Becoming a landlord

How to Let Your Property, Properly

A job worth doing is worth doing well. Letting your property is no exception. If you’re becoming a landlord for the first time, it’s important to get it right from the start. Before you rush to find a tenant, there are responsibilities and financial costs to consider.

To help break it down, we’ve included insights from our Farnborough Branch Partner, Elliot Garrington, on what matters when preparing to let.

How to become a landlord: Landlord responsibilities.

Many first-time landlords don’t set out to become one. They’re considered an ‘accidental landlord’, because a change in circumstances means they now have a property that they can rent out rather than it being a planned investment. This could be due to inheritance or moving in with a partner.

If you’re an accidental landlord, you might not be fully aware of your legal responsibilities. With the Renters’ Rights Act 2026 introducing further changes, staying on top of compliance is becoming increasingly important. The Act, for example, will replace Section 21 ‘no-fault’ evictions with a Section 8 process.

Key landlord responsibilities include:

• An annual Gas Safety Certificate.
• Electrical safety checks.
• A valid Energy Performance Certificate (EPC) before marketing.
• Fitting and testing smoke and carbon monoxide alarms.
• Inspecting your property for possible hazards, ensuring that it’s safe for tenants.
• Carrying out Right to Rent checks on adult tenants, verifying they have the legal right to reside in the UK.
• Protecting your tenant’s deposit in a government-approved deposit scheme.
• Issuing key documents at the correct stage, such as the government’s ‘How to Rent’ guide and the tenancy agreement.
• Maintaining the property throughout the tenancy so it remains safe and comfortable.

Ensuring your property is well looked after is not just a nicety – it’s a legal requirement. Tenants can take legal action against landlords who fail to comply with ‘The Homes (Fitness for Human Habitation) Act 2018. For a deeper breakdown on what this means, head to GOV.UK to read their landlord responsibilities guide.

In addition to keeping up with compliance, you’ll also need to consider tax obligations. Rental income is taxable and could affect your overall tax position, depending on your circumstances. Landlords can deduct certain costs, such as letting agent fees, repairs and maintenance. It’s worth speaking to a qualified accountant or tax advisor to understand what applies to you.

The Government is now moving to Making Tax Digital, which means keeping digital records of your rental income and expenses, as well as submitting updates to HMRC on a quarterly basis rather than once a year.

While landlord responsibilities can seem overwhelming, there are ways (as you’ll soon read) to reduce the burden.

Let’s let your property do the heavy lifting.

At Prospect, we’ve seen average monthly rents across our offices increase from £1,156 in 2019 to £1,560 in 2025. Across the UK, monthly private rent has increased by 3.5% over the past year. With demand for rental homes in the UK remaining strong, many landlords continue to see steady rental growth.

There are several benefits to becoming a landlord, including short-term returns and longer-term capital gains. Landlords have the flexibility to return to the property in the future, sell when the time is right or maintain as an investment. To find out how to get the best possible returns, keep reading for our tips on letting your property, properly.

First, understand your local market.

Go on Rightmove or Zoopla and search your local area. Check how many similar properties are listed. Around a week later, have another look to see if the same properties are still listed. The rental market moves fast, so homes stuck on the market could suggest low tenant interest.

Keep an eye out for price reductions. If you see ‘Let Agreed’, look at how the properties are presented. Are they typically furnished or unfurnished? Do they have allocated parking? This gives you an idea of what tenants are prioritising.

In general, properties close to amenities such as good schools, shops and transport links tend to let quicker. A local agent should provide clear insight on demand, including asking rents vs lets agreed.

Book a rental valuation. And then book another.

Even if you like the first agent you speak with, inviting others to value your home will give you a clearer idea of what rent your property could achieve. You’ll also be able to compare their marketing strategies, as well as the rental price they recommend.

To help you choose, here are some things to expect from a good letting agent:

• Deep, local experience. They’ll typically have a large database of registered tenants checked and ready to move.
• Standout marketing. During your letting’s valuation, an agent should explain exactly how they’ll market your property.
• Evidence of recent data. You’ll want to see how quickly similar properties let and what they’ve recently achieved.
• Management options that cover maintenance, compliance, move-ins and inspections.
• Regular communication and honest advice. It goes without saying that you shouldn’t have to chase for updates.
• A comprehensive legal compliance team to keep track of legislation. Agencies with small teams may struggle to react quickly to changes.

Sort the mortgage. Skip the stress.

Mortgages repayments will be your biggest outgoing. Getting it sorted early reduces headaches later. If you have a residential mortgage, you can’t automatically let the property. Doing so without permission can breach your agreements.

You’ll typically have two options. You can move to a buy-to-let or look at consent-to-let. This is a temporary, lender-approved agreement that allows homeowners with a residential mortgage to rent out their property without switching to a buy-to-let. It’s typically granted for 6-45 months due to circumstances like relocation or a job transfer.

To help pick the right mortgage, MAB (Mortgage Advice Bureau) are an independent mortgage advice brand, with over 2,000 advisors nationwide. They can walk you through the process and explain the best deal based on your circumstances.

Prepare your property for letting.

One of the first decisions to make before a tenant moves in is whether to let your property furnished or unfurnished. Professionals are more likely to want a furnished property whereas families generally want unfurnished. A local agent can guide you on what’s most in demand in your area. If you choose furnished, you’ll need to keep your furniture and appliances in good condition.

With appliances, cutting corners costs more in the long run. Choose reliable models and well-fitted fixtures to minimise repairs. In high-traffic areas, LVT or laminate flooring instead of carpet can be more resistant to damage and easier to clean. Instead of standard matt paint, a scrubbable trade paint, such as a Dulux Diamond Matt or similar, allows marks to be wiped away without damaging the finish.

To let your property, properly, you’ll also want to have the right landlord insurance in place. Standard home insurance policies typically won’t cover you once the property is let, so switching to a specialist landlord policy will help protect against risks such as damage, loss of rent, or liability.

Along with presentation, compliance should be a priority from the outset. Before letting, ensure all key requirements are in place, including valid safety certificates, alarms, and the correct documentation. Having this organised early avoids delays when you find a tenant.

Set the right rent. Not the highest.

As mentioned, selecting a few agents to value your home gives you a good idea of the right rental price to set. It’s tempting to go with the highest number, but this is where many first-time landlords go wrong. Set your rental price too high and you could price yourself out the market. But equally, set your rent too low and you miss out on maximising your returns.

When an agent values your home, they should share local comparables and explain in detail how they’ve reached their price recommendation. Market demand can change quickly, so having an up-to-date valuation gives you the best chance of pricing your property correctly.

The Renters’ Rights Act 2026 states that landlords can only increase their rent once a year and tenants must be issued with at least two months’ notice.

Find your perfect match.

If you’re wondering how to find tenants, there are two main routes: marketing your property to the open market and tapping into existing tenant demand through databases.

Most letting agents have an active database of pre-qualified tenants who are ready to move. This means they can match your property with suitable applicants quickly, rather than relying solely on new enquiries.

With so many landlords and agents listing online, uploading your property to Rightmove or Zoopla doesn’t guarantee you’ll attract the right tenant. At Prospect, we focus on reaching tenants across multiple platforms. From social media channels and virtual tours to professional photography, email campaigns and exposure on the UK’s biggest property portals.

Before you delve into marketing, consider your ideal tenant. Are they commuting professionals, a young first-time renter or a growing family? Understanding this helps you plan where to market and what features to highlight.

When you’ve found a tenant, the next step is tenant referencing. This includes credit history, previous landlord references and an employer reference. It’s important to note that The Equality Act 2010 forbids unlawful discrimination. The Renters’ Rights Act 2026 states that it is an offence to discriminate against tenants based on circumstances such as having children or receiving benefits.

Decide your management style early.

There are over 150 pieces of lettings legislation to keep up with. Legal compliance isn’t a one-off. You must track renewals, serve documents correctly and keep your records in order.

While you can do this alone, many landlords make the mistake of not realising how much time and organisation is required to self-manage. One error or late document can lead to hefty fines. If an emergency occurs, you’re responsible to quickly handle the situation.

To reduce the burden while keeping yourself protected, an estate agent can manage your property on your behalf. This can remove the hassle of staying on top of legislation, finding and verifying tenants, and collecting rent. Just about everything in this guide could be handled on your behalf if you opt for management.

There are different service levels available, depending on how involved you want to be. At Prospect, we offer a Rent Collection Service and a Fully Managed Service. Both oversee compliance and cover the marketing of your property as well as finding and referencing a tenant. Rent Collection includes the collection of rent and arrears management while Fully Managed also offers a Dedicated Property Manager and full maintenance management.

Plan ahead to stay ahead.

Most tenants move with around two months’ notice. Market your property early, and you’re more likely to keep it filled and avoid unnecessary gaps.

While many focus on repair costs, it’s often the empty periods in between that have the biggest impact on returns. To minimise voids, it helps to keep your property ‘move-in ready’. Don’t wait until the tenant leaves to fix minor repairs. A lack of maintenance often leads to disputes between tenants and landlords.

Reminder: Your standards aren’t universal.

There’s no guarantee a tenant will live like you. Accidents happen. Things break. While you might take extra care, others won’t. That’s why it’s important to protect yourself properly. A detailed inventory and inspection before a tenancy creates a clear, independent record of your property’s condition from the start.

You can take your own photos, but they won’t carry the same weight. A professional report minimises disputes, removes grey areas, and ensures both you and your tenant begin the tenancy on the same page. Skip this step, and it might trip you up later.

First impressions count.

Kerb appeal makes a difference. A fresh lick of paint. A mowed lawn. But it’s the small, useful touches that people remember. To save your tenant from looking up instructions for appliances, for example, why not leave instructions by each appliance.

In case you need to arrange repairs or replacements, keep your warranty information to hand. Simple things like spare lightbulbs in a drawer, clearly labelled keys, or a local cheat sheet for shops and takeaways can set the tenancy off on the right foot.

It’s also helpful to discuss communication early on. How should your tenant reach out? Do either of you have a preferred contact time?

Don’t treat your property as passive income.

Letting a property might be a good source of passive income. But that doesn’t mean that it will just tick along in the background. There are ongoing responsibilities that continue even when a tenancy is running smoothly. From deadlines to track, documents to update and ongoing maintenance.

Treating your property like a hands-on investment, rather than a ‘side hustle’ or passive income stream, puts you in a stronger position. If you don’t have the time or would prefer to not manage the day-to-day running of your property, a letting agent can step in. With the right support, you can still benefit from the returns, without taking on the full workload yourself.

Landlord Checklist: Let your property, properly

Before you let your property, make sure the essentials are in place:

Compliance

• ☐ EPC in place (minimum E rating)
• ☐ Gas Safety Certificate (renewed annually)
• ☐ Electrical safety check (EICR, every 5 years)
• ☐ Smoke and carbon monoxide alarms installed and tested
• ☐ Right to Rent checks completed
• ☐ Deposit protected in a government-approved scheme
• ☐ Key documents ready, including the ‘How to Rent’ guide

Property ready

• ☐ Property professionally cleaned
• ☐ Repairs or maintenance issues resolved
• ☐ Heating, hot water and electrics fully working
• ☐ Appliances tested and working
• ☐ Decide furnished or unfurnished
• ☐ Professional inventory and check-in report

Financials

• ☐ Buy-to-let or consent-to-let mortgage in place
• ☐ Landlord insurance arranged
• ☐ Rental price set based on current market demand
• ☐ Budget set aside for maintenance and void periods
• ☐ Letting agent fees (if using one)

Letting approach

• ☐ Choose level of management
• ☐ Paperwork prepared and organised
• ☐ Plan how rent will be collected
• ☐ Agree how tenant communication will be handled

Ready to become a landlord?

To maximise your success as a first-time landlord, you’ll want to commit to doing the basics properly. Choose your agent carefully, book a check-in inspection and inventory report, and keep your property well-maintained. This can make all the difference. If you’re ready to take the next step, we’re here.

Book a free rental valuation to see how much rent you could achieve. We have several networked offices across Berkshire, Surrey and Hampshire.

Free rental valuation