The headlines …

• Hayes rents up by 12.4% in the last 12 months
• Hayes house prices up 8.1% in the last 12 months
• Hayes landlords helped by ultra-low mortgage rates and a stamp duty holiday 
• Yet, some landlords in Hayes anxious about a possible end to no fault evictions
• New EPC rules could cost Hayes landlords £10,000+ per property 

In this article, I will look at what happened in 2021 in the Hayes buy-to-let property market and give you my opinion as to what lies ahead for Hayes landlords in 2022 and beyond.

On a positive note, Hayes house prices have rocketed, rents have risen faster than inflation, at the start of the year we had the benefit of a stamp duty holiday and finally, ultra-low mortgage rates, meaning Hayes landlords had lots to be happy about in 2021.  

On a more cautious note, the laws regarding renting are currently being debated in Parliament which will see the end of no-fault tenant evictions and changes in regulations will require Hayes landlords to make their buy-to-let rental properties more eco-friendly at a cost of up to £10,000+ each.

So, let’s have a look at these points …

Hayes Rents will Continue to Rise in 2022

Hayes buy-to-let landlords have seen the average rent of a Hayes rental property rise by 12.4% in the last 12 months.  

The number of Hayes properties available to rent on the property portals (e.g. Rightmove etc) at any one time is roughly 35% to 40% below the last decade’s average, meaning there is greater competition for each rental property.

Demand has increased for several reasons.

Firstly, some homeowners cashed in on the high prices, sold up and moved into rented property.

Secondly, some Hayes buy-to-let landlords have also cashed in on the buoyant property market and sold their rental property when their existing tenant handed in their notice.

Finally, the rental sector has an inverse relationship to the state of the general British economy, meaning with the uncertainty in the British economy in the early part of 2021, this meant more people decided to rent rather than tie themselves into a mortgage.

Looking at the supply side of the Hayes rental market, in the short term, rents will continue to grow as some Hayes landlords are abandoning the rental market – some because of the impending regulation changes which I will talk about later and others with the natural flow of people cashing in their investments on retirement.

With increased demand and restricted supply, this will only lead to competition becoming more severe between renters, thus making Hayes rents continue to rise.

Hayes House Price Growth Will Slow

For those that own property, the way house prices grew in 2021 surprised most people.

Hayes house prices, according to the Land Registry, grew by 8.1% in 2021, with the typical Hayes home reaching £391,400.

Many local landlords have been helped by this increase in Hayes house prices and will be in a place to cash in on those capital gains by either selling their buy-to-let property (as mentioned in the previous section) or releasing some equity by re-mortgaging.

Whether Hayes house price rises carry on at such a rate in 2022 will mainly depend on whether the imbalance between the number of properties that come on to the market (supply) is by the number of buyers (demand).

Most commentators believe that nationally house prices will be between 3% and 5% higher by the end of 2022 and I can see no reason why Hayes house prices won’t be in that range by the end of the year either.

Mortgage Rates Will Rise

The reduction in tax relief for Hayes buy-to-let landlords with mortgages in the last five years hit some landlords hard, yet this has been tempered by the inexpensive ultra-low mortgages available to buy-to-let landlords.

Yet even with the Bank of England increase in base rates, Hayes landlords with big deposits of 40% or more can benefit from low rates. For example, at the time of writing, you can get a BTL mortgage at 1.49% fixed for 5 years with a 40% deposit (meaning borrowing £180,000 on a £300,000 purchase would only cost you £719 per month on a 25-year mortgage – or £224 per month on repayment only).

However, those with only a 25% deposit must pay slightly more, but only at a mortgage rate of 1.64% – who can remember mortgage rates of 14% to 15% in 1992?

With inflation rising, the Bank of England has already indicated further interest rate rises are on the cards. I suspect they will be around the 1% mark by Christmas 2022. Therefore, if you are one of the one in five landlords on a variable rate mortgage, your margins will be squeezed as your variable rate mortgage will rise in line with the Bank of England interest rate rise.

Maybe it’s time to consider fixing your mortgage?

The End of No-fault Evictions?

The Renters’ Reform Bill in England and The Renting Homes Act in Wales are both set to abolish Section 21 (no fault eviction). Section 21 laws allow landlords to take back possession of their rental properties without having to prove fault by the tenant.

Yet in 2022, Westminster will issue plans for a change of this law which will probably incorporate the eradication of Section 21, which would signify a major change in the balance of power between the landlord and tenant. 

Some doom mongers are worried that with the abolition of Section 21, Hayes landlords may be unenthusiastic about renting and therefore sell up and leave the rental sector altogether. Yet these people said the same when tax relief for landlords was changed five years ago.

The Scottish equivalent of Section 21 was abolished at the end of 2017.

At the time, there was some anxiety about how this would affect the Scottish rental market, as anxious landlords and letting agents felt that they could lose control of their rental properties under this new law. Nonetheless, just over four years later, the rental sector has not collapsed in Scotland. The buy-to-let market remains upbeat, and there are signs that a Scottish landlords’ right to evict their tenant has been reinforced by these changes in the law.

The reason the Scottish changes worked was the new grounds for repossessing rental properties was clear and wide-ranging. The Scots sped up the slow and unwieldy eviction process where the landlord had a legal and genuine reason to re-claim their property.

All I hope is the same changes are made south of the border to the court procedure.

New EPC Rules Could Cost Hayes Landlords £10,000+ per Property

The law currently stands that Hayes landlords need an Energy Performance Certificate (EPC) with at least a rating of E.

Westminster is anticipated to increase the EPC requirement for private rental properties in England and Wales to an EPC rating of C for all new rental tenancies by 2025/6, and for all existing tenancies by 2028, whilst Scottish landlords are also expected to see energy efficiency measures in their new proposed Housing Bill.

The problem is 1,959,045 of the 2,965,455 registered rental properties on the EPC database have an energy rating of D or below. 

To take a property from an EPC D rating to a C rating might only cost a few hundred pounds, yet the average for all rental D and E rated properties has been calculated at just over £10,000 per property.

My advice to every Hayes landlord is to look at the full EPC report of their rental property (and if you haven’t got it, contact me and I will send it to you -whether you are a client or not) as that will tell you whether this will be a big or small job.

Renovating the UK’s rental stock to meet the Government’s carbon neutral targets will be a big trial for landlords. There is talk of exemptions, as there currently is for the existing minimum EPC E rating – yet only time will tell on that front.

Maybe those Hayes landlords currently buying properties to add to their rental portfolio should reconsider their buying strategy? In the past, it has been normal for Hayes buy-to-let investors to be attracted to the inexpensive older properties that need an overhaul. However, with the potential energy efficiency laws coming into the game, it’s rational to suggest that buy-to-let landlords will be more predisposed to buying slightly newer properties rather than have the cost for the upgrades to meet the potential energy targets.

Conclusion

Roll the clock back 20 years and making money from buy-to-let in Hayes was as easy as falling off a log. Yet with increased legislation and regulation, together with the changing dynamics of the British economy and the requirements tenants want in a rental property, making money won’t be as easy over the next 20 years.

It amazes me that 11 out of 20 landlords do not use a letting agent to help them with their rental portfolio, considering the cost can be offset against your tax.

Moving forward, the savvy Hayes landlords will more and more utilise their letting agent not only to collect the rent and manage the property but also build up their portfolio to withstand the regulatory and demographic changes on the horizon, and to ensure that their investment is fit for purpose in the medium to long-term.

If your existing letting agent does not offer such advice, or you are a self-managing landlord, let’s have a chat about the future of the Hayes rental market.

Whether you are a client of mine or not, if you would like me to look at your rental portfolio and see where you stand, then drop me a line and maybe we can meet for a coffee (or we can meet virtually over Zoom) to discuss the matter – all at no charge.

Finding your next Hayes property, be that for yourself to live in or as a Hayes buy-to-let landlord, can sometimes be a scary task. You are possibly making one of the biggest purchases of your life, and you want to ensure you make the right choice.

Buying your next property is all about finding a Hayes property with the features that match your requirements. However, what might be important to you as a homebuyer, might not be as important to other Hayes homebuyers.

Some features will be red line must haves, whilst other features might be more negotiable, yet understanding what your requirements need to be, will make it easier to find the Hayes home of your dreams.

Let’s look at my top 11 rules you need to consider when buying a property in Hayes.

1. Location, Location, Location in Hayes

You can change many things within a property, but location isn’t one. They say you should buy a property for the things you can change. Go and visit the different neighbourhoods of Hayes. Don’t just drive through them, walk through them at different times of the day. Look at weekdays as well as weekends. Think about transport links with access to bus routes, arterial roads. If you have children (or your tenants may have), think about school catchment areas for primary/secondary schools.

2. Hayes Bedrooms

Did you know there are 40,332 bedrooms in Hayes?

Well, you do now! Anyway, the number of bedrooms is a very significant consideration when buying your new Hayes home. If you need bedrooms for your children, the location of the bedrooms could be an issue. Depending on the age of any children, you might not want them to be a long way from the master bedroom, or if the children are teenagers, the opposite could be true. Bedroom size is also important. Is there enough space for children to study or have wardrobes? Do you need bedrooms for an office? If office space is required, you might want to consider a property with one less bedroom and one more reception room – and it will probably be a little cheaper. All things to consider.

3. Potential Future House Price Growth in Hayes

The type of Hayes house you buy will determine how it increases in value in the future. Now this shouldn’t be the main consideration, yet it’s important to consider.

Since 2001, the different types of property in Hayes have risen by different percentages.

• Hayes detached properties have risen by 185.7%
• Hayes semi-detached properties have risen by 187.3%
• Hayes town houses/terraced properties have risen by 172.7%
• Hayes apartments/flats have risen by 144.5%

On a standalone point for Hayes landlords, the level of rent and yield are important considerations for your Return on Investment (ROI). There tends to be an inverse relationship between capital growth and yield (i.e. Hayes properties with higher capital growth tend to have lower rental yields). If you are a Hayes landlord and have any questions on this (or any point), drop me a note.

4. The Overall Interior Size of Your Future Hayes Property

On average a person only views five houses before they buy a house and only spends around 20 minutes in each on a viewing. Therefore, I would advise that you have a good idea about the size of Hayes home you require before you start your search. If you have a big family you are going to need a bigger house obviously, yet you still need the budget to afford to buy the bigger Hayes home. A top tip for you, the general rule of thumb is the older the house, the more you get for your money.

One great idea to calculate the square metreage of your potential Hayes home. Ask to view the full copy of the Energy Performance Certificate, as it has the size of the property in square metres.

Bigger Hayes houses tend to cost more money to run with utility bills and council tax.

A final thought on size is the question of whether your family is likely to grow in the next decade? Will you have more children or is a parent coming to live with you?

5. The Price You Will Have to Pay For Your Next Hayes Home

In the last 12 months, the Hayes property market has remained buoyant as Hayes people were forced to spend more time at home. Therefore, they looked for more space … but what did they have to pay for that privilege?

• 17 Hayes detached properties have sold for an average £521,800
• 163 Hayes semi-detached properties have sold for an average £452,600
• 122 Hayes town house/terraced properties have sold for an average £400,700
• 76 Hayes apartment/flats have sold for an average £252,300

Look at the property portals (e.g. Rightmove, Boomin, Zoopla and OnTheMarket) and search for Hayes property that is both available and sold subject to contract. Get a feel for asking prices of the Hayes properties that are sold subject to contract as these will give you a good idea what they roughly sold for. Again, if you are not sure, pick up the phone or drop me a line.

6. Bathroom(s)

Check the bathroom for water leaks. Do the toilets flush OK, do the taps drip? Is there any mould? And do you need more than one?

7. The Lounge / Living Room

You will undoubtedly be spending a lot of time in the lounge / living room, so it needs to meet your requirements. Do you need a dining area? Does the design and arrangement of the room suit your lifestyle (or your tenants). Will you need new furniture? Are there enough electrical sockets? What are the carpets like? That goes for all rooms.

8. Central Heating for your Hayes Property

What type of central heating system is present, and does it meet the requirements of you and the home? The Energy Performance Certificate (EPC) will tell you how energy efficient the property is and how much it will cost to run. You would be amazed how few buyers ask to see the full copy of the EPC – yet you have the right to view it – always ask the estate agent for a copy or download it for free from the Government website.

9. The Outside

The outside space of your future Hayes home is also something you need to reflect on before you start your search. What sort of back garden do you want? Do you want low maintenance? Do you want a bigger garden?  You also need to ensure the outside of your next Hayes home is in great condition. Yet, if it’s a ‘do’er-upper’, does the price allow for those works to be done?

10. The Loft & Cellar

Another aspect to consider when buying a Hayes property is the loft (or even the cellar/basement if it has one). In both, look for water damage that could mean problems in the future whilst in cellars/basements, a musty smell could be poor ventilation meaning dry damp could be an issue. Also check for insulation in the loft (the Energy Performance Certificate will tell you if it’s up to standard).   

11. Garage / Off Road Parking Space

How many cars do you have in your family? Can you park them all on your drive? Visit the property during the day, the evening, and weekends to see how the parking provision changes. If the property has a garage, can it be used for something else?

These are my top 11 rules – yet do you have others I haven’t considered?

Let me know in the comments.

Did you know 1,618 Hayes homeowners are considering selling their Hayes home between now and the summer of 2023?

Reports in the press suggest 1 in 5 homeowners are considering moving home in the next 18 months.

This will change the dynamics of selling your home in Hayes, meaning there are certain matters that you, as a Hayes homeowner, should do before placing your property on the market to ensure you get the best price, reduce the hassle and even more importantly, when you do sell, ensure the move actually takes place. Why is this important?

1 in 3 Hayes house sales fall through between sale agreed

and the keys being handed over

Also, nationally, the average length of time a property is taking from sale agreed to key hand over is 19 weeks … and the longer the sale takes, the greater the propensity for the sale to fall through.

So, if you are thinking of selling your Hayes home, here are 7 things you should consider (plus some tips for those Hayes homeowners currently on the market) …

1.   Get your ducks in a row

Although it may seem apparent, having everything in place for the time you come onto the Hayes housing market can really take weeks off the time between sale agreed and key handover and even avert the house sale collapsing. 

For example, if you have had any building works done on your house, ensure you have the relevant paperwork now. That could be ensuring you have the Completion Certificate from the local authority for that extension you had a few years ago. Yes, you had planning permission, but are you aware you need a Completion Certificate from Hillingdon London Borough Council as well?

If you haven’t got the required building regulations or planning consent for any work (including changing your windows), that can really harm the price you achieve for your Hayes home, or it could even finish the deal altogether.

Also, if your Hayes home is old (say 150 years plus) or even listed, you should think about spending a few hundred pounds and get a survey done on your own house, especially if you have been in the house for more than 10 years.

This will highlight any issues that need to be rectified (and be shown to potential buyers) in case they start to nit-pick. If you need recommendation of a good Hayes chartered surveyor – drop me a line.

2.   Carpet ‘photo’ bombing

First impressions are everything, and you only get to make a first impression twice.

Yes, I said twice, once with the photographs and the second time when the potential buyers view your Hayes home.

They say a picture speaks a thousand words, so ensure your agent photographs the best rooms from the best angles. The most important photograph is the front shot of your Hayes home, so always ask to see the photographs before your property goes live on to the market to make sure they show your property in the best light possible.

The second ‘first impression’ is when viewers view your home. Often the thing that lets the side down here is your carpets. If your carpets are more than 10 years old, then seriously consider replacing them with something inexpensive with some decent underlay or give them a good professional clean.

In this Facebook world, your Hayes home needs to look as good as it can to appeal to as many Hayes buyers as possible.

3.   Make it a potential home for your buyer, not a shrine to you

There was a house in the East Midlands called “Disaldu” (as in “This will Do”) that had been on the market for four years with six estate agents. As soon as it changed its name, it sold in a week. Be careful about over personalising your Hayes property as that could be off-putting to possible home buyers. 

Try not to be too daring with styles and colour schemes in your bathroom and kitchens, as your buyer won’t want to spend another £25,000 changing your neon pink kitchen units to something a bit more mainstream.

Hayes homebuyers often hate to change something which has just been finished but is not to their personal taste. Now I am not talking about magnolia everywhere as there is room for some flare, yet be aware it’s a fine balance between your personal tastes and making your home attractive and selling it in the largest mainstream market possible.

Finally in this section, is your Hayes home cluttered or untidy? Many people won’t be able to see past the jumbled house and overflowing bookcases. If you are unsure, drop me a message and I can pop round your Hayes home when I am passing for 5 minutes if you want an impartial opinion.

4.   Highlight the potential of your Hayes home – but not too much

If you were considering extending your Hayes home with a garden room, loft conversion or extension, then getting a local architect technician to draw you up some outline plans to demonstrate the development potential of your property could be worth spending a few hundred pounds on.

Yet at the same time, be careful not to extend to make your Hayes house more sellable. I have seen a handful of Hayes homes be over-developed (i.e. almost over extended), making the house too big for its plot. It’s all about balancing the house with the size of the plot. Again, if you are uncertain in any way, drop me a line and I can give you some impartial advice (even if you aren’t moving for another 12 / 18 months).

5.   Don’t let your garden grow on you

Since the lockdown began in spring 2020, our gardens have become one of our most cherished features. Hayes homes with decent sized gardens have attracted a premium. However,

over-fussy and poorly planned gardens can also be detrimental to the value of your Hayes home, rather than add value to it.

6.   Offices, offices, offices

Working from home could be here to stay for a few years. With this new age of homeworking, even if you don’t work from home, maybe set up a study area. It might even be worth investing in one of those office pods for your garden.

7.   Make sure the price is right

The bottom line is, if a Hayes property isn’t selling it probably means the asking price is too high. Yes, even in a market such as this …

46.4% of Hayes properties have been

on the market more than 3 months

Putting your Hayes home up for sale at too high an asking price is one of the most harmful things you can do as a seller. This approach regularly costs homeowners between 3% and 5% of their potential price agreed.

If you decrease your asking price at a later date in order to achieve a sale on your Hayes house, you probably won’t get what you might have done if it had been realistically priced from the beginning.

I am aware of a 3-bed semi-detached in Hayes which, in the summer just gone, began with an asking price of £540,000 yet ended up selling for only £470,500. It should have achieved £488,000 with a £495,950 initial asking price (even worse, they missed out on the property of their dreams because that one, being realistically priced, sold before they dropped their own price).

The sturdiest and most important property market response is always in the first couple of weeks of exposure. Many Hayes homeowners waste this optimum sales time by being too hopeful on their asking price.

If you are on the market in Hayes and believe you should reduce your asking price, be courageous with your reduction. Make one substantial change of at least 5%, not a series of salami price changes of a 1% here or 2% there.

So, if you are currently on the market and feel you aren’t getting anywhere, and think it could be your asking price, then again, drop me a line.

Traditionally, if you had not sold your Hayes home by the first week in November, you would normally have to wait for the house sellers to return in the famous Boxing Day rush on the portals (Rightmove, Zoopla etc) to get potential buyers interested.

Yet matters have been different this year as the various lockdowns have caused a surge in house buying right up until when the Christmas edition of the Radio Times goes on sale.

So, the question is, how will 2022 look regarding the Hayes property market?

The last couple of years in the Hayes property market have been different in many ways. So much so, many Hayes homeowners are presently deliberating whether they should put their Hayes home on the market in January or wait until later in the summer.

Speaking to many Hayes buyers and sellers, (and in fact Hayes buy-to-let landlords) in the last couple of weeks in the run-up to Christmas, many were asking the very same question.

What is going to happen to Hayes house prices in 2022?

Some people asking this question are Hayes buyers troubling themselves that they are about to buy their Hayes home just before a potential property crash, yet others are Hayes homeowners wanting to know where the top of the market is before they sell. Even a handful of Hayes landlords unable to either start buying or start selling some of their rental portfolio.

Therefore, let’s see what has happened in 2021 to make a better judgement of what should happen in 2022.

Nobody has a crystal ball that can tell what 2022 holds, however most property experts are not forecasting doom and gloom for the British property market.

Whilst the final numbers won’t be known until Easter 2022, it is estimated that in 2021 one in fifteen privately owned homes in the UK are expected to have changed hands, being the busiest year in the last 14 years. Locally,

380 properties have changed hands

in the last year in Hayes

Although that is only up to October 2021, so numbers will be much higher once all the final counts are in by March/April.

The pandemic made many Hayes families re-evaluate what they wanted from their Hayes home, with many wanting bigger rooms (and more of them). Many in the press dubbed this ‘the race for space’, meaning the property market was flooded with home buyers, most bringing forward the home move they had planned between now and 2025.

The issue was, there weren’t enough Hayes properties on the market to satisfy every Hayes buyer, meaning Hayes house prices have unsurprisingly been driven up.

The average price of a home today in Hayes is £391,380

Although it is still premature to say what will happen in 2022, most property commentators seem assured that we are not heading towards a house price crash, mainly due to one reason.

There aren’t enough properties on the market in Hayes. Simply supply and demands economics!

The property crash in 2008 was caused by everyone dumping their property on the market.

In January 2007, there were 330 properties for sale in Hayes (UB3), one year later in January 2008, that had risen to 561 properties, whilst today, that stands at 316

And I can’t see that changing for 2022.

In 2007, mortgage interest rates were 6.5% to 7.5%, so when the economy started to falter, everyone looked to sell their homes to reduce their outgoings as unemployment rose by over 60% in just a couple of years. This time round most people have mortgage rates of around 2% to 2.5% and unemployment is dropping, meaning they don’t need to sell their Hayes home.

Now of course the stamp duty holiday came to an end months ago, and Bank of England base interest rates are expected to rise moderately in the coming year, yet not to the level they were in 2007 (5.75%).

Nonetheless, demand for Hayes homes will still be there. I have even read some reports suggesting that more than 20% of British households are seriously thinking of moving between now and the summer of 2023, and this will support Hayes house prices whilst demand continues to exceed supply.

Hayes house prices will be 2.1% higher by the end of 2022

Another reason why I believe that will be the case is the return to home working. If, as a country, we will need to work from home each winter for the foreseeable future because of new variants, then this will cement the need for people wanting to move home for remote working. 

It might be that Hayes buyers are looking for a dedicated office at home or that they feel they now no longer need to be in large built-up areas that are near to their work. 

This increase in Hayes house prices is expected to entice even more Hayes house sellers onto the market, which will steady Hayes house prices slightly (as supply increases), yet I still believe there won’t be enough properties coming onto the market to satisfy the colossal demand.

What about the Hayes rental market?

Rents tend to grow in line with tenants’ wages. So, with many people getting decent pay rises and not enough properties being built, many economists are suggesting rents will be 14% to 19% higher by 2027. Even with the house price growth, the numbers for rental investments still look rosy.

Is it the right time to buy your first property in Hayes?

This rise in Hayes house prices has had many people asking whether 2022 is the right time to buy their first home? Should they buy now before Hayes prices rocket even further or delay in the hope that house prices come back down? 

As with any important decision in life, this will mainly depend on your own personal life and your motives for wanting to move. 

If the Hayes home that you want to buy is on the market, available and you can afford the mortgage, then delaying could be detrimental. It’s like holding off for the ‘next generation TV’, it then coming out; then just as you are about to buy the TV, the next ‘next generation TV’ gets announced for six months’ time … and the cycle is constantly in motion – so you end up never buying a TV … just like you will never buy your own home!

Buying property is a long-term game

Sometimes you just have to make your decision, get something bought and start the journey of the next 25 to 35 years of living in your family home whilst paying off your mortgage.

The present low interest rates for first-time buyers means that there are some very low mortgage deals available for those with a decent deposit, making it a good time to buy a Hayes property, especially if you fix the interest rate.

If your deposit is humbler, the Government’s 5% deposit mortgage guarantee scheme will still enable you to buy a property, albeit at a slightly higher interest rate.

Looking at the bigger picture, these are only my opinions. If inflation doesn’t get too out of hand and interest rates don’t go above 2% to 3%, it looks like Hayes house prices will, for 2022 and a few years beyond, continue upwards albeit with a slower trajectory than 2020/21 and probably with a few short, sharp up and down spikes on the way.

The bottom line is, ensure that any Hayes house move that you intend to make is something that you can afford, allow for future rises in interest rates and make plans for as many eventualities as possible. Do that, and you should be just fine.

These are my opinions – what are yours?

Reports that one of the most prominent Estate Agents in the UK had allowed its landlords to open to fines of between £9million and £30million in the last few days.

This is because they allegedly failed to send some paperwork to their tenants when their tenancy started.

This has had many town landlords picking up the phone to me to ensure they are compliant with their town rental property. So, what should every town landlord consider to ensure they are compliant and won’t be fined.

To start, there are over 150 pieces of legislation, these are some important ones that town landlords should consider.

Registering your town tenant’s deposit

Every landlord (or their agent) needs to register the tenant’s deposit. It is believed that one in six tenants’ deposits are not registered, leaving the landlord (not the agent) liable to a fine three times the amount of the deposit plus making it very difficult to evict them

When your town tenant pays their deposit, it has to be protected in one of the government-approved schemes within 30 days.

Yet even if you do register the deposit, you must also give your tenant proof of being in the scheme. That must include information on which of the three schemes you chose (The Deposit Protection Service, MyDeposits or the Tenancy Deposit Scheme) protects their deposit and how your town tenant can get their deposit back at the end of the tenancy.

Gas Safety Certificates

Every landlord must offer a safe rental home for your tenants. Every town rental property must have an annual Gas Safety Certificate. The certificate, issued by a qualified and registered Gas Safe engineer, is only valid for 12 months. All certificates must retain for 24 months, and give your tenant a copy of the existing certificate.

EPC for your rental property

The Energy Performance Certificate (EPC) is just like the colour coded energy rating diagrams you see on fridges and washing machines, albeit it’s for your rental property. If you don’t have an EPC, you can’t rent your property. Also, since this Summer, rental properties have had to achieve a minimum energy efficiency rating of ‘E’. If your property doesn’t meet this requirement, you’ll be unable to rent it out (although there are a handful of exemptions). Again, you also must give your tenant a copy of the up-to-date EPC certificate.

Right to rent checks

Every landlord can only let their property to a tenant who has the legal right to rent in the UK. You have the legal responsibility of checking the prospective tenant’s identification and confirming that the tenant is legally in the British Isles. If you let your property to someone in the UK illegally, you might face a substantial fine.

Anything else landlords should be aware of?

How about ..

Smoke alarms

Licencing

Health and Safety

Client Money Protection

Homes (Fitness for Human Habitation) Act 2018

Fire safety risk assessment

Legionella risk appraisal

Electrical Safety checks

That’s just the tip of the iceberg

The list goes on …

As you can see, there are many things a landlord must consider when it comes to being legal. Yet, apart from a logistical nuisance there are actual financial penalties involved if you do not observe with all your landlord obligations. 

 .

Final Thought for all Landlords

landlords can make sure they are fully compliant by having a Landlord Compliance Health Check with ourselves at Simple Estate Agents. We can, within a couple of days, give you peace of mind that you are compliant, be you a landlord that manages your own town property or even with another agent (because being with the one of the most prominent Estate Agents in the UK was not a guarantee the landlords would safe from prosecution).

Call me, Gurpreet Mahal, on 02085734663, and let’s have a no-obligation chat before you commit to anything. What have you got to lose versus you potentially losing thousands of pounds.. the choice is yours?

Gurpreet Mahal

02085734663