Who’s Renting Your Property?
Whether you are renting out your property that you live in or property in your investment portfolio, you will want to have the best tenant. So, how do you find out who is renting your home? Here are few points that may help you.
When you are giving your property to rent, you are trusting a stranger with your property. No matter what you do for a living, letting a property requires a lot of effort. Property in the UK is not cheap, and the prices have risen over the past years. One of your responsibilities as a property owner is to know how you can protect your property. You also need to be prepared to deal with any issues that rise.
Background and credit checks
You should perform a background check on the person to ensure their identity and credentials are valid. You can verify their identity, talk to their previous landlord, and verify their place of work and more. Also, perform a criminal background check for any minor or severe offences.
Letting out a property, and not getting rent on time can be a nightmare. Perform credit checks on the person to ensure that they are dependable.
Verify tenant ages
If there are multiple tenants who will be residing, check that all the tenants are above the age of 18. The age criteria must be met even if the tenant is not named in the tenancy agreement.
Tenancy agreement
Make sure that you have a comprehensive agreement created and signed, before you hand over the keys to your property.
Do not discriminate
You need to check every person that you are considering renting your property to has the Right to Rent, not just people you think are not British citizens. If you do not make that check, it is against the law.
Legality
Just like a landlord needs to follow certain rules, there are rules for tenants too. Check whether your prospective tenant is legally permitted to rent a property in UK.
Search in advance
Do not wait until the property is empty to search for tenants. Plan the situation well in advance. Talk to the existing tenants to co-operate and allow you to show the property to new prospects.
Finding the right tenant may not be as simple as it sounds. By conducting thorough checks on the prospects, you can minimise the risks of rent arrears and other problems. Do not rush to fill an empty property. Take your time as hasty decisions can lead to tricky situations. Always trust your gut. If you are feeling that a certain person is not right, check the identity and history of the person properly.
Having the right tenant not only safeguards your property, but it also gives you peace of mind. So, be practical, do your research and then decide.