We'd like to remind Forumites to please avoid political debate on the Forum... Read More »
PLEASE READ BEFORE POSTING: Hello Forumites! In order to help keep the Forum a useful, safe and friendly place for our users, discussions around non-MoneySaving matters are not permitted per the Forum rules. While we understand that mentioning house prices may sometimes be relevant to a user's specific MoneySaving situation, we ask that you please avoid veering into broad, general debates about the market, the economy and politics, as these can unfortunately lead to abusive or hateful behaviour. Threads that are found to have derailed into wider discussions may be removed. Users who repeatedly disregard this may have their Forum account banned. Please also avoid posting personally identifiable information, including links to your own online property listing which may reveal your address. Thank you for your understanding.
📨 Have you signed up to the Forum's new Email Digest yet? Get a selection of trending threads sent straight to your inbox daily, weekly or monthly!
First Time landlord - sort of!
Options
AngelsMadv
Posts: 2,668 Forumite
Good morning all,
I currently own (mortgaged) a house in a city where I went to Uni. I bought this with my previous partner in 2005 and have been renting it since 2008 when I relocated for work.
I'm with a letting agent at the moment who takes 8%. It was 10% but I got it lowered as they have been terrible. The contact is non-existent, the girl managing it told me tenant A was living there when he'd moved out 6 months previously and Tenant B was in fact staying there. I've had to sort out all the council tax things myself as they were going to take me to court for the two months in between until I sorted it! Basically they're terrible.
I've now not had a tenant for 2 months. I need someone ASAP really. The last tenant left me with a nice 2k ish bill and didn't pay electric or gas for a year so I get letters wanting him for prosecution etc.
Anyway (sorry for the long intro) a young girl from the street when I lived there wants her own place now that she has a small child. I'd like to let to her as I know both her and her mum. Should I end the deal with the LA and go it alone?
If I do, to save the 8% etc, how do I go about doing it? I'm a complete newb. I've just had the gas cert done and have an epc. Do I just modify the current agreement, give it her with my bank details and have a meeting to hand over the keys?
Thanks for any advice you have.
I currently own (mortgaged) a house in a city where I went to Uni. I bought this with my previous partner in 2005 and have been renting it since 2008 when I relocated for work.
I'm with a letting agent at the moment who takes 8%. It was 10% but I got it lowered as they have been terrible. The contact is non-existent, the girl managing it told me tenant A was living there when he'd moved out 6 months previously and Tenant B was in fact staying there. I've had to sort out all the council tax things myself as they were going to take me to court for the two months in between until I sorted it! Basically they're terrible.
I've now not had a tenant for 2 months. I need someone ASAP really. The last tenant left me with a nice 2k ish bill and didn't pay electric or gas for a year so I get letters wanting him for prosecution etc.
Anyway (sorry for the long intro) a young girl from the street when I lived there wants her own place now that she has a small child. I'd like to let to her as I know both her and her mum. Should I end the deal with the LA and go it alone?
If I do, to save the 8% etc, how do I go about doing it? I'm a complete newb. I've just had the gas cert done and have an epc. Do I just modify the current agreement, give it her with my bank details and have a meeting to hand over the keys?
Thanks for any advice you have.
I am firmly across the line. I won't impose my values on you if you keep away from mine.
Updated 14/10/14 :A
Updated 14/10/14 :A
0
Comments
-
Join LL association (RLA, NLA..) and go on one of their "how to be a landlord" courses.
Write to agent stating you are sacking them keep copy.
Get fresh, correct tenancy agreement from RLA or NLA - old ones, especially from agents, are notoriously full of errors/out of date..0 -
Before you do anything get over to Tessa Shepperson's LandlordLaw web pages .
If you join up to her site or to oneof the national LL associations, as Artful suggests, you can fully acquaint yourself with your obligations as a LL and how to protect yourself and your property. Membership fees are teax deductible and can get premium deductions of your LL insurances.
You may also want to check out Shelter's web site on LL & T obligations.
The fact that you know this potential T and her mum should not dissuade you from running through a standard vetting procedure and obtaining a 3rd party "credit check".
As you admit that your LA has been useless I would get rid, and definitely avoid using a rehash of their tenancy agreement. Tessa's LLLaw site and the LL associations can provide up to date tenancy agreements which properly protect both you and your tenant.
You should also read up on tenancy deposit regulations - see TDS, DPS mydeposits
Your local Council may run LL accreditation schemes/ courses too.0 -
Just re-reading - if you bought the property on a residential mortgage have you obtained Consent to Let from your mortgagor?AngelsMadv wrote: »Good morning all,
I currently own (mortgaged) a house in a city where I went to Uni. I bought this with my previous partner in 2005 and have been renting it since 2008 when I relocated for work.0 -
Just re-reading - if you bought the property on a residential mortgage have you obtained Consent to Let from your mortgagor?
Yes. I'd read this was important on here before and did this when I first moved out. I have to renew it each year but NR are OK with it as it was relocation due to wok that forced it.I am firmly across the line. I won't impose my values on you if you keep away from mine.
Updated 14/10/14 :A0 -
Thank you all for you recommendations. I shall be acting upon them forthwith. She doesn't want to move in until the 30th of this month so that should give me enough time to get familiar with my responsibilities.
Thanks again. :j
PS - With my property empty for more than the 45 days on my insurance; does this make my insurance invalid or do I just phone and tell them?I am firmly across the line. I won't impose my values on you if you keep away from mine.
Updated 14/10/14 :A0 -
If you get a tenant like me (lol) you will be much better off. The last property I rented was through an LA, and I hated it. Ended up having to speak to the LL more often than not anyway about pretty much anything.
The property I am in now, we just directly deal with the LL and he sorts everything for us. I barely have any need to contact him, and he treats us fairly, as should be expected.
I don't know everything, but from what I have seen there is really not much to being a direct landlord, provided your tenants are OK. But, even with an LA they don't seem to do much other than take your 8% anyway! the only difference from the tenant side of things for me has been that I setup a standing order to landlord instead of the LA...0 -
PS - With my property empty for more than the 45 days on my insurance; does this make my insurance invalid or do I just phone and tell them?
Well, that depends on the wording of your insurance policy & I can't read it from here.. Whatever you do, as I'm sure you already do, have Landlord Insurance not "ordinary" householders insurance.
MY LL insurance says it can be unoccupied (not the same as empty) for 90 days but I must inspect weekly & shut off water.
Maybe read the policy??
Cheers!
Artful0 -
theartfullodger wrote: »
Maybe read the policy??
Cheers!
Artful
Thanks, Artful; I'll have a look. Looking more and more likely that we'll be renting it to the tenant ourselves. Many thanks for all your advice.I am firmly across the line. I won't impose my values on you if you keep away from mine.
Updated 14/10/14 :A0 -
Please treat this girl as you would a stranger wanting to rent from you, and get references, credit check, guarantor, and do an inventory when you take the deposit. You hear many stories on here of people renting to someone they know, and it all going horribly wrong.0
-
AngelsMadv wrote: »With my property empty for more than the 45 days on my insurance; does this make my insurance invalid or do I just phone and tell them?
If a LL went to stay in the house for a couple of days would that be sufficient to trigger a new 45 day period of insurance with the house empty?0
This discussion has been closed.
Confirm your email address to Create Threads and Reply
Categories
- All Categories
- 351.1K Banking & Borrowing
- 253.1K Reduce Debt & Boost Income
- 453.6K Spending & Discounts
- 244.1K Work, Benefits & Business
- 599K Mortgages, Homes & Bills
- 177K Life & Family
- 257.4K Travel & Transport
- 1.5M Hobbies & Leisure
- 16.1K Discuss & Feedback
- 37.6K Read-Only Boards