Yes. Your mortgage lender needs to give you permission before you can let your property, and they may impose special conditions. If you are buying a property with the intention of letting it out, any mortgage should be a buy to let mortgage and further consent from the lender would not be required.
If you are looking for a buy to let mortgage or need more help reviewing your finances, our partner Embrace Financial Services can help.
Ask a letting agent to value your home. At Thomas Morris, we’re experts in the market, so we can tell you how other rental properties are faring in the area, and what kind of rent you can hope to expect based on recent market evidence.
This really depends on how much support you need. At Thomas Morris we offer two main service levels: Tenant Find and Fully Managed. Each involves a different degree of service from Thomas Morris and the fees we charge reflect this. Be sure you understand an agent’s fees and exactly what you receive for your money when you ask them to conduct a lettings valuation.
Choosing a fully managed service allows you to completely relax. You never have to worry about the let. It creates a professional distance between you and the tenancy, and means you can avoid having to deal with all the bad bits like rent arrears, deposit disputes and changes in legislation.
Landlords and letting agents are required to register tenants’ deposits with an approved Tenancy Deposit Scheme. The deposit is then either held by the landlord, the agent or the deposit scheme itself. The Tenancy Deposit Scheme is there to protect the tenant’s money and help to resolve any disputes at the end of the tenancy.
An inventory is a detailed list of the contents and condition of your property taken before the tenant moves in. It is important that if there is a dispute over damage at the end of the tenancy, you have detailed evidence of the original condition of the property and its contents.
An Energy Performance Certificate, or EPC for short, is a report detailing the energy efficiency of a property. It gives a property an energy efficiency rating from A (most efficient) to G (least efficient) and is valid for 10 years. All landlords are required to provide a valid EPC for a property before they let it. A property cannot be let if the energy rating is F or below or if the EPC is out of date.
For all rented properties with a gas supply, a Gas Safety Record (GSR) must be in place to ensure that all gas appliances, pipes and flues are in safe working order. It must be carried out by a qualified Gas Safe Register engineer. This needs to be renewed every 12 months.
You are required to ensure that any electrical devices within the property are safe for use. We recommend an Installation Survey or Portable Appliance Testing (PAT) so you can be sure you are compliant.
You must ensure that all furnishings comply with furniture and furnishing regulations. All compliant furniture must display standard labels in a prominent position. This is to reduce the risk of fire within the property.
If you choose a Fully Managed service, we will organise for the tenant to pay the rent via standing order or direct debit. We will then transfer the money to your account minus our commission and any outgoings or fees (such as maintenance work fees). You will receive a statement every month.
If you have chosen a regulated agent your money will be safe. If you use Thomas Morris then your money will be protected through ARLA Propertymark and their protection bonding scheme. Not all agents are regulated, but Thomas Morris choose to be. We are also members of TPO (The Property Ombudsman).
All landlords could be liable to pay tax on their rental income, whether they live in the UK or are based overseas. Further information can be found on the Inland Revenue’s website: www.hmrc.gov.uk/index.html
You need to give the tenant appropriate notice before you enter the property.
The tenant is responsible for the council tax (unless you decide to include this in the rent) but this needs to be clearly stated in the tenancy agreement. If the property is standing empty, it is the landlord’s responsibility to pay.
Usually the tenant, though this should be stated in the tenancy agreement.
The landlord or the letting agent gives the tenant notice that they will be visiting the property to check it is being looked after, and to check for any potential maintenance issues. Following an inspection we provide a full report to the landlord.
Either the tenant pays to fix the damage, or the cost for fixing the damage is removed from the tenant’s security deposit at the end of the tenancy with the agreement of both parties. If agreement cannot be reached between the landlord and tenant to rectify the damage then the Tenancy Deposit Scheme will independently examine the case and make the final decision.
Fair wear and tear should be allowed for.
If a tenant is fully refernced before moving into a property and the tenancy is managed carefully then situations where tenants don't pay will be rare. There are insurances available that can insure you against non payment of rent though we would advise that you read and fully understand any terms and conditions before proceeding.
If your tenant refuses to leave the property then legal action will be necessary. There are insurance products available that can cover legal costs arising from regaining possession of you're property from a tenant (providing they are in rental arrears) though we would advise that you read and fully understand any terms and conditions before proceeding with such a product.