too, so that you set an evidenced benchmark for the standard you can expect it to be returned to you at the end of the tenancy.  This removes any opportunity for departing tenants to dispute the state the property was in when they moved in.

6. Make sure all the appliances in the property are working, and all of the lightbulbs, too.  Don’t forget to provide copies of all of the relevant instruction manuals for appliances, central heating, hot water and so on.  Also, make sure that things like the location of water, gas and electric meters are clearly explained, along with the whereabouts of the stop cock in the event of emergencies.  This gives your tenants the best chances of being able to operate everything without having to constantly come back to you during the tenancy.