Time to Spring clean your portfolio, not only your property but also your paperwork!
There are many documents you should check but here are our top 6:
Ensure you are up to date with any new legislation that you should include or exclude in your tenancy agreements. Review any renewals coming up in the next eight to twelve weeks and remember any new fixed term tenancy that has a security deposit of more than the prescribed five weeks (or six for annual rent above £50,000), you will have to return the difference to the tenant.
Check your EPC. If your property is rated below E, it is unlawful to rent it to new tenants, and any existing tenants from April. (see page 58 for more details)
Last year from the 1st July 2020 all new private tenancies required electrical safety checks (by a qualified person) prior to being let and tested every 5 years thereafter; and by 1st April 2021 all existing tenancies / rented properties will require an electrical safety check (and tested every 5 years).
Check your annual gas safety certificate and schedule well in advance, these checks should be carried out annually and a copy of the certificate should be provided to the tenant.
One of the highest costs for landlord is their buy to let mortgage. This is a perfect time to review whether you are getting the best deal. Also, review that you are not falling short on any of your obligations.
From 2021 you will no longer be able to claim mortgage interest, or any other property finance, as tax deductible. Instead, rental profit will be taxed with a maximum deduction for finance costs of 20%, the basic tax rate.
An increasing number of councils are introducing local licensing. In a Selective Licensing area, all private landlords must obtain a license; the authority can take enforcement action if they fail to do so or don’t achieve acceptable management standards.
If you already have local licensing in your area, then it's worth reviewing the expiry date
Post-winter REPAIRS AND MAINTENANCE CHECKS!
Winter months can be challenging for most landlords, with freezing temperatures and unpredictable weather causing more problems than at any other time of year. So this is the perfect time of the year to take stock.
Learn from the Property pros:
Managing a successful rental property is a bigger job than many landlords imagine and, that is why many landlords choose to leave it to the professionals by handing over to a qualified property manager. Why hire a property manager? read our article reasons-to-consider-hiring-a-property-manager