Renting out house - what do I need to think about?

rollerose

Might need to rent out the house because of going abroad for a while. I've never been a landlord and don't have a clue where to start. Can anyone give a few pointers? I know I'd need consent to let from the mortgage lender, but beyond that I haven't a clue.

Another thing, what happens if I later sell the house - would it be liable for CGT? I will not be buying another house whilst this is rented, and I've lived in it for a number of years as it is.

mitchellst3ve

Hi there,

I've not got a huge amount of knowledge but, as you can see in the online letting agent thread (http://forums.moneysavingexpert.com/showthread.html?t=1354591) one way of letting out the property cheaply is to use an online letting agent.

Other good sources of information are landlord zone and letting zone and also signing up to the Telegraph's property club section on there website will help you find out what you need to know.

clutton_2

read www.landlordzone.co.uk and see how complex a business you are about to embark on !

Debt_Free_Chick

If you're going abroad, then you'll need an agent to undertake all your legal obligations. And you'll need to pay them. And you'll need to check what they will and won't do - many agents only undertake some of the LL's obligations.

To be honest, if you "don't have a clue", you're not yet in a position to decide that you are going to be a LL. Far better that you understand what's involved and then make a decision about being a LL - or not

tbs624

Debt_Free_Chick wrote: »

If you're going abroad, then you'll need an agent to undertake all your legal obligations. And you'll need to pay them.

Only has to be someone who acts as your agent - not necessarily a "letting Agent", so if you have a good reliable friend or family member who is prepared to do it, and read up on what is involved, then you may not have to pay fees of the level charged by LAs.

Debt_Free_Chick wrote: »

....To be honest, if you "don't have a clue", you're not yet in a position to decide that you are going to be a LL. Far better that you understand what's involved and then make a decision about being a LL - or not

Agree - contact the local LL association and get some advice on what's really involved. There are Ts who can spot the unprepared amateur LL a mile off and know how to play an expensive game with you and your property.

rollerose

Debt_Free_Chick wrote: »

If you're going abroad, then you'll need an agent to undertake all your legal obligations. And you'll need to pay them. And you'll need to check what they will and won't do - many agents only undertake some of the LL's obligations.

To be honest, if you "don't have a clue", you're not yet in a position to decide that you are going to be a LL. Far better that you understand what's involved and then make a decision about being a LL - or not

Thanks for the advice. I am quite clueless about renting out at the moment. But the decision on becoming a landlord is really out of my hands - if I have to go abroad, the house has to be rented out, as I can't sell it in case I need to come back in a year or two.