Help with Residential letting

Tcs

I am renting out my home, and have been looking on 'Riky.co.uk' i am considering joining and downloading Tenancy agreements, has anyone else dealt with them, i don't want to go through Agency as i have found and know the tenants, just need to make sure i do the correct legal documents,not sure whether to take deposit , as it seems complicated , any advice welcome.

stevetodd

Tcs wrote: »

I am renting out my home, and have been looking on 'Riky.co.uk' i am considering joining and downloading Tenancy agreements, has anyone else dealt with them, i don't want to go through Agency as i have found and know the tenants, just need to make sure i do the correct legal documents,not sure whether to take deposit , as it seems complicated , any advice welcome.

It isn't complicated and you should definitely take a deposit, and obviously register it with one of the schemes, I personally prefer the insurance backed scheme:

http://www.mydeposits.co.uk/

I haen't eard of Rikey.co.uk before I am a member of NLA:

http://www.landlords.org.uk

and can certainly recommend it, it's not worth skimping on things like this, particularly if you are inexperienced, I have owned investment property since 1991 and am a chartered surveyor and find membership very helpful.

clutton_2

it IS complicated and it is much more than legal documents =- DONT get legal documents other than from a well respected source - read the two sticky threads at the top of this forum as to what tenants look for - that will give you some idea as to what is expected of you

read https://www.singingpig.co.uk and https://www.landlordzone.co.uk before even Thinking about becoming a landlord

stevetodd

clutton wrote: »

it IS complicated and it is much more than legal documents =- DONT get legal documents other than from a well respected source - read the two sticky threads at the top of this forum as to what tenants look for - that will give you some idea as to what is expected of you

read www.singingpig.co.uk and www.landlordzone.co.uk before even Thinking about becoming a landlord

It is not complicated! and I am amazed that you would encourage him not to take a deposit (you do realise that it was the taking of a deposit that he said was complicated don't you? he is considering not taking a deposit to avoid complications, this is not the right course of action). OP do not listen to Clutton you need to protect yourself by taking a deposit

chucknorris

stevetodd wrote: »

It is not complicated! and I am amazed that you would encourage him not to take a deposit (you do realise that it was the taking of a deposit that he said was complicated don't you? he is considering not taking a deposit to avoid complications, this is not the right course of action). OP do not listen to Clutton you need to protect yourself by taking a deposit

I agree it would be foolish not to take a deposit

stevetodd

OP if you need any specific help feel free to pm me

Tcs

stevetodd wrote: »

OP if you need any specific help feel free to pm me

Thanks for your advice, especially websites, will now definately take deposit, would that be a months rent.

stevetodd

Tcs wrote: »

Thanks for your advice, especially websites, will now definately take deposit, would that be a months rent.

I ued to take a months deposit but you wouldn't believe how many tenants (even very good ones) would ring or email me and say sommething like this:

"Steve I'm sorry but I am really stuggling as you know I am moving out next month, you've been a great LL but I can't pay the last months rent because of the new deposit I have had to put down. Would it be ok if you just use the deposit as the last month rent"

Its very hard to say no because at the end of the day how can you enforce it? o I started taking 6 weeks deposits and it stopped. I would join either the NLA or RLA, I am in the NLA but switched to the NLA when tenant's deposits schemes were introduced because membeship offered a discount on the fees. If you have a problem or a simple question you can ring them up and simply ask as well as download contracts and other documents from their website. Clutton listed some free sites which are also very good too and I do occassionally look at them as well.

666Rocker666

Hi,

I have just started to rent and a good friend of mine advised me not to take a deposit as you have to now pass it on the govenment but to take a none refundable 'Key payment'. I took 1 months rent....Basically a deposit and told the tenant i will give them this back on return of the keys.

This also stops them using it for the last 4 weeks of rent as this in not connected to the rent its for the use of the keys....Hope this helps

m_13

I think you'll find 666Rocker666 that a deposit, even if it's called something else like a 'key payment', is still a deposit! If you have taken money - even if you call it 'non refundable' - that you will return at the end of the tenancy then that's a deposit.

Take a look at this thread on the landlordzone forums.

A deposit by any other name is still a deposit

You are leaving yourself wide open to be fined three times the deposit for not protecting it.

stevetodd

666Rocker666 wrote: »

Hi,

I have just started to rent and a good friend of mine advised me not to take a deposit as you have to now pass it on the govenment but to take a none refundable 'Key payment'. I took 1 months rent....Basically a deposit and told the tenant i will give them this back on return of the keys.

This also stops them using it for the last 4 weeks of rent as this in not connected to the rent its for the use of the keys....Hope this helps

You do not have to pass it on to the gov, if you look above at the link I provided for the insurance backed scheme, you simply pay a £30 fee (insurance) and hold the deposit yourself. You can pass on this fee to the tenants, which is what I do, afterall it is for their protection (not mine).