Seven essential resolutions for landlords in 2015

Last year saw several changes to legislation in the private lettings sector and a number of implications for landlords.

As obligations continue to increase, here are seven essential resolutions for the effective management of your property portfolio in 2015.

Market effectively

If your current tenancy agreement is coming to an end or you have a new property to rent, ensure it is in pristine condition before marketing. De-clutter any furnishings, clean out your drains, redecorate in neutral colours, and carry out any necessary repairs.

Review your documentation

All documentation should be up-to-date and incorporate any changes since the commencement of each individual tenancy agreement. For landlords finding the ongoing changes a burden, it may be time to consider a full property management option with a reputable lettings agent.

Review your insurance policy

What exactly does your existing insurance policy cover? Are you adequately insured for accidental or malicious damage, or for any periods where your property isn't occupied? Have you checked the small print? Are you paying over the odds?

Check your anniversary dates

By this, we mean your gas safety tests, PAT testing and so on. Landlords who fail to carry out timely renewals risk prosecutions and fines.

Carry out a thorough inspection

We have previously emphasised the importance of mid-term inspections. Take advantage of regular inspections to check for adverse usage on your meter readings, review your inventory, and assess any damage caused by tenants.

As a landlord it is also your responsibility to ensure that all smoke alarms and CO2 detectors are in full working order.

Ensure your rent payments are made

The National Landlords Association revealed that approximately one third of landlords experienced rent arrears in 2014 with an average of £1,640 owed to each landlord.

Be prepared for changes in legislation

Now is the time to plan ahead for forthcoming changes to legal obligations. For example, 2015 will see the rolling out of the 'Right To Rent' legislation as a result of the Immigration Act 2014. This means that as a landlord you will be required to vet the rights of new tenants to live in the UK.

Looking further ahead, from April 1, 2016, tenants will also be able to request improved energy efficiency measures from their landlord. That's less than a year away. Are you prepared?

Are you fully conversant with your legal obligations as a landlord?