The knowledge that gives buy-to-let landlords the power to boost profits
A blog post published recently in Simply Business discussed new research that highlights how few buy-to-let landlords know the answers to key questions about their obligations and responsibilities as a landlord. In fact, the findings make for shocking reading. This lack of essential landlord knowledge is surely not something from which readers of the Ezytrac blog can be accused.
We’ve covered every one of the five questions posed in the Simply Business article in the last few months, and many more besides. Here are those five questions, and 11 more that readers of our blog will know the answers to. How many can you answer?
1. Who needs to receive Prescribed Information when a landlord takes a deposit from a tenant?
According to the Simply Business research, 91% of buy-to-let landlords don’t follow the correct process when handling tenants’ deposits.
We’ve answered such questions about process and procedure in dealing with tenancy deposits in numerous posts, most recently by discussing prescribed information in our blog ‘Landlords beware – new legislation affects your buy-to-let property’.
2. How often do you need to apply for a gas safety certificate?
More than half of buy-to-let landlords asked failed to answer this question correctly. You’ll find the answer in our recent blog ‘Gas safety for buy-to-let landlords’, and last October’s post ‘How buy-to-let landlords can avoid being smoked with a £5,000 fine’, and our article ‘Gas kills London landlord – why you need the gas safety certificate’.
3. What are the legal smoke alarm requirements for a rental property?
Two-thirds of landlords quizzed didn’t know the answer to this question. Not our readers. You’ll find the answer in the second sentence of our post ‘How buy-to-let landlords can avoid being smoked with a £5,000 fine’.
4. What is the minimum rental room size for a single adult tenant?
Eight out of 10 landlords failed this question. If you let out a house in multiple occupations, the answer applies to you. You’ll find the information you need in our post ‘Could the new HMO rules backfire on the government?’.
5. How much notice do landlords have to give tenants before entering the property for a routine check?
Fewer than two in 10 landlords got this right. You’ll find the answer in a blog we published in February this year, titled ‘Expensive elementary errors of buy-to-let landlords and how to avoid them’.
More questions that buy-to-let landlords should be able to answer
We write this blog to help educate buy-to-let landlords and provide essential advice that helps keep you in touch with all the landlord law changes as they happen. Knowledge is power – the power to boost profits. Here are another 11 questions (among many) that the Ezytrac blog has answered in the last few months.
6. How must you handle tenant information and data under the GDPR rules?
See our post ‘GDPR and buy-to-let landlords – are you ready for May 25th 2018?’.
7. When a tenant leaves, what recourse to the tenancy deposit do you have to cover damage?
See our post ‘How much of the tenancy deposit can a buy-to-let landlord withhold?’.
8. How can you avoid disputes about your tenancy deposit?
See our post ‘Buy-to-let 101: Property inventories, inspections, and deposit disputes’.
9. My tenant has abandoned my property – how do I get it back?
See our post ‘How do I repossess an abandoned buy-to-let property?’.
10. How is tax liability calculated on buy-to-let income?
See our post ‘How much tax should I pay on my rental income?’ to learn how to calculate your rental profits for income tax purposes, and how the new tax relief on mortgage interest payments affect buy-to-let landlords.
11. What are your responsibilities to protect your tenants from Legionnaires’ disease?
See our post ‘Buy-to-let landlords and Legionnaires’ disease’.
12. What is the difference between an assured tenancy agreement and assured shorthold tenancy?
See our post ‘Beware the tenant who wants an assured tenancy agreement’.
13. You want to make improvements to your property – do you need the tenant’s permission?
See our post ‘Are you harassing your tenants by making property improvements?’.
14. How do you ensure that your tenancy agreement is legal?
See our article ‘What does fairness mean in tenancy agreements?’ to learn how to make sure your tenancy agreement stands up to scrutiny in court.
15. How does your property pass the fit and habitable laws?
See our post ‘The landlord’s obligations to maintain a fit and habitable property’.
16. If a tenant is injured because of an electric shock, is the landlord liable?
While you are not obliged to carry out electrical safety tests, you could still be liable. See our post ‘Electrical safety for buy-to-let landlords’.
Read this blog regularly, and you’ll find that you should be more informed than the majority of buy-to-let landlords. We work hard to keep buy-to-let investors and landlords updated with all the information they need. And when we manage properties for landlords, we work equally hard to ensure they receive the very best service in the market. If you aren’t taking advantage of effortless property management, isn’t it time you did? All you need to do is contact Ezytrac today.
Live with passion,
Brett Alegre-Wood