Letting your property with us

As a landlord in England, you have legal responsibilities that you must fulfill. Familiarise yourself with the Landlord and Tenant Act 1985 and the Housing Act 2004, which outline the rights and obligations of landlords and tenants. There are currently over 170 pieces of legislation covering the Private Rental Sector and more on the way. It is imperative that you understand the laws regarding tenancy agreements, deposits, maintenance, safety certifications, and eviction procedures or employ us to take care of this for you.

Tenancy Deposit Protection

If you take a tenancy deposit from your tenants, you must protect it in a government-approved tenancy deposit protection scheme within 30 days. This ensures that the deposit is held securely and can be returned to the tenant at the end of the tenancy, subject to any agreed deductions. In order to secure the condition of your property and be able to deduct money from the tenant's deposit at the end, you must provide evidence in the form of a professional inventory, schedule of condition, check-in and check-out report. We can assist with this for you.

Property Standards

It's essential to maintain your property to certain standards to ensure the health and safety of your tenants. Familiarise yourself with the Housing Health and Safety Rating System (HHSRS) and ensure that your property meets the required standards for fire safety, gas and electrical safety, and general maintenance. Regular inspections and necessary repairs should be conducted and we will take care of this if we are managing your rental property on your behalf.

Licensing and Regulations

Depending on the type of property you plan to rent out, you may need to comply with specific licensing and regulatory requirements. For example, certain areas have additional licensing schemes for houses in multiple occupation (HMOs). Research Hull's local regulations applicable to your property to ensure compliance or instruct Urban Property as your managing agent, so that we can do this on your behalf as there are hefty fines in place for non-compliance.

Taxation and Financial Considerations

Understand the tax obligations associated with being a landlord. You will likely be liable for income tax on rental income, and if you sell the property, capital gains tax may apply. Familiarise yourself with the rules and consult with a tax professional to ensure compliance. Additionally, consider the financial aspects of being a landlord, such as mortgage payments, insurance, property maintenance costs, and potential void periods without rental income.

Choosing a letting agent with client money protection insurance means that, in the event of the letting agent's insolvency or fraudulent activity, your money is protected, and you can recover your funds. Whilst it is a legal requirement for letting agents to have this insurance, you should ensure you have sight of the certificate and check it's authenticity. If a dispute arises the CMP scheme provides a mechanism for resolving the issue fairly and independently.