Get to know your liabilities as a landlord

As a landlord you must ensure that your properties meet a number of requirements, as defined by law - read about those requirements in our helpful guide.

Landlord Liabilities

This is an area of cost that, while unavoidable, is at least fairly predicable.

As a landlord you must ensure that your properties meet a number of standards and requirements, as defined by law. And you frequently have to pay a to prove that this is the case.

You must have yearly checks carried out by a Corgi registered engineer.

All furniture must be certified fire resistant (to appropriate government standards)

These jobs are very important, but relatively minor in terms of time and money requirements.

Usually arranging these checks can be passed on to your letting agents, but the legal liability will remain with you.

Also in the legal category, we need to include insurance – buildings, and contents if the place is furnished. Additionally, you can take out insurance against tenants defaulting on rent payments, or insurance against the need to carry out repairs to electrical goods or plumbing, etc.

Of course, if you haven’t yet bought your property, you must factor in solicitor’s costs, stamp duty (if any), survey fees, council tax until the property is let (unless the property is unfurnished and empty and exempt), utilities connection charges and so on. This list is by no means exhaustive.

 

With thanks to BuyAssociation.