Move in checklist for landlords
Once the tenant has paid the deposit it must be placed in a deposit protection scheme within 30 days. If you opt for a traditional deposit you must only ask for a deposit that is equal to 5 weeks’ rent where the total annual rent is less than £50,000 or 6 weeks’ rent where the total annual rent is £50,000 or more. These schemes are in their infancy though, so make sure you weigh the pros and cons before offering them. Zero deposit schemes are popular among tenants who struggle to find an up-front deposit and these schemes are often faster and less hassle for the landlord. With a zero deposit the tenant pays a non-refundable fee to the zero-deposit scheme, the landlord can then claim against the scheme for things that would usually be covered by the deposit at the end of a tenancy, like property damage. You can’t force a tenant to use a zero-deposit model, you have to give them a choice between a zero deposit and a traditional deposit. Some landlords are now moving beyond traditional deposits and using zero deposits which work more like insurances. There are rules around how much you can take and where the deposit can be stored, ignoring these rules can result in large fines. The landlord can claim money from the deposit (usually at the end of a tenancy) to cover property damage, missed rent etc. It is traditional for landlords to take a security deposit before the tenant moves in. This is money that is kept aside throughout the tenancy. Taking Deposits and Using Deposit Protection* While tenant’s insurance won’t cover any landlord contents, it will cover accidental damage to the landlord’s buildings, fixtures and fittings caused by the tenant which gives you an added level of protection. If you insist on your tenants taking this out, you should include the requirement in the tenancy agreement and make your tenants aware that this clause exists. You can require your tenants to take out tenant’s insurance which usually includes tenant’s liability cover.
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You can find out more in our Landlord Insurance Guide. If you have (or are buying) landlord insurance, do this before your tenant moves in and make sure you have the coverage that you need.
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Landlord insurance won’t provide cover for your tenant’s possessions, it also won’t typically provide cover for malicious damage caused by tenants or late rental payments. If you have a mortgage on your property, your mortgage provider may insist that you have landlord insurance to provide financial protection against potential risks. Standard landlord insurances will pay out in the case of fire, theft, escape of water, storms and other unforeseeable perils. It isn’t a legal requirement for you to have landlord insurance, but it can provide financial protection from damage to your property that isn’t caused by the tenant. However you decide to provide these, make sure the tenant is aware of the readings and that they have a responsibility to contact the utility companies to set up regular payments.īuy Insurances Before Your Tenants Move In Some landlords do this in the tenancy agreement, some in the welcome pack and others choose to just supply them via email or text.
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Once you’ve taken these readings, you’ll need to provide them to the tenant along with the name of the company that provides the utility. You should also photograph the meters as you record the reading so that there is absolutely no doubt as to the validity of the reading. You should take an electricity reading and a gas and water reading if these are applicable. The idea here is that you record the meter reading at the point where the tenant becomes responsible for paying it. The meter reading should be taken either the night before the tenant moves in, or on the morning that they do move in. You can’t take these weeks before the tenant moves in. Unless you’re bundling the cost of utility bills in with the rent, you’ll need to take meter readings at the start of the tenancy. Take Meter Readings Before Your Tenants Move In