First time letting

pizzaboy

Hi all.

Im going to let my house at the end of the month and just need a bit of advice really.This is the first time i will have done this so bear with me.

I approached a solicitor today about a 6 month tenancy agreement,and was told it would cost around £200 £300-is this normal and would i still have to pay that if i were to go with an agent?

Is it easier to go with an agent rather than going to a solicitor myself,and do i need a different kind of insurance if i am to let the property out.

Any help would be very gratefully received thanks.

Premier_2

What's the £200-£300 for exactly? Just an ASTA agreement? If so you can buy one from staples for about £20 (law-pack) or download one from the net for free.

But be careful, having the tools is one thing, knowing how & when to use them is a big difference. Get it wrong and you'll be up creek without a paddle as a quick read of this forum with the amount of 'professional' tenants posting just hoping/waiting for you to get 1 bit wrong will demonstrate.

They'll have you in court, facing the CAB, the local tenancy officer at the council (however that might be), Shelter, the H&S executive, even your local MP and Minister for housing, etc. In the meantime they'll probably not pay you any rent either, perhaps because they consider your property uninhabitable.

If it's for a full letting service, its quite cheap even without any management.

Would you go to the butchers to buy a loaf of bread?
Why did you go to a solicitor to let out your property? LA's do that day in, day out. If you don't know how to do it yourself, get an experienced professional to do it. It might cost you a bit more, but could save you a small fortune.

Btw, yes you do need LLs insurance if you plan on letting. Also you need the mortgage lenders permission if not a specific BTL or commercial mortgage.

pizzaboy

Premier wrote: »

What's the £200-£300 for exactly? Just an ASTA agreement? If so you can buy one from staples for about £20 (law-pack) or download one from the net for free.

But be careful, having the tools is one thing, knowing how & when to use them is a big difference. Get it wrong and you'll be up creek without a paddle as a quick read of this forum with the amount of 'professional' tenants posting just hoping/waiting for you to get 1 bit wrong will demonstrate.

They'll have you in court, facing the CAB, the local tenancy officer at the council (however that might be), Shelter, the H&S executive, even your local MP and Minister for housing, etc. In the meantime they'll probably not pay you any rent either, perhaps because they consider your property uninhabitable.

If it's for a full letting service, its quite cheap even without any management.

Would you go to the butchers to buy a loaf of bread?
Why did you go to a solicitor to let out your property? LA's do that day in, day out. If you don't know how to do it yourself, get an experienced professional to do it. It might cost you a bit more, but could save you a small fortune.

Btw, yes you do need LLs insurance if you plan on letting. Also you need the mortgage lenders permission if not a specific BTL or commercial mortgage.

Thanks for that!

Im quite lucky as the would be tenants are friends of my brother,and it should be a fairly laid back affair,saying that one of them used to work in an estate agents so will know there stuff.

I went to a solicitor because someone advised me too,and dont really know to much to be honest,im glad you have helped me a long a bit,ill cancel appointment with solicitor soon as, and buy a pack from staples or download one from net like you suggested.

bryanb

pizzaboy wrote: »

Thanks for that!

Im quite lucky as the would be tenants are friends of my brother,and it should be a fairly laid back affair,saying that one of them used to work in an estate agents so will know there stuff.

I went to a solicitor because someone advised me too,and dont really know to much to be honest,im glad you have helped me a long a bit,ill cancel appointment with solicitor soon as, and buy a pack from staples or download one from net like you suggested.

Friends and family can often turn out to be the worst type of tenants, take care to do everything correctly and legally.

sooz

bryanb wrote: »

Friends and family can often turn out to be the worst type of tenants, take care to do everything correctly and legally.

Very true.

You want a third party between you and a friend or friend of friend when renting.

The fact that one potential tenant is an estate agent means he will know how to work the system well.

pizzaboy

bryanb wrote: »

Friends and family can often turn out to be the worst type of tenants, take care to do everything correctly and legally.

Is there a check list of things i need?

on here somewhere maybe.

bryanb

pizzaboy wrote: »

Is there a check list of things i need?

on here somewhere maybe.

There is an association for landlords, someone will be able to point you at it, sorry but I don't remember the website.

byrneand

bryanb wrote: »

Friends and family can often turn out to be the worst type of tenants, take care to do everything correctly and legally.

Whilst there is no risk in doing things compleely properly as well you would like to think that your friends and families would have some moral balance. You should protect yourself where you can but if you have doubts then there's probably a reason for that and it might be easier just renting to complete unknowns.

Premier_2

pizzaboy wrote: »

Is there a check list of things i need?

on here somewhere maybe.

If it was as simple as ticking boxes, LAs wouldn't be able to charge the fees they do.

pizzaboy

Premier wrote: »

If it was as simple as ticking boxes, LAs wouldn't be able to charge the fees they do.

I mean a list of things for wannabee landlords to take on board ,contract, insurance etc

Are there any other things i need to do...ive got the deposit sorted,im over looking the "key money?" not sure what its called these days,there will be a trust kind of arrangement there,probably silly i know-but it helps them out and we have a good relationship because of that.

bryanb

pizzaboy wrote: »

Are there any other things i need to do...ive got the deposit sorted,im over looking the "key money?" not sure what its called these days,there will be a trust kind of arrangement there,probably silly i know-but it helps them out and we have a good relationship because of that.

I've seen a few good relationships go sour this way, but it's your decision.