Landlord's rights

Being a landlord can place you in a vulnerable position. You have the ultimate responsibility of making your mortgage repayments whether you rent out your property or not.

You are also trusting strangers to keep your property to a standard that will maintain its market value. In addition to this there are also the legal requirements associated with being a landlord and the duty of care, which must be extended to tenants in your property. Of course, it is a two-way street and tenants must uphold their side of the bargain too, but be aware of the legal obligations that you will have towards your tenant or tenants.

Many landlords seek suitable tenants from reputable management and letting agencies and indeed many continue throughout the tenancy of the property to conduct all dealings with the tenant through these agencies who will also take care of the maintenance and repair of the property. On the other hand, many landlords prefer to deal directly with their tenants and build a more personal relationship with them. It is important, whichever way you choose to deal with your tenants, that as a landlord to know both your rights and your obligations.

Tenancy agreements can be verbal or written and both are legally binding. It is important as the owner of the property to ensure you have a tenant who will continue payment of rent in a prompt manner and who will also advise of any damage to the property so that it can be rectified as soon as possible. As a landlord damage should be fixed promptly and receipts should be kept in respect of all expenses pertaining to the property.

Being a good landlord means being good at keeping written records of all monies received and a detailed record of any agreements made. It is also advisable to set out clear where your obligations cease and where the tenant will be responsible for their own goods while renting your property. Make your tenant clear on the type of insurance cover you have in place and where your liability to contents ceases.

Renting a property is similar to running a business. It is based on comparable rents within the area and you may also be in competition at times with other landlords to find suitable tenants.

Obviously higher rents mean greater profit and as an investor this should be high on your list of priorities.

Keeping your property maintained to a high standard will place you in a good position to have your property continually occupied and it may also be prudent to have agreed inspections of the property to ensure that its upkeep is being maintained.

Obtaining references from your tenants' previous landlords and indeed employment can prove to be very beneficial. It will give you an idea of the type of person they are and whether or not they have caused problems for landlords in the past. It will also help to prevent you misjudging a potential tenant and bearing the costs should the situation become troublesome.

Having a written rental agreement with your tenant can help avoid unnecessary disputes. You should carefully outline what is and is not expected from your tenant. Highlight where they may be liable for costs should they damage the property in any way other that normal wear and tear.

Remember that the landlord and tenant relationship should be mutually beneficial and as hassle free as possible. There is legislation in place to protect all parties to a lease agreement and generally good communication skills can iron out any problems which may arise. Protect you investment and make it grow for you and your future.