Your key responsibilities as a buy-to-let landlord

Whether a buy-to-let beginner or a seasoned pro, becoming a landlord can be extremely lucrative. The prospect of a steady income, allowable expenses and increased independence in the short term are all well-known perks of becoming a landlord right here in the UK.

In the long term, there’s another major benefit that draws would-be landlords in or inspires existing buy-to-let investors to expand their property portfolios as Landlord Today explains:

“The property market is fluid, which means that it fluctuates all of the time. Prices rise, and prices drop. However despite this, property is without a doubt the safest financial investment, and landlords make an income on rent regardless of the buying and selling figures. Think about it, people always need somewhere to live, regardless of what the economy is doing…”

All these rewards however don’t come without their responsibilities. As a landlord, you have a long list of duties to ensure your tenants are well looked after and the letting process is as stress-free and profitable as it should be.

Here we take a closer look at your key responsibilities as a buy-to-let landlord so you can enter the industry with your eyes wide open.

Make sure the property is safe

Improving standards within the private rented sector have been a major focus of the UK government in recent years. Every individual after all deserves to live in a property that is safe and habitable. As a landlord, it is your responsibility to ensure your property is up to scratch before it is let out to prospective tenants.

Under the housing health and safety rating system (HHSRS), every privately rented property should have undergone a gas safety check. Any furniture, electrical equipment and fire safety devices (such as smoke alarms and carbon monoxide detectors) should also meet the required safety standards. 

You should have an Energy Performance Certificate (EPC) for your buy-to-let property, with a minimum rating of E required for new lets and renewed tenancies.

Check your tenant has the right to rent

Now your property is ready to let, the hunt for the perfect tenant can begin. During your search, there are a variety of checks that should be undertaken. Your tenant should have the right to rent, and it’s your responsibility as a landlord to check their status.

By law, all landlords must examine the immigration status of their tenants and any person who is over the age of 18 who will be living within the property.

Protect your tenant’s deposit

Whether you are using a letting agent to assist you or going it alone, it is your responsibility to protect your tenant’s deposit by law. There are several deposit protection schemes that allow you to do just that.

Using one of these schemes isn’t just beneficial for the tenant. Should a dispute arise during the tenancy, the deposit scheme will aim to resolve it impartially.

Maintain the property to a good standard

It is your legal and moral responsibility to make sure your property isn’t just fit for habitation at the very beginning of the tenancy but remains that way. With this, you’ll be obliged to complete repairs and maintenance to ensure your buy-to-let is preserved to a good standard.

Landlords are responsible for maintaining various fixtures and fittings along with repairing the exterior and structure of the property. Issues like dampness, mould, and pest control are also generally overseen by the landlord. As a result, property management fees are among the biggest costs of being a landlord.

Think you have what it takes to be a UK landlord? Chat to one of our advisors today about your buy-to-let mortgage options.

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