Becoming a Landlord

Becoming a Landlord

If all or part of your property is empty, it is an asset that is being wasted. Many people consider letting their property, but are not sure of the steps they should take to do so. Letting out all or part of your home could provide you with additional income and at the same time provide someone with a home.

Through a Housing Association

If your empty home is in good condition you should check to see whether a Local Housing Association runs a private sector leasing scheme and is looking to take on more properties. Under these schemes you would grant the Housing Association a lease at an agreed fee for a number of years, they then act as managing agents, find a suitable tenant their waiting list, collect rent, arreange internal repairs etc. You would still be responsible fo the external repairs, and the buildings insurance.

Please note, The Vale of Glamorgan Council is currently not taking on any property however Housing Associations in the area may.

Through Letting Agents

You may want to let your property through a private lettings agent. There are several letting and managment agencies in each Local Authority area who have experience in advising on market rents, finding tenants, drawing up agreements and managing properties. Click here for a list of Letting Agents in the Vale of Glamorgan.

An Agency normally charges an initial fee for letting and/or managing the property, and then takes a precentage of the rental income. There are good and bad accomodation agencies, so it is wise to contact several agencies to discuss their practices and fees before committing yourself.

Most reputable letting agencies are registered with one of the following:

Doing it Yourself

You may wish to act as the landlord yourself. The law stipulated that there are certain rights and obligations attached to becoming a landlord and it is important that you are aware of these conditions when letting your empty home.

The Landlord Handbook, produced by ANUK and LACORS is an essential read for all landlord and can be downloaded for free.

In Wales, there is a National Landlord Accreditation Scheme which provides existing and prospective landlords with access to training and information. Landlord must attend a landlord development session and sign a code of conduct to become accredited.

Further information on becoming a landlord yourself and the regulations that you need to be aware of can be found by following these links:

Before letting your empty home

Whichever way you choose to let your empty home, you may be required to consult and/or obtain the consent of other people such as:

  • Your Mortgage Lender
  • Your Freeholder (if you want to let a leashold flat)
  • THe Local Authority's Planning Department - Structural changes to a property, or a change in the way it is used, may require formal planning permission or constitute a change of use.
  • The Local Authority Council's Housing Standards or Enforcement Team - These teams ensure that privately rented accomodation complies with the requirements of the Housing Act and related legislation and will give advice as to whether and works are required to ensure complaince.
  • The Local Authority Council Tax Department
  • Your Property Insurance Company
  • Your Tax Office or Accountant