Rules and regulations for rent

[Hardatw0rk]

Has anyone rented out their property recently?
We have a university round the corner and seriously considering renting to mature students for about a year but have never done this before.
Do we need to change to a buy to let mortgage?
Is there nee fire etc regulations we need to adhere to?
Do electrics and fittings need guarantee/warrantee?
How quick is it likely to receive interest if it's for students?
Thanks in advance.

I’ve no idea about the mortgage as our property doesn’t have one, but you’ll need a gas safety certificate (if it has gas!), an electrical safety certificate, an energy efficiency certificate, CO2 detector and hard wired smoke detectors in bedrooms and living areas, and a hard wired heat detector.
I’m In Scotland where you also have to be registered as a landlord with the local council

Do we need to change to a buy to let mortgage?

You'll need to check your mortgage agreement - some will require that you get written consent from the lender and some won't allow it at all, in which case you'd need to think about remortgaging.

Would you be wanting to rent to a few students? First and foremost check the article 4 conditions in your area you may just not be allowed to.

Mortgage speak to your lender. It will vary but chances are they may want you to change over

Fire regs will depend a bit on the above but hard wired alarms and thumb turns on all external doors

An EIRC and PAT test while not a legal requirement like a GSC are a good idea as you are legally obliged to make sure the property is safe and this would usually be seen as due diligence
Students do tend to look VERY early (pre Christmas) so if you want to let to students it needs to be online with an agent who works and has a reputation with students today.

Also depending on article 4 and/ or how many people you want to rent to you may need an HMO licence, and if you only want to do that for a year I’d honestly not bother.
If your happy to tell me the area I’m happy to check article 4 for you.

Your council may have information online for ll. If the student tenants are unrelated it may constitute an HMO for which regulations are tighter. The boiler and gas appliances need an annual check, deposit placed in a secure scheme, any soft furnishings including mattresses and sofas meet fire regulations, smoke alarms. Ideally electrical appliances are new or PAT tested. Don't leave anything you eill be upset if broken or damaged. Think you also need an energy assessment. There are also checks you need to run on credit and right to live in UK and issue statutory paperwork. You may be late to get tenants for next year though, most will sorted or looking now unless you are in a large city. Try advertising through the SU .

this will be an HMO with all sorts of extra regulations and compliances. Not worth it for a year. In fact not worth it for a normal AST for a year - remember all the extra insurances you will need.

Not too late for tenants if you get your skates on and find an agent experienced in student rentals. Probably best not to go for independent renting at least in your 1st year. Learn the ropes and when clued up consider doing the renting out yourself.

I do think it’s doable and can be worth it even for a year as long as the place does not require substantial adaptations to be rental ready. It is technically an hmo. Your local council should have a webpage outlining hmo rental regulations, they vary. Also look at the RLA website for further info.

you need landlord insurance - normal insurance wont cover having tenants (unless perhaps rent a room??)