You’ve bought your buy-to-let property, completed updates to make it a desirable rental and you’re ready to start populating the rooms. Even though it feels like the difficult part is over, it’s essential to make sure that you have a process in place to select the right type of tenant for your property. Ideally, your new tenants should come recommended with references from a previous landlord or employer.
If you are letting to students who have likely never rented on their own before, always check that they have a financial guarantor in place. Otherwise, we recommend running a credit check.
You are also legally obliged to ask the tenant for proof of residency in England, such as a passport or ID card. This is an important check to avoid renting to anyone who is not legally permitted to live in the UK thereby risking a fine and many other possible repercussions.
Even if you have conducted all the right checks, there is no cast-iron guarantee that your tenant will be reliable and timely with rent payments and/or keep your property in good condition.
It’s highly recommended to draft a watertight contract with a property solicitor to protect yourself and your property investment in case any issues crop up.