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Accidental Landlord In London? Follow These Tips

 
 
 
 
  20 Dec 2018

While there are many people who choose to be a landlord in London, citing the high demand for rental property, as a reason to enter the market; not everyone acting as a landlord wants to be a landlord. There are many reasons why people become accidental landlords and if this is the situation you find yourself in, Jezzards is here to help.

Some of the reasons people have become accidental landlords include:

  • A change in personal circumstances leading to them moving from their current home or out of their current home
  • Moving home because of work or study but not wanting to let go of their property
  • Becoming the property owner by inheriting the house
  • Looking to sell the home but not receiving a suitable offer or deciding now is not the time to sell the home

It is essential you familiarise yourself with all landlord regulations

There are many reasons why people become accidental landlords but no matter the reason, all landlords must comply with the relevant regulations. New landlords often find the volume of legislative and administrative matters they must contend with to be a shock. However, ignorance of these regulations is not a defence and could lead to an accidental landlord facing a large fine.

Some tips that accidental landlords should follow include:

  • Informing their mortgage lender, if applicable, of the change in the circumstances of the property they have a mortgage on
  • Make sure that the property has appropriate safety certificates in place
  • Have specialist landlord insurance
  • Carry out a Right To Rent check on all prospective tenants
  • When taking a deposit, ensure the deposit is placed in a valid deposit scheme
  • Make sure the property holds an EPC
  • Vet tenants

This may seem like a lot of steps for a landlord to follow but doing so will make being a landlord much easier. At Jezzards, we have helped many people enjoy success as a landlord and we are on hand to assist you to make the process as easy as possible.

Speak to organisations who have an interest in the property

It may be that your current mortgage provider is happy for you to retain your current mortgage or they will make it easy for you to switch the mortgage. However, if you don’t inform them of the change in circumstances and a problem arises, you may find that you could be liable for damages and a range of costs.

This is the same situation with respect to landlord insurance. Your current home insurance is not suitable to protect you for all the eventualities that a landlord may face, which is why it is crucial that you take out a new insurance policy. This is another cost to consider but in the long term, the cost you may have to bear for not having landlord insurance in place could be extremely detrimental.

We know that being an accidental landlord can be stressful and challenging, but we are here to assist you. If you would like guidance and all manner of hands-on support, contact Jezzards today on 03330 433 633 and we will be delighted to help you out.


Author

Jezzards Estate Agents



 

 

Jezzards properties Hampton

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