If you are now the owner of an inherited house and are planning to hold on to it, so you can rent it out. It is recommended to make sure: 1) you have the right to do it, and 2) it is in accordance with the applicable law and can be lawfully let.
Have in mind that this is a complicated area with various components, so our advice is to consult with a professional.
Meanwhile we created a list of the top 6 essential things you need to check before letting your property:
1. Is your new house mortgaged and/or insured?
Standard mortgages do not allow letting your property to 3rd parties. This is why it is very important for you to check if the lenders approve it. We recommend getting in touch with an expert broker (specialist in insurance as well) to discuss your options.
2. What is the demand in your area?
Stronger demand means more tenants looking for a single property to rent, which would benefit you most. Make sure there is enough demand for your type of property.
Let say you are letting out a 1 bedroom flat in an area with mostly families looking for 2-3 bedroom houses – this might lead to issues finding tenants. Dial up your local Goodchilds’ branch in Walsall to discuss what to expect in return of your inherited property.
3. What is the condition of the house or flat?
This is valid for the building, as well as for the amenities, more exactly the bathrooms and kitchen. If you are looking for younger tenants, be sure to have a modern designed kitchen and bathrooms.
4. Does the property has EPC?
EPC stands for Energy Performance Certificate. The minimum rating in order to let a property is “E”, lower than that, makes it illegal to let the property. Inherited properties tend to even not have an EPC. If that is the case with you, we can help you issuing one and help you increase the rating.
5. Are there installed smoke and carbon monoxide alarms?
Since the end of 2015, there is a legal requirement for each property to have smoke and carbon monoxide alarms. One smoke alarm per floor and a CM alarm in rooms with fuel burning devices.
6. Is there any damp?
READ CAREFULLY! There are 29 hazards in the HHSRS that landlords are obligated to protect occupants against and damp is the most severe one. Mould is the reason for various health problems, therefore it is a must to remove any before letting, or you can be fined up to £30,000 if these or other issues are not sorted out.
We hope that this article was helpful! If you want to learn more about the services we offer, or you have recently inherited a property and are wondering how to handle it, you can simply call Goodchilds or visit our local branch in Walsall.
