If you're thinking about renting a property or letting out your property, there are some things you need to know about the rental market. In this blog post, we'll discuss some key things you need to know about lettings and the rental market. From understanding the different types of lettings to knowing your rights and responsibilities, we've got you covered.
There are several types of lettings available in the rental market. The most common are Assured Shorthold Tenancies (ASTs), England and Wales's default type of tenancy agreement. ASTs usually last six or twelve months, and the landlord can evict the tenant with two months' notice after the fixed term ends.
Another type of letting is Periodic Tenancy, which means that the tenancy runs on a rolling basis. This means that the tenant can stay in the property as long as they pay the rent and the landlord doesn't evict them. It's important to note that the landlord must notify the tenant if they wish to end the tenancy.
Finally, there are also Rent-to-Rent agreements, which are becoming more popular in the rental market. In this agreement, a tenant rents a property from a landlord and then sublets it to other tenants. It can be profitable for tenants to profit from the rental market, but checking that the landlord has permitted the subletting is essential.
Both landlords and tenants have rights and responsibilities when it comes to lettings and the rental market. Landlords must ensure the property is safe and habitable and perform necessary repairs and maintenance. They must also protect the tenant's deposit in a government-approved scheme and provide the tenant with a copy of the Energy Performance Certificate.
On the other hand, tenants are responsible for paying their rent on time and taking care of the property. They must report any repairs that need to be carried out and allow the landlord access to the property for inspections and repairs. Tenants also have the right to live in the property without interference from the landlord.
Start by listing your requirements, such as the number of bedrooms, location, and budget. You can then search online for properties that meet your criteria.
It's also a good idea to view several properties before deciding. This will give you a better idea of what's available in the rental market and help you to make an informed decision. When viewing a property, ask questions about the tenancy agreement, the landlord's responsibilities, and any other queries you may have.
Landlords have the right to increase the rent during a tenancy, but they must follow certain rules. They must give the tenant notice of the increase and explain its reason. The tenant can challenge the increase if they believe it's unreasonable.
Most landlords require a deposit from the tenant before they move in. This usually equals one month's rent and is held as security against any damage or unpaid rent. The landlord must protect the deposit in a government-approved scheme and provide the tenant with information about the scheme.
Landlords are responsible for ensuring that the property meets fire safety regulations. This includes providing smoke alarms on every floor of the property and carbon monoxide alarms in rooms with solid fuel-burning appliances. Landlords should also ensure that any furniture or furnishings provided meet fire safety standards.
Some local authorities require landlords to obtain a license to rent their property. This is usually to ensure that the landlord is a fit and proper person to be a landlord and that the property meets certain standards. Landlords should check with their local authority to see if they need a license.
Finding a rental property that allows pets can be challenging if you're a pet owner. However, landlords are not allowed to refuse pets unreasonably, and there are ways to make your pet more appealing to landlords, such as providing references from previous landlords and offering to pay a higher deposit.
In conclusion, lettings and the rental market can be complex, but with the right knowledge and understanding, it can be a profitable and enjoyable experience. Whether you're a landlord or a tenant, knowing your rights and responsibilities is crucial, as is finding the right property for your needs. Following the tips and advice in this blog post can make the most of the rental market and ensure a successful tenancy.
We have rented our property with open estates for 5 years now, they are truly the best! Everyone is always friendly and so helpful with everything from the day we moved in! Matt has especially...
Thank you very very much
Dear Laurie and Paul We know that this is belated but we just wanted to say a huge thank you in writing for all your hard work on our behalf in selling our property. We could not have hoped for a...
Sincere letter of recommendation
We live in Western Australia. Open Estates have managed the rental of our property in Borehamwood on our behalf and recently marketed the house and gained a successful and swift sale. We have...
Courteousness, patience and perseverance
Thank you Jonathan for your brilliant service in facilitating the sale of my flat. Valued well, and achieved sale immediately to full satisfaction. More importantly I am impressed with your...
I would highly recommend Open Estates
I would highly recommend Open Estates in Radlett and will definitely use them again. From start to finish they provide a professional service, there is always someone to take a call and explain...
Thank you very much for your hard work and help with the sale of our property. You succeeded where everyone else failed. We will certainly recommend you and Open Estates for excellent results and...
You are superstars
Thank you for your amazing professionalism, courtesy and competence. We are so grateful for you help and support and value everything you have done. Open Estates you are superstars.
Overwhelmed by their care and assistance throughout
My dear Jonathan I would like to compliment you and your team for a speedy and hassle-free rental. Both your colleagues, Matthew and Simon were attentive and professional to my every need and I...
Integrity and diplomacy
I just wanted to say thank you for everything that you have done to ensure that the sale of Nightingale Close went through. Your integrity and diplomacy were certainly put to the test and your...
Wealth of experience
I want to thank the whole team at Open Estates for their professional, personal and friendly service. Their knowledge of the area (Borehamwood) and wealth of experience really helped make the sale...