Mortgage provider consent
You must notify your mortgage provider if you plan to let out your property as it may affect your mortgage scheme.
Credit Checks & References
A credit check will help to ensure that any prospective tenants are financially sound, thereby reducing the potential risk of tenant arrears. Similarly full and professional references from previous landlords, employers etc. are highly recommended.
This is a legally binding agreement between the landlord and the tenant. They will vary depending on where the property is located within the UK and the type of tenancy being created.
Any changes to a tenancy or the tenant’s personal circumstances must be brought to the attention of the landlord. This would include a partner moving in or out, or a new pet.
As a landlord you need to be aware of when a tenancy contract is due to run out and ensure a letter of extension is sent to the tenant. Any increases in proposed rent increases must be given in plenty of time to allow the tenant to consider their position and whether they wish to renew the tenancy agreement.
Tenant Check outs
At the end of the tenancy the landlord should meet the tenant at the property to formerly take possession. The rent should be paid up to date, you should ensure that the property is in a good, clean condition and all keys should be handed back. The use of an inventory report can be invaluable at this stage. All paperwork should be completed, a forwarding address for the tenant obtained and utility companies notified. At this stage, assuming that there are no issues, the landlord should return the tenant’s deposit.