What is required from a landlord when renting a property?

Emily Roberts has supplied and shared an article looking at what is required from a landlord when it comes to renting a property.

Rental prices are soaring in the UK and property owners can make a tidy income from renting out their properties. However, there are still legal responsibilities incumbent on property owners.

We provide you with a guide to what these are so that you can make sure that you comply with the law.

Note that these regulations may not apply to Scotland or Northern Ireland.

HHSRS Hazard Ratings:

According to the Housing Act 2004, landlords can have their rental properties inspected if their tenants have filed a complaint. The premises would then be checked out in accordance with the Housing Health and Safety Rating System (HHSRS).

The system will rate 29 various aspects pertaining to the safety and health of the property and allocate a severity score of one or two to any problems identified.

Although you can appeal an enforcement notice, your local council will issue you with a notice to rectify the problems. In some instances, they will carry out the work themselves and send you a bill.

Alternatively, the council can bar the property from being used as an abode.

Electrical Installation Condition Report (EICR certificate):

An EICR inspects the condition of your electrical components. The EICR report must be provided, by law, when you rent out a property.

The EICR test will uncover any safety risks or failure to comply with regulatory standards. Speak to a local provider if you need a domestic EICR test, or to get more information.

Tax and insurance payments required:

Income tax is charged on the money you make from renting out a property. You can claim back the daily expenses of renting out the property.

For short-term rentals, such as holiday homes, and part-property rentals, you may be able to avoid income tax. You can determine if this is the case, or if you have to declare the income, from HM Revenue and Customs (HMRC).

You must have a Class 2 National Insurance if your rentals are conducted as a business. If the property you are renting out has a current mortgage, the lender will have to grant you permission before you are allowed to put a property up for rent.

Fire risk:

As a homeowner renting out a property, the onus is on you to install carbon monoxide and smoke alarms and to ensure that they are in perfect working order.

Two types of properties have special regulations. These are for flats that were converted from a previous dwelling, such as houses, and flats that were built with this purpose in mind.

However, as regulations have changed recently and the new ones are still being prepared, you can get the latest information here.

Energy Performance Certificate:

An Energy Performance Certificate (EPC) is required when renting a place, as well as when the property is built or sold.

It informs prospective tenants of the amount of energy the property consumes and the average spend on energy for the premises. The EPC also provides guidelines on how to decrease consumption and costs.

With this guide you can enjoy the monetary benefits of renting out a property without having to worry about leaving some aspect of legal compliance undone.

This is a non-sponsored article supplied by Emily Roberts

Main article photo courtesy of Pixabay