One usually thinks of a landlord as an experienced property investor, owning dozens of properties. However, sometimes people end up as a landlord by default, rather than by design.

Perhaps they have inherited property and want to rent it until local property prices increase. Or, maybe they have moved in with their partner or re-located for work, but haven’t sold their own property yet. Even the recent economic turmoil has created reluctant landlords, with some people forced to rent their homes to cover their mortgage payments while they try to find a buyer.

Whatever the reason behind their new found status as a landlord, they probably have a limited understanding of the current regulations and the procedures in the residential property rental market. Equally, they probably won’t have much time to dedicate to being a landlord. They will want simple solutions for their rental property, including help to advertise their flat and a tenant efficiently.

If you are about to become a landlord for the first time, here are a few important requirements to help you.

Be aware of the regulations and your responsibilities as a Landlord

There are certain regulations that apply to all residential rental property. Complying with these is the responsibility of the landlord – even if they use a letting agent. So as the landlord, it is up to you to adhere to the following requirements.

• If the property is mortgaged, you must tell the lender that it is going to be rented. If you don’t you could be in breach of contract and your lender could call-in the loan.

• If the property is a leasehold make sure you tell the freeholder about your rental plans and get their written permission.

• Get the right insurance. Normal buildings and contents cover does not provide adequate cover - you’ll be better off switching to landlord’s insurance

• The law requires a landlord to protect their tenants’ deposit in an official government-backed scheme, be it insurance-based or custodial.

• A landlord must provide a new tenant with an energy performance certificates (EPC) for the rental property.

• Make sure the property is safe by installing smoke alarms and have any gas appliances inspected each year by a CORGI-registered engineer. Any furniture included with the rental must comply with the current fire safety regulations.

How to find a tenant and let your property

Once you have all the paperwork in place and safety checks done, you’ll need to find a tenant. You could use a letting agent. They will know the local letting market and will be able to vet your potential tenant. Although you still need to make sure all the regulations are adhered to, you may find it easier to use an agent.

If you have the time and inclination, you could manage the property yourself. In which case, you will need to find a tenant and do all the paperwork yourself.

The good news is that these days you can use the internet to advertise your property. The specialist property website u-rooms.com uses all of the power of the internet to advertise rental property. This approach will help you to find a tenant easily. Plus, at £12.99 per listing it is cost effective, and well worth considering even if you are using an agent to manage your property.

Whether you decide to find a tenant and manage the property yourself or leave it to a letting agent, you should get references from the potential tenant’s employer and previous landlords. A credit and ID check should also help to put your mind at rest.

Being a landlord needn’t be a chore

Getting used to being a landlord may take a while. If you find yourself suddenly thrown in at the deep end as a landlord, you will need to be aware of your responsibilities. You could use local letting agents to help you manage the property. However, if you decide to go it alone, using an online website to advertise your property will make it simple to find a tenant.