You’ve bought your buy-to-let property, completed updates to make it a desirable rental and you’re ready to start populating the rooms. Even though it feels like the difficult part is over, it’s essential to make sure that you have a process in place to select the right type of tenant for your property. Ideally, your new tenants should come recommended with references from a previous landlord or employer.
If you are letting to students who have likely never rented on their own before, always check that they have a financial guarantor in place. Otherwise, we recommend running a credit check.
Keeping Kosher
You are also legally obliged to ask the tenant for proof of residency in England, such as a passport or ID card. This is an important check to avoid renting to anyone who is not legally permitted to live in the UK thereby risking a fine and many other possible repercussions.
Even if you have conducted all the right checks, there is no cast-iron guarantee that your tenant will be reliable and timely with rent payments and/or keep your property in good condition.
It’s highly recommended to draft a watertight contract with a property solicitor to protect yourself and your property investment in case any issues crop up.
Contact the team at Alesco for further advice and check out our article on taking legal advice with your property investments.
