Private let

molit

I have just palced my house with a letting agent to try and find some tenants/ However, someone I know vaguely has said that they are interested, and suggested doign a private let - they have looked after their current rented housee really well

now I am tempted as they are a well settled couple, and meet the requiremnts fof what I would consider to be good tenants (I know things can go wrong, but...)

If I was to do a private let, afaiui, all I need to do legally is to get a gas safety certificate, and to put the deposit into a recognised scheme. I would also want to put toegther an inventory - based on the fact that they place is to be let ubnfurnished then this shoudlnt take long. In terms of the agreement, I was planning on [popping to smiths and getting one of their short term tenancy agremment packs. Anyone got any otehr advice? thoughts, or comments

silvercar

friends and business don't mix well.

Worst case scenario: If they didn't pay the rent would you be prepared to evict them? If you can't answer yes to that question I wouldn't do it.

molit

luckily they are not close frie4nds- they are basically current neighbours of mine who I sometimes have a chat with...

50plusabit

You need a watertight agreement, if you end up in court a "£5" agreement could cost you a lot. Also who is going to deal with any problems?

Albirlaup

Have a look at following link, probably you could modify it for your use:
https://www.castlehomesderby.co.uk/images/CastleHomesSampleTenancyAgreement.pdf

Hope this helps!

clutton_2

there are at least 2 factually illegal clauses in this contract



do Castle Homes know you are touting their copyright material on the www ?

Millburn_farm

Do you know their Landlord ?????????

However much you think you know and trust them; get a proper soliciter drawn up tennancy; then you BOTH know where you stand

Ladybird20

sometimes from experience those that appear "safe bets" arnt........be careful......can get tricky especially if things go wrong

clutton_2

get a letting agent to do credit checks and references on them and then if they pass take out rent insurance - but before you do any of that join National Landlords Association, read www.landlordzone.co.uk and www.singingpig.co.uk to acquaint yourself with all the things that you need to do and what can go wrong

anotherpaul_2

molit wrote: »

I have just palced my house with a letting agent to try and find some tenants

You need to check that you wouldn't be breaching any agreement you've signed with the letting agent. They could claim you found them because they were advertising the property, figured out where it was and knocked on the door. It may not be an issue, but it's worth checking.

tbs624

molit wrote: »

.....If I was to do a private let, afaiui, all I need to do legally is to get a gas safety certificate, and to put the deposit into a recognised scheme. I would also want to put toegther an inventory - based on the fact that they place is to be let ubnfurnished then this shoudlnt take long. In terms of the agreement, I was planning on [popping to smiths and getting one of their short term tenancy agremment packs. Anyone got any otehr advice? thoughts, or comments

My emboldening.

It's not quite that straightforward - if it was then the HBR&S board wouldn't get half the posts that we see on here. You also need appropriate LL buildings insurance. You need to able to show that your property's electrical system is safe. Have you got reliable plumbers, electricians on hand for when anything breaks down? (you may be happy to wait for weeks for something to get fixed at home but a paying T in your rental property won't be)

You need to comply with fire saefty regs, and to make sure that your property doesn't have any of the 29 hazards listed under the HHSRS (housing health and safety rating system). You need to properly understand how the deposit reg schemes work.

There is a whole raft of LL&T legislation with which you need to familiarise yourself - as Clutton says, join a LL association - either the NLA or the RLA or become a member of landlordlaw. (The membership fees can be set against rental income for tax purposes - you get discounts on insurance, instant access to articles that keep you up to date rules& regs, access to properly worded tenancy agreements, a members' forum etc.)

If you have a mortgage you need to have consent to let, you need to keep records for HMRC.

You need to learn how to properly "vet" potential tenants and what to do when/if it all goes belly-up. You don't need to use an LA to get checks done btw - have a look at sites like tenant verify.

You do, as the others have said, need a good TA - that, and a properly compiled inventory, are vital to protect your property.