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Authority and permissions to let

AUTHORITY & PERMISSION

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THE MORTGAGE - must be a buy to let policy or permission granted to let. Permission being granted can depend on a number of criteria such as current mortgages arrears, renting as an HMO [shared house], rented on an AST is usually mandatory. There are also strict criteria on the amount of rental income required to cover the mortgage payment. Many policies also impose restrictions on renting to tenants on housing benefit tenants such clauses are probably unenforceable due to discrimination laws.

BUY TO LET INSURANCE - is required to cover liability to tenants, their guests and trades persons, where an apartment Landlords should ask the management company to see their policy [so they know what insurance they have in place]. Landlords should also be aware that many policies assume the tenant is a working professional, so if your tenant becomes unemployed update your insurer. Read policies and beware of clauses such as property empty periods. Know what you are and NOT insured for.

FREEHOLDER AND MANAGEMENT COMPANY - Some properties have exclusions in their deeds that prevent them from being rented for they are exclusively owner/occupier. This should always be validated in the due diligence when acquiring a property.

 

HOUSE  IN MULTIPLE OCCUPATION (HMO) - Renting Rooms or Shared Houses If renting rooms or letting a house to three or more sharers there could be HMO or planning compliance requirements.

MANDATORY HMO LICENSING – It is mandatory that a landlord be in possession of a property licence where the property or any part of it comprises three storeys or more, five or more persons occupying it.

Important Information all landlord & Developers should know

AUTHORITY & PERMISSION

PROPERTY MANAGEMENT

ENERGY PERFORMANCE 

GAS CERTIFICATION

PREPARING YOUR HOUSE

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Landlords - free accounting, property business, assessment setup & advice  

I bought an investment property with my son and his girlfriend. I invested all of the deposit on the house. My son broke up with his girlfriend 5 years before we sold the house. When we sold the house because her name was on the deed she got a third of the profit. Now I set up all my investment under a PLC, with each investors duties and responsibilities and shares payout.

- John Taylor

I used to rent my property to normal high street estate agent. To be honest I got the market rental price of the property and I was happy, I received £300 above my mortgage pay out monthly. I had my property assessed with PIP estate agents. Over the last 4 and a half years. 2 years I my property rented to a film company & received £900 above my mortgage pay out monthly. Currently over the last 2 & a half years. I have rented to corporate companies through PIP & received £800 above my mortgage monthly. Could not be happier

- Mary Stone

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