Managing a residential lettings property means covering all the bases – a combination of common sense, practical organization.
Notify your mortgage and insurance providers
Speak to your Mortgage lender about your mortgage terms. Letting a property requires a different form of mortgage to owner-occupation and the same applies to insurance so discuss the change with your provider as buildings and contents may not be covered.
Sign up to Deposit Protection
It has been a legal requirement for Assured Shorthold Tenancy deposits to be protected by a government backed scheme since 2007. For more information, visit our page Deposit Protection or go to the Communities and Local Government website.
The pros and cons of furnishings
A furnished property can be let at a higher monthly rental however if the furnishings are second-hand or ‘leftover’ it can deter prospective tenants. You also need to consider whether everything meets Furniture and Furnishing Regulations.
Have you ever considered buying rental property? We take care of in excess of 650 residential properties in and around Warwickshire for locally, nationally and internationally based landlords. Get in touch today to find out more on 01926 88 88 44.