Page 5 - Henderson Connellan Observer Issue 7 - Kettering

Calling all
first-time investors
If you’re new to property investment, then you’re in the right place.
When done correctly, investing in property can be hugely rewarding, which is why doing your homework before jumping in is well worthwhile.
It can feel like a daunting and scary topic to get your head around especially with so much legislation to stay on top of, which is why we’ve tried to make it as straightforward as possible for you.
Do you have the time to be a landlord? You will need to be realistic about how much time you have available in your existing schedule to manage any future tenancies and consider early on whether or not you will require a lettings agent to help you manage these.
Do you have your finances in order? Just like buying a property to live in, you will need to ensure your finances are all in check before looking to purchase property to rent out. This is especially
the case if you are looking to obtain a buy-to-let mortgage or other financing options.
Are you more interested in yield or capital growth? Rental yield and capital growth are the two most common ways landlords and investors look to increase their return on investment.
Your legal responsibilities There are around 150 laws now that apply to a landlord when they come to let a property. Here we highlight some of the key legal responsibilities that landlords must adhere to when letting their property.
Ensure the property stays in good condition
As the owner of the property, you are required to ensure the property stays in sound condition and take care of any building works that are required. This includes, but is not limited to, fixing any structural damage, roof repairs and maintaining any exterior paintwork.
Gas safety Landlords are legally responsible for the gas safety of their properties. They must make sure gas equipment is safely installed and maintained
by a Gas Safe registered engineer. They must also have a registered engineer do an annual gas safety check on each appliance and flue (boiler or gas fire). The copy of the Gas Safety Record must be given to each of the ingoing tenants before they move in and for any subsequent renewals, within 28 days
of certification. You should also keep records of the checks for a minimum of two years.
Carbon Monoxide and Smoke Alarms Since 1 October 2015, when properties are occupied by tenants, landlords must ensure that a smoke alarm is fitted on every floor of the property on which there is a room used wholly or partly as living accommodation and a carbon monoxide alarm in any room where a solid fuel is burnt (e.g. wood, coal or biomass). Checks must be made by the landlord (or letting agent) to make sure that each alarm is in proper working order on the first day of the tenancy. We recommend recording the alarm check in the inventory check-in report.
Right to Rent Under the Immigration Act you are required to ensure that your tenant has a right to rent in the UK. To establish this, you will need to see a copy of their original ID (and visa if they need one to be in the UK) within 28 days of granting a tenancy. There are also ongoing checks that you
will need to complete, either annually or on the expiration of the visa, whichever is longer.
How to Rent Booklet – For all tenancies granted on or after 1 October 2015, all landlords in England must give their tenants the current version of the “How to Rent” booklet.
Electricity Landlords have a legal duty to ensure that their rental property, and any electrical equipment provided, is safe before a tenancy begins and throughout its duration. They must ensure
the electrical system (sockets, switches and light fittings) is safe and all appliances they supply are safe (e.g. cookers and kettles). Landlords should provide tenants with a record of any electrical inspections. Landlords are also responsible for communal areas of a house, block of flats, or estate that residents use in common with other tenants such as landings and kitchens.
Houses in Multiple Occupation HMOs are usually properties in which unrelated people share facilities such as the kitchen or bathroom. Large HMOs (of at least 3 floors and housing five or more people living as more than one household) need to be licensed. The landlord will need to contact their local council to apply. Licenses are generally valid for five years and landlords need a separate licence for each HMO they run.
Things to keep an eye on – the UK Government published proposals to extend mandatory licensing of HMOs in England, removing the current three storey rule. The proposals also include a minimum room size and a requirement for landlords of shared homes to provide decent storage and rubbish disposal facilities. The person threshold of five people in two households will remain unchanged. The consultation ran until 13 December 2016.
Local Authorities are also able to apply Additional and Selective licensing schemes for other property sizes and types and each borough will have their own policy. It is important therefore to check if you will need a licence before starting a tenancy.
When the Housing and Planning Act 2016 was passed in May the UK Government introduced an enabling power to set requirements for electrical safety standards in private rented sector houses in England.
Henderson Connellan are experienced and trained professionals who understand and comply with complex legislative changes and best practice. Members attend regular training to keep their skills and experience up-to-date. They will also have client money protection in place and a redress scheme for you to refer it in case there is a problem.
Our property management teams can be contacted for a confidential chat about everything to do with either becoming a landlord or a tenant .
Market Harborough Property Manager Andrew Le Measurier 01858 410400
Corby Rentals and Property Management Sarah Laycock 01536 409717
Kettering Rentals and Property Management Carrie Nerney 01536 416555
LIFESTYLE
School choice
What should be your main contributing factors when deciding whether a primary school is right for your child? Answer...
• Ofsted reports
• Department for Education Performance Tables
• School’s website
• Their local offer for Special Educational
Needs
• Additional activities i.e. breakfast club and
after school clubs
What should you be looking for when you visit the school? Answer...
• Visit a range of schools so you can
compare them
• Look at the classrooms and corridors –
what are the displays like?
• What are the interactions like within the
classroom? Between children or between the children and their teachers?
How can you improve your chances of getting into a school? Answer...
• Know the admissions criteria from school
to school
• Know the order in which the criteria are
set by the Local Admissions Authority
Performing well in our area...
Hall Meadow Primary School is an oversubscribed school that received an ‘Outstanding’ rating from Ofsted at its last inspection. The school is located on the
ever popular Kettering Leisure Village development and strives to provide an active, caring
and high quality environment that encourages self-sustaining lifelong learning.
If your local school is doing particularly well, please let us know: karen.mascall@hendersonconnellan.co.uk
www.hendersonconnellan.co.uk