All You Need to Know About Renting Properties
Before you rent your property on the UK market, you must develop a good understanding about the latest legal requirements to comply with the regulations. Below is a summary of the recent changes in the legal regulations which you (the landlord) must be aware of.
TDP (Tenant Deposit Protection)
All tenancies must adhere to the legal regulations that came into effect during April 2007. Deposits must be registered in a maximum of 14 days of deposit receipt, with any one of the three schemes. If you fail to conform, this will impact your ability to ask your tenants to move out by issuing a Section (21) notice. The inability to register the deposit may even mandate the payment of a substantial amount to the tenants.
Gas Safety Testing
This regulation was enforced in 1994 and is still applicable. It clearly states that all appliances powered by gas must be tested and serviced annually. It is the responsibility of the landlord to acquire this certificate before renting the property to the tenant.
EPC (Energy Performance Certificate)
EPC was introduced in October 2007. This is basically Home Information Pack Scheme (HIP) extension for home sales. It specifies clearly that all rental properties listed must have an EPC. Furthermore, it also states that the EPC must be in-hand for rental inspection by potential tenants. An EPC is valid for ten years after it is issued.
PAT (Portal Electrical Appliance Testing)
Though this is not mandatory for property letting it is considered to be best practice, and this is exactly why we recommend it to landlords.
HMO (Houses in Multiple Occupation) Licensing
This licensing is a legal requirement if you are renting out a large HMO. It is determined large if:
- It is rented to five or more individuals who form over 1 household,
- Your property is more than 2 storeys,
- And where kitchen and bathroom facilities are shared.