How to Rent Out Your Property in South West London

From Wimbledon’s acres of parkland to Wandsworth’s vibrant high streets, South West London can be attractive to tenants and offer landlords the potential to generate a good rental income. But how do you start renting out a property?  

Once you’re set on the idea of renting out a property in Wimbledon, Wimbledon Village, Coombe, or nearby Kingston or Putney, you must comply with landlord regulations to make a success of it. In our guide, we explain how to rent out your property in South West London, from the early stages to day-to-day management. 

How to start renting a property – landlord guide  

Read on to find out how to rent out a property in the UK according to current guidelines. 

1 Prepare the property to rent  

Get your property ready to rent by furnishing it appropriately, meeting Housing Health and Safety Rating System’s (HHSRS) habitability standards outlined on gov.uk, and meeting safety standards including: 

• Gas and electrical safety checks 
• Installing carbon monoxide alarms  
• Installing smoke alarms  
• Gas Safety Certificate  
• Electrical Installation Condition Report (EICR)  

2 Be compliant with lettings rules  

Arrange a buy-to-let mortgage with your mortgage lender, valid Energy Performance Certificate (EPC), and potentially a licence to rent out your property depending on your local council. London Borough of Merton and Lambeth operate additional HMO licence and selective licence schemes, for example. 

Once you start renting out the property, there are further rules including:  

• Right to rent checks (i.e. that tenants are legally allowed to rent in the UK).  
• Providing tenants with the government’s How to rent guide  
• Place deposit in government-approved tenancy deposit schemes 
• Tenants’ rights, such as a right to ‘quiet enjoyment’ of their property 

3 Market research & rent setting  

Establish which different types of rental property are in demand in your area, e.g. a standard residential let, HMO, student flat, or a furnished or unfurnished rental. Research your local market for comparison, and to set an appropriate rent. 

4 Choosing how to manage your rental  

There are many ways of renting out a property depending on your goals, for instance:  

• Self-manage – you may save on fees but must cover your responsibilities alone, which can be very time consuming, and a real challenge for inexperienced landlords. 
• Full management – for a fee, your letting agent’s management service can lend their expertise and alleviate much of the hassle of day-to-day management of your rental property.
• Guaranteed rent service – the service finds the tenant and maintains the property while paying you consistent rental income over a longer period of time (often agreements span 2-5 years).

5 Advertising your rental property  

Advertise your property by word of mouth and on social media, with your letting agent marketing it on their own website, property portals (e.g. Rightmove and Zoopla), and through local advertising.  

6 Screening & selecting tenants  

Right to rent checks are your legal duty when you rent out property in the UK, while reference checks and credit checks offer confidence that the tenants will pay reliably and do not have a bad rental history. 

7 Select tenancy agreement  

Choose the type of tenancy agreement and detail the monthly rent amount, terms, duration of the contract, and tenant’s and landlord’s responsibilities. Seek expert advice as mistakes could be costly. 

8 Protect tenant’s deposit  

It’s a legal requirement to put the tenant’s rental deposit in a government-approved tenancy deposit protection scheme within 30 days. Then, supply your tenants with the scheme’s contact detail and instructions to reclaim it when the tenancy ends. 

9 Put insurance in place  

As well as landlords’ buildings insurance, landlord insurance policies can offer extra protection if things go wrong. Talk to your insurer about options such as:  

• Building insurance 
• Landlord contents insurance 
• Legal cover 
• Rent guarantee insurance 
• Emergency cover 

10 Provide tenants with necessary documentation  

You must issue the tenants with a copy of the government’s How to rent guide, the tenancy agreement, copies of the gas and electrical certificates and documentation on the tenancy deposit scheme.  

11 Starting the tenancy  

On check-in, you will have to:  

• Take metre readings for gas and electricity
• Complete a detailed inventory of the items/appliances/furniture in the property
• Take photos documenting the property’s condition 
• Hand over the keys 

12 Ongoing management  

Throughout the tenancy, landlords or your letting agent’s property management service will have to handle:  

• Rent collection from tenants 
• Managing any late payments 
• Repairs and maintenance to the property 
• Tenant communications and complaint resolution 

How much does it cost to rent out a property?  

The cost of renting out a property depends on the services you need, running costs and tax band, but in general, you should budget for: 

• Agent fees for landlords’ services 
• Renewal fees 
• Council tax and bills for HMOs  
• Landlord insurance premiums 
• Repair and maintenance costs 
• Safety checks 
• Licensing fees  
• Income Tax and National Insurance 
• Costs of vacant/void periods 

How long does it take to rent a property?  

The exact time will vary, but a trusted agent’s expertise and your good organisation can help. For example, arranging an EPC promptly can avoid delays. 

We hope our guide gives you an idea of how to rent out your property in South West London. If you are a new landlord in Wimbledon Park, New Malden, Clapham or Roehampton, contact Robert Holmes to find out how we can help.