4 Tips Accidental Hastings Landlords Need To Know
It is easy to see why many people become accidental Hastings landlords these days. It may be that you have tried to sell your home only to find that you couldn’t get a price that you were happy with. You may have inherited a property that you don’t want to live in. Your personal circumstances may have changed, for one of many reasons, and this may have left you with a property that you don’t want to live in but perhaps don’t want to sell.
There is a high demand for rental accommodation and acting as a landlord may provide you with time and money to make a more informed decision later on. Therefore, there are many reasons why people become accidental landlords, but it is important that you make informed decisions. Not being aware of the rules and regulations that landlords are bound by isn’t a suitable excuse if you break these rules. Therefore, you need to ensure that you are fully informed of the market situation, and this is where Easy Let & Sale is here to help.
Here are four tips that our letting agents in Hastings recommend landlords need to know:
- Make sure you inform your mortgage lender
- Ensure that you have sufficient insurance in place
- Vet tenants including carrying out a Right To Rent check
- Call on a professional to carry out an EPC check at your home
Make sure you inform your mortgage lender
If you own a mortgage on the property that you are now planning on letting, you need to ensure that your mortgage lender is happy with this change in circumstances. Technically, you may need to amend your mortgage or obtain a new mortgage to cover you now letting the property.
This isn’t an issue that you should ignore and hope that it pans out. This is a situation that is arising regularly, so mortgage lenders are aware of the circumstances and will often do their best to assist you. However, if you don’t inform them of the change in circumstances and a problem arises, there could be problems to contend with later.
Accidental Hastings Landlords: Ensure that you have sufficient insurance in place
Similarly, even if you have home insurance in place, this may not be enough for you as a landlord. A landlord should have specific rental insurance in place, so make sure you contact your insurance provider and inform them of the change in details.
You may be concerned about the additional cost that comes with this change in insurance policy but if you don’t make the change and something happens, it could be very expensive to rectify. It is always best to err on the side of caution when it comes to insurance and this is definitely the case when it comes to letting property.
Vet tenants including carrying out a Right To Rent check
Finding the right tenant makes your life much easier, and this process begins with vetting tenants. If you need assistance with this matter, get help from an expert and Easy Let & Sale are always happy to assist in this regard.
You should also be aware of the need to verify that tenants have a legal right to rent in the UK. If you don’t carry out this test and it is found that your tenant doesn’t have a legal right to rent in the UK, you may face a fine.
Call on a professional to carry out an EPC check at your home
Landlords are legally required to ensure their property holds an EPC rating of E or better. Therefore, you need to employ the services of a professional to carry out this work for you. A failure to do so may see you face a fine.
Being an accidental landlord in Hastings isn’t easy, but you need to make informed decisions. The Easylet & Sale landlord guide may offer some informative advice, but for further assistance in ensuring you are letting in an efficient and appropriate manner, contact Easy Let & Sale and we will do our best to assist you.