No matter what you’re renting your property for, you have a lot of legal responsibilities as a landlord. So, do you know what you should be doing? Landlords are often unaware of their obligations until a situation occurs that necessitates their knowledge, such as a tenant complaint. However, failing to know your part of the agreement might lead to legal issues, so it’s critical to know your facts. Here’s a checklist to ensure you don’t get caught off guard!
It is your responsibility as a landlord to ensure that your property is safe at all costs. You should be concerned about:
- Fire prevention
- Gas leaks
- Electricity protection
- Water cleanliness
If any of those don’t check boxes, it’s your responsibility to fix them. Failure to do so may result in legal action being taken against you, which might result in you losing your property. You should strive to oversee regular checks on all of your properties before, during, and after tenants move in and out.
You must also look after the property and keep it in good shape. You are responsible for things like broken doors, chipped walls, and anything else that may break over time. However, it’s reasonable that you may not have the time or competence to be available 24 hours a day, 7 days a week to address any issues that arise. It’s wise to hire a real estate agent like William Gleave to handle these details on your behalf. You may also hire a property management company to survey and make any necessary repairs to your property.
The landlord and tenant act 1985
You’ve probably heard of the Landlord and Tenant Act of 1985, and it’s essential to remember! This specifies whether a property is suitable for its intended use. There might be significant legal consequences if you are discovered to be disobeying this legislation. To protect yourself, you should review the landlord and tenant act as soon as possible.
National insurance contributions
Did you realize that as a landlord, you may be subject to taxation on your rental income? If you match this criterion, being a landlord can also be considered a business:
- You profit at least £5,965 each year.
- Your primary occupation is that of a landlord.
- You own and rent out many properties.
- You’re looking for new homes to acquire and rent out
To avoid breaking the law, make sure you find out if you’re required to pay tax.
Your responsibilities when evicting tenants
Finally, as a landlord, you may find yourself in the position of needing or wanting to evict a tenant. Whatever the cause, you must follow processes in order to comply with the law. There are different processes for different types of situations, such as harassment and inability to pay rent, so make sure you’re aware of your rights.
Being a landlord can be both gratifying and lucrative, so be sure you understand your rights to avoid any legal or financial problems!