LETTINGS
DIARY OF A LANDLORD
An insight into the routine struggles of a London landlord: Could you hack it?
Property, even throughout monumental events such as the great recession and the more recent Brexit, is still a strong long-term investment and becoming a landlord is a huge accomplishment.
The London market in particular can deliver a healthy return and building an empire here can prove to be thoroughly rewarding; but many first time landlords don’t fully fathom the task at hand. By no means should you treat this article as a deterrent for becoming a landlord. Instead, utilise it as a heads-up for some questions new landlords may not know to ask.
The ‘L’ Word
No, not a proclamation of one’s adoration, we’re talking about ‘Legal’ and furthermore, keeping it so.
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Do you know about your legal obligations when it comes to gas and electrical safety?
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How about EPC ratings?
Did you know that if you don’t protect your tenant’s deposit in a Tenancy Deposit Scheme you could be liable to pay your tenant up to three times the amount of their deposit?
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How do you really know if your tenant has good credit and prior arrears in their name?
If you read through all of that like it’s old news, then congratulations you are more informed than most! However, if these questions crafted a little knot in your stomach – don’t panic; but do consider speaking to an accredited agent, so you don’t find yourself in a spot of legal bother down the line.
Maintenance: A wear and tear nightmare
Bleeding walls, flickering lights, strange markings etched into the doorframe… no it’s not a haunting, it’s just some of the wear and tear that can occur overtime in your average property. Maintenance can prove to be a far larger task than most anticipate, and whilst the notion of doing everything ourselves is incredibly commendable, the question you need to ask yourself as a current or soon to be landlord is; Do I want to (or have the time to) become an on-call handyman, or do I want to outsource?
BELondon | November 2016
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bairstoweves.co.uk
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