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: 

1. Tenancy Agreements

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.

2. ENERGY PERFORMANCE CERTIFICATES (EPCs)

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).

3. Gas Safety

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.

4. Mortgages and rent

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.

5. Tax

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.

6. Licensing

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:

1. Communicate with your tenants. You should have good communication with your tenants throughout the year and checking for any property issues as small as they may be. These small problems can easily become a monster problem! 
2. Inspect the property alongside your tenant.Checking inside and out, including the exterior and any outside space, and test smoke and carbon monoxide alarms is critical at least twice a year.
3. Put yourself in your tenants’ shoes. Is the flat in need of TLC, could furniture do with some updating, or do the walls need a lick of paint? Happy tenants = happy landlords and the bonus is they stay longer! 

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