Introduction
- The Property Bible, incorporating the Property Boomerang is a complete financial model to manage your property.
- It is divided into three key phases:
- Phase I: Pre-Purchase: Appraisal Model. Matters to be considered before buying.
- Phase II: Post- Purchase Appraisal Model. Matters to be considered after and before letting buying.
- Phase III: Property Boomerang Appraisal Model. Matters to be considered after letting.
- This should be read in conjunction with the “Guide”.
- The online training video and screen captures explains the functionality of the Property Boomerang (model shown in the video is subject to changes for improvement and updates).
Phase I: Pre-Purchase
Phase II: Post-Purchase
Phase III: Property Boomerang
Legal Requirements
- There are various legal requirements when buying, selling or letting property.
- Energy Performance Certificate (EPC)
- This is required to be updated every 10 years.
- It includes information about an property’s energy use and energy costs
- The EPC also contains recommendations on how to reduce the energy consumption.
- Gas Safety Certificate
- This is required to be updated every 12 months.
- You cannot legally let out a property without one and is a criminal offence if not adhered to.
- Electrical Safety Certificate
- This is required to be updated every 5 years.
- These regulations require landlords to have the electrical installations in their properties inspected and tested by a person who is qualified and competent.
- Landlords have to provide a copy of the electrical safety report to their tenants, and to their local authority if requested.
- Property License
- Most London boroughs require landlords to have a property license in place to let out their property.
- This is required to be updated annually.
- Failing to have the correct licence for your property can lead to:
- criminal prosecution
- a hefty fine,
- a civil penalty of up to £30,000,
- an order to repay up to 12 months rent,
- inability to evict your tenants using a Section 21 Notice of Seeking Possession.
- Fire Risk Assessment
- All landlords have legal obligations as regards fire safety.
- should ensure that there is an adequate means of escape in case of fire
- landlords of shared and Houses in Multiple Occupation (HMO) properties will have additional obligations:
- both under the Regulatory Reform (Fire Safety) Order (2005) ,
- Smoke and Carbon Monoxide Alarm (England) Regulations 2015
- The Housing Act 2004.
- Legislation creates a legal entity known as the “responsible person”.
- So if you are the owner, manager, agent or even own a flat within a block ‘you will need to check’ if YOU are the responsible person.