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Help & Advice for First Time Landlords Near Peterborough

Name: Help & Advice for First Time Landlords Near Peterborough
Brand: Progressive Lets
Rating: 4.9 (499 reviews)

By Wayne Beecham | Created on 1st December 2025

Being a landlord comes with many rewards – a regular income at a time of low savings rates, an interesting side line and the chance to offer someone a decent and comfortable place to live.

But what if renting out property was never part of your plan? While lots of people invest in property with the aim of boosting their income or gaining extra security in retirement, others become landlords by accident. Recent statistics estimate that around a quarter of all UK landlords are accidental landlords. So, if you’ve inherited a property in Corby, or have decided to rent out your Northampton home, you’re not alone.

Don’t get us wrong – accidental landlords are also great landlords. But there is a lot to think about before you sign up your first tenants. To help you decide if letting property rather than selling up is right for you, we answer a few frequently asked questions about being an accidental or first time landlord.

What Do You Mean By An Accidental Landlord?

Accidental landlords find themselves renting out property for a variety of reasons. Some have inherited a place and decided to hang onto it. Others may have relocated for work and decided to keep their previous home. Sometimes people move in with a partner, decide to downsize or have some other lifestyle change – but feel the market isn’t right to sell.

Is Renting Out Property Something I Can Do In My Spare Time?

If you decide to hang onto your spare property and rent it out, you need to understand that being a landlord is a serious business. You’ll need to invest time and money in making sure the property is a safe and decent place to live, which will attract tenants. You’ll also need to know what the law says about maintaining the rental home.

What Types Of Tenants Should I Focus On?

As an accidental landlord, the type of property you’re going to rent out is already decided, so you need to target a specific type of tenants to fit it. Consider the demands of the local area – for example, Northampton’s affordable rents and transport connections are attractive to commuters. If your curious about the tenant finding process, have a read of our article on how to choose a tenant.

How Should I Present My Home For Viewings?

It’s important to present your home well (known as staging) to appeal to potential tenants and stand up against the competition. Clear away clutter to make it feel spacious, make sure the décor is neutral but fresh, and select simple furniture with your target tenants in mind. Don’t overcrowd the rooms but do provide enough chairs for everyone to sit down at once. Finally, ensure everything is sparkling clean.

What Are The Practical Things I Need To Know About Maintenance?

Landlords are responsible for most repairs and maintenance in a rental home. This includes the electrical wiring, plumbing and sanitation, heating and hot water and the external structure of the building.

You must ensure that the property is fit to live in throughout the tenancy. If the tenant believes you haven’t fulfilled your responsibilities, they can take you to court. Issues, which might make the property unfit for habitation, include damp and rodent infestation.

What Are My Responsibilities Regarding Gas, Electrical And Fire Safety?

There are several sets of landlord responsibilities covering gas, electrical and fire safety:

Gas safety responsibilities

You need to make sure that the gas supply and all gas appliances in the property are in a safe condition. They should be fitted, repaired and checked every year by a Gas Safe-registered engineer. This applies to gas pipework, cookers, boilers, fires and water heaters. When the gas safety checks are completed, you will be issued with a gas safety certificate, and you should provide a copy to the tenant.

Electrical safety responsibilities

You need to make sure that all electrical wiring and plug sockets are safe. Every five years, you should organise an Electrical Installation Condition Report (EICR) inspection by a qualified electrician, as well as conducting regular basic safety checks. While PAT testing is not a legal requirement, it is highly recommended that landlords arrange for PAT testing to be completed to ensure appliance safety.

Fire safety responsibilities

There should be working smoke alarms on each floor and carbon monoxide detectors in any room with a solid fuel appliance. You must also arrange for repairs or replacement of smoke and carbon monoxide alarms if the tenant reports a fault.

Landlords must also ensure that any furniture and furnishings provided are fire safe.

What About Energy Efficiency?

You will need to obtain an energy performance certificate (EPC) before you rent out the property. This shows how energy efficient your property is and gives your tenant an idea of how much it costs to heat and light. You’ll need to appoint an accredited assessor to produce your EPC.

They will rate your home from A to G – with A being the most energy efficient. Landlords must meet a minimum EPC rating of E to legally rent out their properties. If your property is rated below E, you’ll need to consider improvements such as loft insulation, double glazing or a new boiler.

Can I Keep My Current Mortgage?

If you have a residential mortgage on the property, one of your first tasks is to contact your mortgage lender to inform them that you plan to rent out the home – and getting their permission. Your lender may grant you a short-term Consent to Let, which allows you to let your property for a maximum of 12 months, while maintaining your current mortgage. Otherwise, you will need to switch to a buy-to-let mortgage to rent out your property – this might incur an arrangement fee and a different rate of interest.

Will I Need To Change My Insurance Policy?

Call your insurer to arrange landlord insurance as your current buildings and contents policies are unlikely to be suited to a rental property. It’s an extra expense, but insurance can lessen the financial risk of a burglary or malicious damage, for example.

As well as exchanging domestic home insurance for landlord insurance products, consider landlord liability insurance in case your tenant or a visitor is injured on your premises. Landlord rent guarantee insurance can cover your income if your tenant fails to pay their rent, and your legal fees if you have to evict them.

What Are The Rules Around A Tenant’s Security Deposit?

It is a good idea to request a security deposit from your tenant to cover you for damage to the property. The 2019 Tenant Fees Act limits how much you can take as a deposit – to the equivalent of five weeks’ rent in most cases. If you do ask for a security deposit from your tenant, you can’t just bank it.

You are required by law to protect your tenant’s deposit in a government-approved tenancy deposit scheme. The schemes include independent arbitration, should you disagree about any deductions from the deposit for damages, once the tenancy is over.

Are Immigration Checks My Responsibility?

If renting out property in England, you must check that your tenant’s immigration status gives them the right to rent your property. Failure to do so could mean a fine or even a prison sentence.

You can carry out checks of original documents, such as passports, or view your tenant’s right to rent online, if they have a Home Office share code. Find out more on the gov.uk website.

Will I Need A Licence To Rent Out Property?

It is worth checking with your local council whether there is a selective licensing scheme in place before you begin looking for tenants. This is particularly true if you are thinking of letting the property as a house in multiple occupation (HMO).

An HMO is usually defined as a house or flat occupied by three or more people, from two or more households. However, other types of rental home may be subject to licensing too – fail to apply, and you could be faced with a fine of up to £30,000.

The types of landlord licences that you may need are:

Mandatory HMO licence – For properties with five or more tenants forming at least two separate households.
Additional licence – Some councils require you to have an additional licence for a smaller HMO that does not meet the mandatory HMO rules, typically if there are three or four tenants from different households.
Selective licence – This may be required in specific areas where housing standards are poor or there are high incidents of anti-social behaviour.

You can check the licensing requirements on the local council’s website and apply for the required licence, which you will pay a fee for.

Peterborough City Council launched a selective licensing scheme in March 2024 for designated areas which are Central, North, East, Park, Breton, Fleton and Stanground, Fleton and Woodston, Paston and Walton, Stanground South & Orton Waterville. The total fee for selective licensing is £908.

There is also an additional licensing requirement for HMOs not covered by mandatory licensing rules where three or four tenants, who are not all related, living in the property. The fee for a Peterborough City Council additional licence is £1,100.

What Tenancy Agreement Should I Get?

Landlords can make different types of tenancy agreements, but the most common are assured shorthold tenancies (AST). They last for a minimum term of 6 months, after which you can set another term or move to a periodic tenancy (rolling tenancy).

Do I need an inventory or schedule of condition?

While it is not a legal requirement to provide an inventory, it is highly recommended that you complete one to protect yourself in the event of any damage or condition disputes.

To create a comprehensive inventory, you can download an online template or you can create it yourself. It should include:

A list of all rooms and areas
Detailed descriptions of any items such as condition of carpets, paintwork etc.
Condition of any appliances
Fixtures and fittings including bathroom and kitchen fittings
Condition of radiators and electrical fittings
Description of exterior space such as garden or outbuildings

To support your list, take photos and videos for evidence of pre-tenancy conditions.

Should I self-manage or hire a letting agent?

This depends on how much time you have available and whether you are comfortable undertaking all the work involved in managing a rental property.

As a first-time landlord, there will be a lot of regulations that you will quickly need to become familiar with. Juggling the demands of managing a property with other commitments can be challenging, which is why many first-time landlords prefer to use a letting agent.

An agent provides expertise in compliance matters and takes on the time-consuming activities involved in every aspect of management. This includes everything from finding and screening tenants to ensuring all the legal duties are completed.

What Must I Give Tenants When They Begin Renting the Property?

Landlord must provide their tenants with the right documentation when they begin renting out a property. This paperwork shows tenants that the landlord has followed the correct procedure, so keeping it in order helps both parties.

Legal & Safety Documentation

You’re legally obliged to provide tenants with a valid tenancy agreement specifying the rent amount, deposit rules, term length and other essential clauses. Landlords must also give their new tenants the latest version of the government’s How to Rent guide, and a copy of the Energy Performance Certificate (EPC), and copies of the Gas Safety Certificate and Electrical Installation Condition Report (EICR) if relevant to your property.

Deposit Protection & Prescribed Information

Landlords in England and Wales must place their tenant’s deposit in a government-approved deposit protection scheme within 30 days. You should then give the tenants information of the scheme and the prescribed details.

Right to Rent Checks & Verification

You’ve got to carry out Right to Rent checks to ensure that every tenant or lodger is legally eligible to reside in the UK. Hold onto copies of their identification documents as proof of these checks (but store them carefully in accordance with data protection laws).

Safe and Habitable Property

If you’re planning to rent out your property, it has to be safe and habitable – that means maintaining the property in good condition and keeping it free from hazards. Ensure that it meets all the gas, electrical and fire safety regulations. This includes providing working smoke alarms and carbon monoxide detectors in the right locations. In addition to this, you should look into how to furnish rental property to suit your tenants and your budget.

advice for first time landlords in peterborough

Of course, it goes without saying that once tenants inhabit your property , you will have ongoing responsibilities for upkeep, following landlord access rules, and keeping open lines of communication with your tenants.

Do I Need To Pay Tax On My Rental Income?

The rent landlords receive must be declared on an end-of-year tax return and you may have to pay income tax. If you are currently in employment, and are taxed by PAYE, you will need to register for self-assessment by 5 October following the tax year in which you received rental income.

As a landlord, you will pay tax on the profit you make after allowable expenses have been deducted. Allowable expenses include buildings and contents insurance, repairs and maintenance (not improvements), interest on property loans and utility bills.

You may also be able to claim tax relief on the replacement of domestic items such as beds, sofas and white goods. Read more about tax, self-assessment and allowances for landlords on the gov.uk website. If you are unsure about tax and self-assessment, get advice from an accountant with experience in property and tax or contact HMRC.

What About Stamp Duty And Capital Gains Tax?

While you won’t pay stamp duty on a property you already own or have inherited, you will need to pay the additional 5% stamp duty surcharge if you decide to buy another property while still owning this one. The 5% surcharge is paid on top of the standard stamp duty rates, which are determined by the property price bracket.

So, if you were to purchase a second property at the average Peterborough house price of £234,000, you would pay £13,880 in stamp duty. This reflects 5% on the first £125,000 and 7% on the remaining £109,000.

If you decide to sell your second property you may have to pay capital gains tax if it has risen in value. CGT rates are 18% for basic rate taxpayers and 24% for higher rate taxpayers. There is an annual tax exempt amount of £3,000 on capital gains each tax year.

There’s a lot to take in if you’re a first-time landlord, but if you’re thinking of renting out a property in Peterborough areas including Spalding, Kettering and Boston, we’re here to help. Contact us today with any questions about the role, or if you’d like our help marketing your property to tenants.

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Wayne Beecham

Wayne is East Midland’s answer to property management. His hard work and high standards of service have gained him a fierce reputation within the regional lettings market. He knows what it takes to own and manage a profitable portfolio himself, because he is not only a successful investor and landlord, but co-founder and “hands on” managing director of Progressive Lets.

Landlord Checklist for Renting a House in Peterborough