When you invest to become a buy-to-let landlord you take on the responsibilities of being a landlord. However, in the case of investing with UOWN, being the landlord, and all the day-to-day hassle that involves, is our job, or rather the experienced letting agents we use.
But there are responsibilities of being a landlord that cost money, and so as an investor you need to pay your share of those costs.
These costs include maintenance. As a landlord you have a legal duty of care to ensure a rental property is kept to a certain standard, is safe to live in and is environmentally sound. This includes looking after the following things:
- The structure of the property and exterior features such as walls, windows and external doors.
- Drains, gutters and external pipes are in place and functional.
- Welfare facilities such as basins, sinks, baths, showers and toilets are adequate and functioning.
- Gas appliances are installed by approved Gas Safe Engineers and are safe, adequate and functioning.
- Electrical wiring is installed by approved engineers and is safe, adequate and functioning.
- Heating and hot water appliances are installed by approved engineers and are safe, adequate and functioning.
- Furniture and furnishings provided (where applicable in a tenancy agreement) is adequate and fire proof.
A landlord is liable for dealing with issues such as mould and damp and for the provision and maintenance of systems such as security and fire alarms. A landlord is also committed to ensuring the property performs in line with its Environmental Performance Certificate rating, which may require further maintenance work.
Do I need to pay maintenance costs?
Yes, but you don’t have to do anything. All these maintenance tasks carry a cost, but this is automatically deducted from the rental income a UOWN investor receives, commensurate with your % share of the property.
So you can sleep easy knowing that UOWN are taking on the responsibility of being the landlord and physically carrying out the repairs, and you are meeting your share of the costs without having to lift a finger.