Louise Savage, Sales & Marketing Director at Residential Land writes a monthly column for City AM offering readers advice on renting flats in London. Some of the most recent questions include:
Q.I am moving in with my girlfriend but can’t sell my flat for the right price so have chosen to become a landlord. Can you give me any advice as to what I need to do?
A.Renting out a property is simple for a landlord who has been doing it for 20 years but for someone new to it, it can be difficult. If you want to be involved in the process, then here is a good checklist.
Firstly, you need to ensure your mortgage allows you to rent out the property. You also need to obtain certain checks. The energy performance certificate lasts for 10 years and costs about £100. The gas safety certificate lasts a year and is available from registered gas engineers while the electrics must be tested every five years.
Once you have a tenant you need to get references, including employer, previous landlord, bank statements and a copy of their passport. When you have the deposit you must make sure it is protected. Finally, have a list of repair firms that you can use if anything goes wrong with your property.
Q.I moved out of my rented flat, where there was a small ink stain on the carpet. My landlord says he needs to take £400 out of my deposit to replace the carpet. Can he do this?
A.The landlord should not end up in a financially or materially better position than when the tenancy started. The deposit is only used to put things back to the state they were in when you rented. However, an ink stain is not just general fair wear and tear so you should expect to pay something extra for cleaning. As with any deductions from your deposit for repairs you should expect receipts from the landlord.
If the landlord is still insisting then you need to contact the Tenancy Deposit Protection Scheme, which covers the vast majority of tenancies.
Louise Savage is director of Residential Land, London’s largest prime central London landlord, with Properties to rent in London, Investment properties for sale and acquisition – www.residentialland.com