Key Tips For Landlords When Starting A New Tenancy

Showing tenants around the rental property personally is a chance for the landlord to gain a little insight into the people who may soon be living in the rental property, providing that all parties like each other.

It is also a good opportunity for landlords to engage with the prospective tenants and listen to their own gut instincts and it’s easier to build a robust long-term relationship with people who are able to have an open and constructive dialogue with each other.

Reference Tenants: Fully comprehensive Tenant Referencing offered by Legal 4 Landlords will indicate if the tenant can afford the rent, indicate if the tenant has any criminal convictions or anti social behaviour orders against them and that they don’t have a dubious credit or rental history.

Monthly rental income can be assured by making use of Rent Guarantee insurance that will protect the rent for the period of the tenancy.

If landlords without Rent Guarantee insurance remain unsure that their tenants will always be able to pay the rent every month, ask them to provide a relative who is UK-based, working, home owner to act as a guarantor, who will then be liable to pay the rent if they default.

Guarantors are especially common for LHA and student tenants.

Ensure the tenant sets up their monthly rental payments through a standing order or direct debit at their bank. It means tenants won’t forget to pay and landlords shouldn’t have to chase.

Good communication on a regular basis with tenants will make them less likely to default on rental payments.

• Ensure the landlord meets the tenants personally before considering letting a rental property to them.
• Tenant referencing by professional referencing specialists is essential.
• Can Rent Guarantee Insurance be utilised?
• Secure a working home owner as a guarantor for the tenant.