» Read the complete article

If you want to be a successful landlord – and have the security and safety that all good landlords strive for – you need to realise that being a landlord is much more than just buying a rental property.

For example, landlords have to make sure they carry out electrical and gas surveys and a regular programme of testing on their properties. This can be time-consuming and costly, but without it a landlord's insurance will almost certainly be void.

Ad there is a good reason – Landlord Property Services says there are thousands of injuries each year because of faulty electrical wiring alone. And with houses full of laptops, stereos, TVs and games consoles it makes sense for landlords to check that electrics are safe and fit for purpose.

If a landlord fails to carry out a regular programme of testing and inspection, he or she may be deemed to have not taken reasonable steps to ensure the safety of their tenants. This could leave them liable to fines, imprisonment and invalidation of their property insurance.

Kevin Firth, director of LPS says: “It is up to landlords to ensure that their properties conform to the highest standards. An electrical survey, for example, will reveal if electrical circuits are overloaded, identify any defective DIY work and carry out tests on the wiring. It will also advise on any work that needs to be done."

If you are unsure whether your landlord insurance is valid, up to date or fit for purpose, then talk to your mortgage adviser. They probably found you a decent buy-to-let mortgage, so let them make sure you have decent buy-to-let insurance. Being covered is essential, and putting in the leg work to make sure your cover works is equally as important – if you want to be a successful landlord, don't cut corners.

SOURCE: LPS, 25/08/09

To keep up with the latest News and comment on the UK buy to let market visit the Buy to Let Mortgage Blog