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If you want to rent a property out, you are likely to have to do this for six months or more. You will also need to incur costs to let the property legally such as:- - Energy Performance Certificate
- Gas Safety Certificate
- Electrical Safety Certificate OR self certifying that the electrics are safe
You also need to bear in mind that if you take a tenant on, you will need:-
1. An up to date tenancy agreement.
2. To protect deposits in a tenancy deposit scheme.
3. To carry out credit checks on the tenant.
You can legally do all this yourself, but if it’s your first time, it’s wise to use a recognised service as otherwise you may fall foul of the law or end up with a tenant that causes more hassle than it’s worth.
When the tenant moves in, you’ll need to:-
1. Make sure all furniture and appliances are checked independently to meet fire safety legislation.
2. Have an inventory, ideally from a member of the Association of Independent Inventory Clerks (AIIC).
3. Secure specialist buy to let insurance to protect the property from rogue tenants and any damage.
Finally, remember that any excess rental income versus allowable costs your parent receives could be taxable, so you’ll need to check this out too!
Need more help on renting out an owned property, then take a look at my Letting a Home: Top Ten Dos and Don'ts .
Read my next article in the series /articles/Lone-parent-moved-into-residential-or-nursing-home-permanently" target="_self" What to do if a lone parent is moved into a residential/nursing home permanently .
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