There is a growing trend of accidental landlords and this is the case in Streatham as it is across the capital and beyond. There are many reasons why people decide to become landlords but there are also many reasons why people become accidental landlords.
It may be a change in your personal circumstances has left you with a house that you own but you are not going to live in. It may be that letting the property and generating regular monthly income from it is a sensible idea. It could be that you have inherited the property and while you don’t intend to live in the property, you don’t want to sell it.
A solution would be to let the property for now. It may even be that you have tried to sell your home but have struggled and have decided to rent it out in the short-term.
If you are familiar with any of these reasons, you are not alone. There are many people who are accidental landlords and while this is great news for the growing number of tenants in London, it is a concern for many people who didn’t expect to find themselves thrust into this role.
Accidental landlords have an intensive workload to manage
If you are new to being a landlord, it is likely you will be surprised at the amount of administrative work associated with the role. You may also be taken back by the health and safety regulations that your property must comply with. Bring an accidental landlord is no excuse for being ignorant to your responsibilities and an accidental landlord that doesn’t comply with regulations could lose their ability to rent their property.
If you are an accidental landlord, or a new landlord, who needs help, the following tips will be of interest:
- Speak to your mortgage lender and tell them about the change in your circumstances and the nature of your property
- Check that your home complies with all the relevant safety certificates and requirements for the local area
- Ensure that you have sufficient home and landlord insurance in place
- When you let to tenants, you currently must run a Right To Rent test on all prospective tenants
- When you collect a deposit from a tenant, you must place the deposit into a Government approved scheme
- Make sure your property complies with current EPC regulations and that you have a relevant EPC
- Vet your tenants
- It is important to be aware that being an accidental landlord can be difficult, but help is available. You may not know where to start when it comes to vetting potential tenants and you may uncomfortable about the process.
Finding the right tenant makes your role as a landlord simpler
However, vetting tenants is a huge factor in finding the right tenant and when you have the right tenant in place, you will find being a landlord is a simpler process. With a reliable tenant, you will have fewer concerns about being paid on time and in full, you will have fewer concerns about the condition of your home being maintained and you will have fewer concerns about void periods.
Given the demands placed on landlords, it is natural to seek help and if you are looking for guidance, support or hands-on help in Streatham, Holmes is here to assist you. We are letting agents who have considerable experience in offering property management services.
We have helped many accidental landlords in the local area and if you’re looking for dependable guidance and reliable support, we are the letting agents you can trust.