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If you are one of the growing army of 'accidental landlords' who have had to rent their property in lieu of making a loss or trying to get an expensive mortgage, there are a few things to remember. Richard Davies, head of lettings at Chesterton Humberts, says: “Choosing to rent your property instead of selling it can be a good option, but you need to think about the implications of doing so first."

A number of checks need to be made before renting, including making sure all furniture complies with fire safety regulations, electrical plugs, sockets and portable appliances are checked and the mandatory gas safety certificate is produced to ensure all gas appliances are in a safe working order.

Landlords have to also remember to provide an Energy Performance Certificate for rental properties in England and Wales; however they can be valid for ten years.

They should also make sure the rental quote you receive is realistic and achievable. Dependent on the area, an increase in properties available to rent, could lead to you having to negotiate down on price. Also, any income generated from renting your property is subject to income tax – do your calculations first.

If you only intend to let your property until you can find a buyer, make sure the tenancy is set up this way. If not, you may find you become a landlord for longer than expected.

Finally, speak to a reputable mortgage adviser and a regulated letting agent who will be able to guide you through the process. Getting the right buy to let mortgage and then the right person to sell the property to a tenant is crucial if your new venture is to be a success.

SOURCE: Chesterton Humberts, 05/02/09

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