First time landlords given a helping hand
The buy to let-focused subsidiary of Nationwide Building Society has confirmed its standard mortgage range, previously available to experienced landlords only, is now open to first timers.
With the buy to let market remaining resilient there has been an influx in the number of new, and often accidental, landlords dipping their toe in the letting pool. However, as veteran landlords can testify, the letting market comes with a high level of responsibility.
From a legal point of view, there are a number of things a landlord must do before tenants even more in. These include:
- Obtain an annual gas safety check
- Ensure all electrical appliances are Portable Appliance Testing (PAT) testing
- Get an Energy Performance Certificate (EPC)
- Get a written fire risk assessment (bedsits only)
- For House in Multiple Occupation (HMO) properties, you need a licence from your local authority and you must also get an electrician to carry out five-yearly electrical safety checks.
There is also strict legislation landlords must adhere to when dealing with tenants. For example if you need to evict a tenant before the end of their tenancy (e.g. they are in rent arrears), you cannot simply take the property back. You must serve a Section 8 Notice on the tenant as well as obtain an order for possession if the tenant ignores the initial notice.
GW LET is designed to offer landlords legal help and support wherever necessary. Our dedicated team of legal specialists can provide expert advice on a full range of issues from evictions to deposit disputes, squatters to lease extension.
Content correct at time of publication