Some would-be
sellers are reluctant to sell their home in view of the high cost of moving, or
selling for what they regard as too low a figure to enable them to fulfil their
plans. Others may be moving abroad and don’t necessarily want to commit to
selling their UK home just yet. Maybe you’re keen to move but don’t want to
“cash-in” the investment potential of your property at this time.

Many people are
therefore deciding to let their property instead of selling it. This makes good
sense for several reasons. Firstly, if your rental income at least covers your
mortgage payments, especially during this time of low interest rates you
effectively gain a “free” investment, although do consider the costs of letting
your property, such as tax, insurance and management charges. You’ll also need
to let your lender and insurer know.

The chances are
that as an owner occupier, you could well achieve a fast let, with an excellent
rental income. This is because you will be competing with buy-to-let properties
that will not usually be presented to such a high standard as a property in
which the owner is actually living, and which therefore feels like a home.

However, there
are many issues to consider before letting your property out. It’s not just a
matter of finding a tenant. There are over 100 pieces of legislation affecting
landlords of which you should be aware, including fire regulations, other
health and safety issues, deposit protection, rights of tenure, etc.

Letting has become
a complex specialist field, and we strongly recommend that you don’t go it
alone. Why not contact us for a free consultation on 020 8359 3399 with one of our experienced
lettings experts. We won’t bore you with all the legal stuff, but as your
investment managers, we’ll do our best to help you make the most of your
property and its potential.

© Copyright 2021 Richard Rawlings
except as excluded under license.