Most properties would have been purchased with vacant possession and us letting agents are currently working hard to let them; however, a large number would have been sold subject to an existing tenancy. This is perfect for investors to have income from day 1 of their ownership, so when the insurance broker has been informed to insure the property it can be forgot about until the next rent payment is due……but can it? Is the tenancy lawful and in order?
Landlords – have you received absolutely everything you need and have you checked everything? Is the tenancy agreement you have inherited lawful? Where is the tenancy deposit and is it properly registered? Where will it be held/protected from now? Has the tenant been properly and legally informed of their change of Landlord and their address? What about gas safety, smoke alarms, electrical safety? Have you obtained the spare set of keys?
When acquiring a tenanted property there are many factors (more than just the above) to consider to ensure your obligations as the new landlord are fulfilled.
Over the last week, we have taken over management of 3 tenanted properties on behalf of clients where purchases completed at the end of March, with a further 3 coming very shortly. When management is transferred to us, we always audit all points of a current tenancy to ensure everything is satisfactory and our client is not at risk. It is surprising how many tenancies can have the simplest yet detrimental of things missing.
For a FREE audit of a newly acquired residential tenancy, please get in touch for the regulated lettings experts at Kingswood Residential Investment Management to ensure your new investment property really is perfect from the outset. £0