Renting out your property in England and Wales means you will be considered as a landlord. It also means that you have some financial responsibilities.
This section explains how to rent out your property in England and Wales. You can also find detailed information on landlord responsibilities when renting out a property.
PROPERTY LETTING GUIDE: What are some reasons for renting out a home you own?
It can be a financial benefit if you find it difficult to sell your own house while trading up.
Renting out a property could be handy if you want live in a different area (or country) for a while. That means you could be earning income from your rented property.
But, in all these cases, it is important to do your research into the property letting market.
You should start by checking what sorts of properties are getting let in your area. Then, determine how much rent they get for ones like yours.
Do you intend using a letting agent? If so, consider the different options available in your area. Check out what services they offer and what their letting rates are. Asking other landlords for recommendations is always a good place to start.
As a rule there are two different types of landlords. Professional buy-to-let landlords are usually aware of the liabilities of being a landlord.
But, you have the same culpability when renting out your home as an 'accidental landlord'. Use this property letting guide find out your financial and safety responsibilities. That includes making repairs, rent increases, and changing regulated tenancies.
Do you have a mortgage on the property that you want to rent out? If so, you must get permission from your mortgage lender before renting out your home.
You must also inform them that someone else will be living in the property. In some cases, you may need to switch to a different mortgage plan. Being a landlord means you must also:
When renting out your property (England and Wales) it is also the responsibility of the landlord to:
Your local council may perform a Housing Health and Safety Rating System check. The HHSRS inspection ensures properties are safe for the people to live in. The council may check your property for possible hazards, such as uneven stairways.
Renting out a property means the council may perform an HHSRS inspection because:
Housing Health and Safety Rating System inspectors examine 29 health and safety areas. If they find any hazards they will score them as a category 1 or 2, according to its seriousness.
Landlords must take action on any council enforcement notices. But, you do have the right to appeal enforcement notices issued by your council.
The council will take action on any dangerous HHSRS hazard ratings. They may choose to:
As a rule, any landlord renting out a property will have to pay:
Landlords must use special rules for changing rents and terms in regulated tenancies. In most cases they are private tenancies which began before the 15th of January 1989.
A rented property in disrepair needs repairing and maintaining. Landlords and tenants have responsibilities and obligations for making repairs.
A House in Multiple Occupation relates to a residential property with 'common areas' that get shared by more than one household.
You may be liable for Income Tax and National Insurance if you are renting out your property. Check out the latest tax and NI obligations for landlords in the United Kingdom.
In some cases, using mediation services can help you solve a residential property dispute. If not, it means having to apply to the First-Tier Tribunal (Property Chamber - Residential Property).
Renting Out Your Property in England and Wales