First time landlord guide

There are many reasons that people become landlords. You may have chosen to invest in property to provide a source of income or as part of your pension and retirement planning. Perhaps you’re moving in with your partner - or you have inherited a property from a loved one. Or maybe you’re moving house but can’t (or don’t want to) sell?  Whatever your reason, if you’re becoming a landlord for the first time, there can be a lot to think about.

We’ve put together this short First Time Landlord guide covering a few key points that you need to take into account.

If you would like some advice or to have a chat with one of our specialists then call or pop into your local branch.

Before tenancy

Find a property

If you don’t already own a property to let, then it’s time to start looking. The key question is what is the best investment?  With Thomas Morris's expertise in sales as well as lettings we’re in a great position to advise you. 

Check your mortgage

Most residential mortgages don’t allow you to let your property without permission from the lender, who may also change the rate of interest to reflect it being a rental property. You will need to talk to your mortgage lender as early as possible to make sure you can get consent to let your property. If you are looking to switch to a new lender, we can introduce mortgage services to you through Embrace Financial Services, a mortgage broker with a team of expert financial advisers.

You will need to talk to your mortgage lender as early as possible to make sure you can get consent to let your property. 

Consider the expenses

There are a lot of financial decisions to be made before you start getting tenants. One of our Thomas Morris lettings agents will be able to advise you on rent rates based on what the let is worth, but there are a lot of other aspects you'll need to consider. Will you include any of the bills in the rent? If so, which ones? Will you leave the property furnished or unfurnished? How much involvement in the property management will you want to be involved in? 

You should also factor in compliance costs such as safety certificates, licensing (if applicable), and legal requirements.

During tenancy

Make an inventory

It is best practice for you or your agent to prepare an inventory of the contents of the property and its condition shortly before the tenant moves in. An inventory is important as it can reduce disagreements at the end of the tenancy if anything is missing or has been damaged. Thomas Morris will arrange this as a part of our letting and management service. 

Collect the deposit and start receiving rent

You are legally required to protect your tenant’s deposit in a government‑approved scheme within 30 days of receiving it and provide the tenant with prescribed information within the same timeframe. We register deposits with a scheme such as My Deposits to the benefit of both tenants and landlords. You may wish to consider a Zero Deposit Guarantee which provides tenants with a more affordable option whilst providing landlords with the same protection provided by a traditional cash deposit.

With your tenant moved in, it will soon be time to collect the rent. You’ll need to decide whether you want to do this yourself, or let Thomas Morris take care of it.

Moving in

Landlords are required to provide tenants with prescribed written information and key legal documents at the start of the tenancy. These include details of the tenancy, deposit protection information, and safety certificates such as an Energy Performance Certificate (EPC), Gas Safety Certificate (if applicable), and Electrical Safety Report (EICR), along with any required government information.

Property inspections

Periodic inspections (typically every 3–4 months) are commonly carried out, with appropriate notice, to ensure the property is being looked after.

Maintaining the property

As time goes on, it’s inevitable that your property will receive some wear and tear. It’s your responsibility to maintain the property at the standard it was in at the start of the tenancy. Remember, keeping on top of small problems could help you save large sums of money later so it’s worth addressing issues quickly as they arise. Thomas Morris's Lettings Client Services department can help with these day-to-day jobs.

At the end of the tenancy

Continuing the tenancy

Most tenancies now run on an ongoing (periodic) basis. If you wish to stay in the property, it will usually continue automatically unless either you or the landlord decides to end it in line with the law.
If you would like to make any changes to the tenancy, such as updating the rent or terms, these must be carried out in accordance with current legislation and properly agreed between all parties.

Notice and ending the tenancy

A tenancy will continue until it is ended by either the tenant giving notice, or the landlord following the legal possession process.

The notice requirements that apply will depend on the tenancy agreement and current legislation. You must follow the correct legal process when ending a tenancy.

Moving out and your deposit

At the end of the tenancy, the property should be returned in the same condition as when you moved in, allowing for fair wear and tear.
Providing there is no outstanding rent owed, and no cleaning or repairs are required, your security deposit will be returned to you in full.
If cleaning or repairs are needed, these will be agreed between you and the landlord and the cost deducted from your deposit, with the balance returned to you. If there is a dispute, the deposit protection scheme will provide a resolution service.