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Becoming A Landlord In Peterborough: 7 Steps

7 Steps To Becoming A Residential Landlord

There are a number of reasons people consider becoming a residential landlord.

Often, it’s because someone wants to do more with their savings and sees property as a sound investment with a regular income. Or a person becomes an accidental landlord after inheriting a property or moving into a house with a partner.

However, while the allure of consistent rental income is certainly appealing, there are several things you need to consider before you begin your property portfolio.

Here are seven things to think about when becoming a landlord in Peterborough.

How to Become a Landlord of a Rental Property in Peterborough

Set-up costs

Finances matter, the numbers have to stack up. If you’re going to obtain a buy-to-let mortgage, the mortgage lender needs to know about your income and what rent you hope to achieve.

They have to ensure that you can cover the costs. You’ll probably have to pay for surveys, too, so they can be sure the house is worth what you think it is.

Then there are the legal fees and the search costs. Many law firms who specialise in conveyancing will be able to give you an early indication of what your final bill will be.

DIY or use a letting agent

You could manage the property yourself – and many landlords consider this as it can help reduce costs. However, you must make sure you have the time to dedicate to the management of the property.

Do you want to use a letting agency to find you a tenant and arrange the initial agreements? You can then keep on top of things for yourself. Or would you rather hand over all the management to the agency? Reducing the pressure on you is great, but there are costs involved with letting agent fees.

Landlord insurance

When you are renting out a property in Peterborough, you must obtain landlord insurance. This is because a home insurance policy will not cover you for what you need, and also because the right insurance will protect you, your property and your tenant.

If you’re taking out a mortgage to buy the property, your lender will insist that you have insurance. The costs of insurance will vary depending on the level of cover, such as personal liability, contents cover and buildings cover, and loss of rent cover, in the unfortunate event of unpaid rent. Speak with an insurer or a broker and be absolutely clear about what you need.

Furnished or unfurnished

Whether you rent out a fully furnished property or one that is unfurnished it is a decision you need to make early on.

If you’ve inherited a furnished property, then it might well be an easy decision. If this is the case, you might find this suits a potential tenant, and you will be able to get a better monthly rent.

Obviously, if you rent out an unfurnished property, it means you don’t need to buy things for it. Many potential tenants prefer this as they can put their own furniture in and make it their home. Don’t forget; it’s best practice to get an inventory carried out as this will affect your insurance policy and could minimise disputes at the end of an agreement with prospective tenants.

Paperwork

One of the top tips for being a landlord is to be well organised and up to date with paperwork from the start. It may seem daunting having a lot of documents, but organisation is key.

Not only will this ensure you don’t fall foul of any legal responsibilities, but it should also mean that if any disputes arise, you know straight away where things are. (It’s also particularly useful when you’re doing your accounts or checking information).

Plus, there won’t be any nasty surprises when you suddenly realise you need to pay income tax!

Legals & responsibility

There are certain legal obligations and responsibilities that need to be understood. These are in addition to the tenancy agreement that you and your tenant should be signing. For example, before a property is let, you’ll need an up-to-date Energy Performance Certificate (EPC) for it.

A gas safety certificate is required for each gas appliance in the property. Each home must have smoke alarms and a carbon monoxide detector. Plus, any appliances or furniture must meet the required safety standards. There are also rules about a tenant’s deposit and how it is kept in a Government-approved scheme. If you need help with any of these, we can advise you. Simply call us on 01733 555183.

Right to rent checks

A relatively new aspect of renting out a property in Peterborough is the need to carry out a Right to Rent check. A landlord must, by law, check whether a potential tenant has the legal right to rent a property in the UK.

Failure to carry out the required checks could result in hefty fines so if you do need advice, then contact us and we will be delighted to help.

What Next? Need expert advice?

Searching for advice on renting out your property? Contact our team on 01733 555183. Alternatively, email us at info@ptl-lettings.co.uk, or book a valuation and we will be delighted to help. We deal with every landlord independently to meet their needs.

In the meantime, here are the answers to the most frequently asked questions about becoming a landlord:

Frequently Asked Questions About Becoming a Landlord and Setting Up Rental Properties

You may be interested to read 8 Things UK Landlords Need To Know

Do I need a license to become a landlord in the UK?

In England, landlords may need to obtain a license for certain types of properties, such as houses in multiple occupations (HMOs).

What responsibilities do landlords have regarding tenant safety?

Landlords are legally obligated to ensure the safety of their tenants by conducting regular gas safety checks. They must also provide smoke and carbon monoxide alarms, and adhere to electrical safety standards.

How can I set a fair rental price for my property?

Research the local rental market, consider property features and amenities and evaluate comparable rentals to determine a competitive and fair rental price for your specific location and property type.

What steps should I take if my tenant fails to pay rent?

Follow the legal eviction process outlined in the relevant UK legislation. This typically involves issuing a notice to the tenant and seeking possession through the court if rent arrears persist.

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Should I Let Tenants Keep A Pet?

Should I let tenants keep a pet?

Data circulating the property industry provides a clear message – landlords don’t like tenants keeping a pet!

Data from gov.uk states that only 7% of UK rentals advertise themselves as pet-friendly. Potentially, there are a lot of missed opportunities from landlords sticking with the ‘no pets allowed’ policy.

In this article, we’ll explore what the UK law is on tenants keeping a pet. We will also look at the benefits of being pet-friendly for landlords and share our advice on how to safely allow your tenants to keep a pet.

Things to Consider About Letting Prospective Tenants With Pets Into Your Rental Property in Peterborough

What is the Law on Letting With Pets?

Ultimately, it’s the landlord’s decision as to whether a tenant can keep a pet in their property.

However, the UK government encourages more landlords to allow pet-friendly renting through the Model Tenancy Agreement. This is the government’s recommendation for what a good shorthold tenancy agreement should look like.

This contains two crucial elements about pets in rentals, including:

  • Landlords shouldn’t have a blanket ‘no pets allowed’ policy and;

  • Landlords should consider any request from a tenant to keep a pet seriously and only decline for good reason

Should I Let Tenants Keep a Pet?

While there are risks associated with a tenant having domestic pets (like damage to the property or causing a nuisance to neighbours), there are benefits, too.

Private landlords that accept pets and advertise their property as pet-friendly can:

  • Attract better tenants in the future
  • Sign longer leases (which can mean less chance of voids)
  • Stand out from the crowd
  • Keep existing tenants happy

How to Safely Let Your Property as Pet-Friendly

If you have decided that allowing pets is the right way to go, it’s time to lay down some ground rules and establish whether potential tenants are responsible pet owners or not.

Ask for Records

Depending on the animal, you may want to check that it’s up to date with its vaccinations. A pet owner who stays on top of vaccinations is a good sign that they are a responsible owner. Plus, it can reassure you that the animal is healthy and protected from diseases.

Check training and behaviour

If your tenant is requesting to keep a hamster, cat or reptile, checking training records isn’t important. But if your tenant wants to keep a dog on your property, make sure you ask about its training to see if they maintain responsible pet ownership.

Ask questions like:

  • Is the dog house-trained?
  • How much training have they had?
  • Will the dog be left alone for long periods?

Arrange a meet and greet

If you’re concerned about how well-behaved your tenants’ pet is, arrange a meet and greet to see what the pet is like in person. Alternatively, ask for a video call with the pet!

There are plenty of lovely spots in Peterborough that are dog friendly and would help you see if they are a responsible pet owner.

This is a great opportunity to see just how well-trained the animal is, and assess how comfortable you are letting the animal stay in your property.

Set boundaries

Before agreeing, consider setting boundaries around the tenant keeping a pet. For example, confirm if you are allowing pet owners to have one pet only, and that any new pets require prior approval.

Agree on terms

Whatever you decide when it comes to agreeing to let your tenants keep a pet in your Peterborough rental property, make sure it’s documented in the terms of your lease.

Include information about any boundaries you set, what responsibilities the tenant has when it comes to cleaning up after the pet in your rental property, and any tenant fees may occur if those standards are not upheld or there is pet damage.

In Summary

Allowing your tenants to keep a pet is ultimately your decision as a landlord. Numerous benefits are available to landlords if they allow pets, but you still need to ensure you’re always protecting yourself and your property.

For more advice on property management or letting your property, our friendly team at PTL Lettings are happy to help. Get in touch today on 01733 555183, or email us at info@ptl-lettings.co.uk

Frequently Asked Questions About Becoming a Pet-Friendly Landlord

Can I charge additional rent or fees for tenants with pets?

Landlords are not allowed to charge a ‘fee’ to a tenant who wishes to keep pets or other animals in a rental property. Deposits are capped in England since the introduction of the Tenant Fees Act in 2019. However, permission may be given for pets on the condition that the tenant pays an additional reasonable amount in rent.

Can I charge for professional cleaning at the end of a tenancy with a pet?

Landlords cannot insist on a professional cleaning service at the end of a tenancy as this is a prohibited payment under the Tenant Fees Act legislation, however tenants must return the property in its original condition.

Can I discriminate against certain types or breeds of pets?

It’s advisable to focus on the behaviour and history of individual pets rather than discriminating based on breeds, as breed-specific policies may be subject to legal scrutiny and can be seen as discriminatory.

What steps can I take to protect my property from potential pet-related damage?

Implementing a clear and detailed pet policy, conducting thorough tenant screening, and including specific clauses in the lease regarding pet responsibilities and potential consequences for damage can help protect your property while allowing for responsible pet ownership.

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Is Mould In Rented Property A Landlord’s Responsibility?

mould in rented property

Over the past couple of decades, rental accommodation in Peterborough has greatly improved, however mould in rented property is still an issue plaguing landlords and tenants alike. One of the biggest problems is that responsibility for preventing mould in the first place lies with both the landlord and the tenant, and that means that the parties blaming each other can end up taking priority over resolving the problem at its cause.

So, if you’re based in Peterborough, are landlords responsible for dealing with mould in rented property? Find out here, as the expert team at PTL lettings have put this helpful guide together for you.

You may also be interested in 8 Things UK Landlords Need To Know

What Causes Mould?

Mould in rented property can have several different causes including penetrating damp, rising damp, and condensation. The most frequently seen reason for mould developing in properties is, undoubtedly, condensation, but luckily, it’s also the easiest cause to address.

It’s trickier to resolve a rising damp problem, but fortunately, it is encountered far more rarely. Usually, this issue is found in older properties, however, new homes may also be affected, especially if they’ve recently had repair works carried out that could have caused damage to the damp proof course.

If your property suffers from rising damp, it’s likely to be your responsibility as the landlord to resolve it, although if the tenants have interfered somehow with the damp proof course, it could be their responsibility to deal with.

If your property suffers from penetrating damp, its source must be found so the issue can be solved. Usually, it will be down to missing roof slates or leaking pipework – issues that are the landlord’s responsibility to rectify.

What Are The Tenant’s Responsibilities With Regard To Mould?

Tenants will usually need to keep any condensation inside the property to a minimum. If a faulty heating system or inadequate insulation is the cause of condensation, the landlord must take responsibility. Otherwise, condensation is something the tenants need to control by ensuring proper ventilation and temperature levels. They should follow these tips to reduce condensation and mould in rented property:

  • Close the door of the bathroom when bathing or showering and open the window or use the extractor fan afterwards.
  • Dry laundry outdoors whenever possible or utilise a dehumidifier.
  • When cooking, cover pans with lids to prevent steam from escaping.
  • Wipe wet windows down and keep them open for ten minutes each morning.
  • Make sure furniture is 10cm-15cm away from the external walls to prevent the evolution of a microclimate.

What Are My Responsibilities As A Landlord With Regard To Mould In Rented Property?

If mould is affecting your tenant’s safety or health, or if it has occurred due to a property issue that can be repaired, it’s your responsibility as the landlord to rectify it. Landlords must ensure their property is fit for living in under the terms of the 2018 Homes (Fitness For Human Inhabitation) Act.

Some repairs you may need to carry out to resolve mould issues include:

  • Repairing broken bathroom or kitchen extractor fans
  • Fixing a faulty heating system
  • Resolving guttering issues
  • Repairing window frames that have rotted
  • Fixing plumbing leaks
  • Repairing roof problems
  • Fixing large cracks in the external walls

This is where the services of a letting agent in Peterborough can help you stay on top of maintenance!

What Next?

If you’re a landlord in Peterborough and you need advice, or a valuation, get in touch with the PTL Lettings team today on 01733 555183 or at info@ptl-lettings.co.uk. We’re looking forward to working with you.

Frequently Asked Questions About Mould In Rented Property

Is mould a landlord’s responsibility?

It is the landlord’s responsibility to fix mould issues caused by structural faults or disrepair. Section 11 of the Landlord and Tenant Act 1985 confirms this.

Can I withhold rent for mould?

No! Tenants cannot withhold rent because a landlord has not made necessary repairs.

How to Clean Mould on Walls

Protect your hands with rubber gloves.
Mix one part bleach to four parts water.
Gently scrub the mould.
Wipe away the bleach mixture.
Dry the area well with a soft cloth.

 

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How to Choose a Letting Agent in Peterborough: 7 Questions You Need to Ask

How to Choose a Letting Agent in Peterborough

Working out how to choose a letting agent is an important decision. Your property is a valuable asset, and entrusting someone else to manage it for you isn’t something to be taken lightly.

Working with an expert letting agent in Peterborough can help save you time and money. Plus, you can rest assured that you’re managing your property in the right way and leaving yourself less open to risk.

If you’re a landlord thinking about working with a letting agent, we have collated our best tips for you, so that you know exactly how to choose a letting agent in Peterborough. Our vast knowledge of the rental market means that we know all the important questions you should be asking before you commit.

Seven Questions to Ask Letting Agents About Rental Properties

So let’s jump straight in with the seven key questions you must ask any letting agents, especially once you have a rental property in mind.

1. Are You Regulated?

One of the first things you need to check when speaking to a potential letting agent is whether they are registered as part of a government-approved letting agency redress scheme and the national approved letting scheme.

Working with an unregistered letting agent can result in fines for landlords, so it’s always best to check.

PTL Lettings are ARLA Propertymark Accredited, so you know that your rental property will always be in safe hands.

2. Are You Part of a Client Money Protection Scheme?

Just like the previous question, you also want to ensure the agency you choose is part of a client money protection scheme – particularly if they will be handling tenancy deposits and dealing with rent collection and other property management tasks for you.

PTL Lettings protect our clients money – we are members of a government approved deposit scheme.

3. What Are Your Fees?

Of course, asking about fees is a given. It’s a question the PTL lettings team expect to be asked! However, letting agent fees will vary. We deal with every landlord independently to ensure we meet their individual needs.

We offer services from tenant find to full management, so it’s always best to speak with us for a detailed insight into everything we offer.

When enquiring about fees with any letting agent, do make sure you ask about any extra charges you could be liable to pay – not just the standard stuff. A professional letting agent will be completely transparent with these numbers, and that will allow you to compare letting agents, which is crucial.

As a part of our services we can offer all of the following:

  • Gas Safety Checks
  • Inspection Services
  • Fully referenced tenants
  • Secure Tenancy Deposit Scheme 
  • Selective licensing
  • Free advice on how to comply with licensing regulations and how to make the home safe to rent.

Contact us for a chat for further information.

4. What Marketing Strategies Do You Use?

A good letting agent in Peterborough is always on the hunt for new ways to market their rental properties. Depending on who your target market is, more modern forms of marketing (like blogging and social media) can be highly effective.

Make sure you ask how your letting agent will market your property to see if it’s the right fit for you.

At PTL Lettings, we believe in a rounded approach to marketing. We market all properties on the portals, offer virtual tours and viewings, add regular informative blog content to our website, and you can find us on social media including Facebook,  Instagram and X (formerly Twitter). We will be more than happy to discuss our marketing process with you.

5. How Well Do You Know the Local Area?

Naturally, having a local letting agent in Peterborough like PTL Lettings has its benefits! An agency like us that knows the area well can market your rental property to potential tenants much more effectively.

When speaking with agents, ask any questions you may have about the local area and make sure they can answer knowledgeably.

The PTL Lettings team have vast knowledge of the local rental market and with over 35 years of experience in lettings, we are confident in what we do!

6. How Long Does it Take to Fill Vacancies?

We understand that every landlord wants to fill voids as quickly as possible, but finding the right tenant can sometimes take a little time.

Regardless, a good letting agent will have the facts on the average time it takes them to fill vacancies, so make sure you ask for the figures.

Here at PTL Lettings, we are completely transparent with these figures, and you can speak with us about them at anytime.

7. What Are Your Opening Hours?

When your letting agent is available to talk is much more important than you might think. You need someone who can work around your lifestyle and be ready to answer your questions when you have time to speak.

While most letting agents in the local area will have standard opening hours, some may be open or available out of hours, too. The PTL Lettings team are always willing to be available when called upon by our clients.

What Next? Enquire Today

At PTL Lettings, we are your local letting agents in Peterborough. If you’re thinking about working with an agent to help manage your property, our friendly team are happy to answer all your questions.

Call us today on 01733 555183 or email us at info@ptl-lettings.co.uk

Frequently Asked Questions About How To Choose A Letting Agent in Peterborough

What factors should I consider when selecting a letting agent as a landlord?

When choosing a letting agent, consider their reputation, experience, and fees. Look for agents with positive reviews, a proven track record in your local area, and transparent fee structures.

Are there any regulatory requirements I should be aware of when hiring a letting agent in the UK?

Yes, ensure the letting agent is a member of a recognised redress scheme and complies with the law, such as deposit protection regulations. This helps safeguard your interests and those of your tenants.

How can I assess a letting agent’s ability to find suitable tenants for my property?

Evaluate their marketing strategies, tenant screening processes, and vacancy fill rates. A reliable letting agent should have effective advertising methods and thorough tenant vetting procedures to secure quality tenants for your property.

What services do letting agents typically offer, and how do I choose the right level of service for my needs?

Letting agents offer various services, including tenant find, rent collection, and full management. Assess your preferences, time availability, and budget to determine which service level aligns best with your requirements as a landlord.

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8 Things UK Landlords Need To Know In 2024

8 Things Every Landlord Should Know

There are a whole host of things UK landlords need to know, yet many opt to set up their rental property as quickly as possible, disregarding this essential knowledge.

When questions are asked about unpaid rent payments, legal responsibilities, and other frustrating circumstances, landlords are left scratching their heads, wondering how they got into such a position in the first place.

Whether you’ve just bought your first rental property in Peterborough or your fifth, being a landlord is a role where you can continually keep learning new things and facing new challenges.

Other than keeping abreast of what’s happening in the property market, you also need to ensure that you’re following all the latest rules and requirements for landlords.

At PTL LETTINGS, we’ve got years of experience working with landlords and dealing with the property market, so we’ve pretty much seen it all! We believe that professional customer service should be honest and helpful. This is the key to a successful long-term relationship with our clients. Whether you are a tenant or landlord our friendly team is ready to assist you.

To help you keep on top of all that you need to be aware of, we’ve created a handy list of the eight things UK landlords need to know.

8 Things UK Landlords Need To Know

Remain aware of what’s happening in the property market

The conditions of the housing market are continually changing. First and foremost, a good landlord should keep an eye on property market conditions.

This will help inform you on how to market your property, as well as give you an idea of what price you should be expecting for it. You’ll also have a much better idea of the competition if you regularly do your market research

Understand the facilities in your property’s location

Knowing the local neighbourhood that your property is located in can significantly affect how well you position your property. For instance, here in Peterborough, there are some excellent schools in the area, so you may want to market your property as a family home.

Likewise, if it’s located on the commuter belt, you could think about converting it into separate flats to accommodate four individual tenants instead of just one household.

Ensure that your property is up to scratch

When you rent out a property, you need to ensure that it meets certain requirements. You must ensure that it is a liveable space with a safe environment for any tenants that move in. Some of the things you need to consider are:

  • Does it have the necessary smoke alarms?

  • Are there any safety hazards?

  • Are electrical and gas certificates up to date?

Ask our team at PTL LETTINGS, as we can help you understand all the requirements your property needs to meet before you can rent it out.

Work out your taxes

Before you start getting rent paid into your bank account, register with HMRC to ensure that you’re taxed accordingly. You’ll be taxed on all rental income after the first £1,000.

It’s important to mention, too, that there are different tax rules for landlords depending on the type of property you own. Look into this on the HMRC website to ensure you’re doing all that’s legally required.

Set aside some money for emergency funds

As a landlord, you should always be prepared. To remain within your budget, set aside a small amount in case anything goes wrong. For example, if your property is unexpectedly vacant for a short period, you should ensure that you can cover your mortgage payments without rental income.

Set some money aside for any unexpected issues as well. No matter how new a property is, wear, tear, and weather conditions may lead to the need for maintenance and repairs.

Comply with all legal requirements

There are many legal requirements that you must follow as a landlord to ensure the safety of your tenants and to avoid fines and penalties. These include:

  • Gas Safety (Installation and Use) Regulations 1998 and Subsequent Amendments. These state that all gas appliances must be safe and checked annually.
  • The Smoke and Carbon Monoxide Alarm (England) Regulations 2015. The landlord is responsible for ensuring that their property is fitted with working smoke alarms and carbon monoxide alarms.
  • The Electrical Safety Standards in the Private Rented Sector (England) Regulations 2020. These regulations mean that the landlord must make sure that all electrical appliances in the property are safe to use.
  • EPC (Energy Performance Certificate) & MEES (Minimum Energy Efficiency Standards). These state that all landlords must provide a valid EPC certificate to their prospective tenants.

It’s rare, but sometimes landlords also experience problems with tenants. Perhaps it’s late rent, or creating problems for other tenants. Without the relevant experience, dealing with situations like this can be challenging. In the event a legal approach is required, don’t worry, we’ve got it covered!

Check whether your local council requires any specific licences

Contact your local council to check whether any other licenses are needed before you rent out your property. Some councils will have specific mandatory rules and regulations above and beyond the ones mentioned above.

Learn each tenancy agreement like the back of your hand

Becoming a landlord has plenty of benefits, especially when you have fantastic tenants. However, even after conducting a detailed risk assessment and deeming them as suitable, not every tenant is stress-free!

When faced with a situation where tenants in a rental property are causing an issue, it’s crucial you know the tenancy agreement inside out and know what your options are.

Whether it’s the notice period, the tenancy deposit protection scheme, rent arrears, or anything in between, having this information is crucial for ensuring you are acting firmly but fairly.

What Next? Need expert advice?

Searching for advice on renting out your property? Contact our team on 01733 555183. Alternatively, email us at info@ptl-lettings.co.uk, or book a valuation and we will be delighted to help. We deal with every landlord independently to meet their needs.

In the meantime, here are the answers to the most frequently asked questions on things UK landlords need to know.

Frequently Asked Questions About the Local Property Market in Peterborough

What factors influence property prices in Peterborough?

Property prices are primarily influenced by location, demand, economic conditions, and local amenities.

How can I estimate the fair market value of a property and its rent potential?

Fair market value is typically determined through comparative market analysis, considering recent sales of similar properties in the area.

What are common challenges when renting a property in the local market?

Common challenges include market fluctuations, property conditions, and effective marketing strategies to attract potential tenants.

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