GUIDE TO RENTING for Dummys!

v.rajput · 8 July 2009 at 7:23PM

Hello all,

Is there an idiots guide to renting out your existing house?

What are the penaltys if you dont tell your mortgage provider?

Its a long story...

My situation is that my son has not had an school allocated as yet, but we were gonna move anyway before all this credit crunch started:

Are income is not high enough for us to able to have two mortgages accpeted together so we thought maybe we can rent in a suitable catchment are and then sell when the property market is better.

Is there a way i can rent my existing propety out and use the rental income as an income to gain a better mortagage ?

i hope this makes sense.

vj

I know well be taking a hit in the pocket but ive gotta get him a school.

pinkshoes · 8 July 2009 at 8:48PM

1) ALWAYS tell your mortgage advisor - you must get their consent to let your property out.
2) You'll need gas certificates for any gas appliances.
3) Make sure you carry out credit checks on tenants; perhaps use a letting agency to help you with this.
4) The tenant's deposit MUST be protected in the deposit scheme.

There's no doubt loads more, but they are the basics...

v.rajput · 8 July 2009 at 9:29PM

Thanks pink shoes,

Davesnave · 8 July 2009 at 10:11PM

If you read the fixed thread for tenants at the top of this page, it will also give you a good insight into what is expected from a good landlord.

G_M · 8 July 2009 at 10:39PM

It's a big topic, with lots of implications - legal, financial, personal. Make sure you research it fully.

A good place to start is your local library, or bookshop where you can get books on renting. Look also at Landlordzone plus the various Associations (National Landlords Association, Residential Landlords Association, or your local Association.

tbs624 · 8 July 2009 at 11:53PM

Start with the very basics here

Join a LL association or Landlordlaw in advance of actually needing their services - discounts on your LL insurance premiums, tax deductible membership fee and much useful advice.

v.rajput · 9 July 2009 at 8:06PM

Thanks for all your all your help, i will check it out...

silvercar · 9 July 2009 at 8:09PM

If your primary aim is to get a school place. Rent the smallest, cheapest place as near to the school you can get. Hover around it to make it appear that it is your home, get your school place and then give up the rental.

v.rajput · 9 July 2009 at 8:25PM

Hey silver car,

Thats a tad sneaky eh?, Would it work? Desperate times call for desperate measures!

what does anybody else think?

thanks silvercar

silvercar · 9 July 2009 at 8:44PM

To guarantee it would work you need to examine the admissions policy and check that, in your particular admission year, leaving clost to the school would get you a place. Then for a cast iron guarantee you (or at least your child and one parent) need to live there (and have proof) at the required date.

tbs624 · 10 July 2009 at 1:06AM

A mother using a " false address" & trying to get child into a specific school initially faced a charge of fraud by false non-representation - see here, with interesting follow up here

GUIDE TO RENTING for Dummys!

Comments

Confirm your email address to Create Threads and Reply

🚀 Getting Started

Categories

Is this how you want to be seen?

Get our FREE Weekly email full of deals & guides - and it’s spam-free