Buy to Let Northern Ireland....

Old_Git

It depends on who you intend to rent to .
If its DHSS ,now called LHA ,then the housing executive will pay you every 4 weeks in arears .If it a private tenant then its paid by DD or standing order .
Tenancy can be got from a solicitor or estate agent .Keep an unused tenancy and copy it for next time .Rates can either included in the rent or not ,its up to you ,but they are usually included .Rates are paid in September and you get a bigger discount for collecting the rates .Insurance is a bit higher ,but it depends on the type off tenants,If its DHSS or students they are seen as high risk . If you have a mortgage make sure you have permission from your lender .If this has been your own home dont expect the tenant to look after it as you would .Are you rentig furnished or unfurnished .If furnished ,the furniture must be fire retardant .Remember once you rent out a property you have NO right off entry ,unless invited .New letttings must have an energy rating ,this can be done be an estate agent

zzzLazyDaisy

LHA replaced housing benefit for private tenancies, and is paid directly to the tenant. the LA will no longer pay directly to landlord except in specific circumstances.

What do you mean by 'rates'? If you mean council tax, that is normally the tenant's responsibility, along with the utility bills.

EDIT - APOLOGIES - ignore above post, I didn;t realise I was on the NI board!

Old_Git

zzzLazyDaisy wrote: »

LHA replaced housing benefit for private tenancies, and is paid directly to the tenant. the LA will no longer pay directly to landlord except in specific circumstances.

What do you mean by 'rates'? If you mean council tax, that is normally the tenant's responsibility, along with the utility bills.

as this is on the N Ireland board I assume they are refering to northern Ireland ,which is different to GB . LHA in northern Ireland is paid directly to the landlord

zzzLazyDaisy

Old_Git wrote: »

as this is on the N Ireland board I assume they are refering to northern Ireland ,which is different to GB . LHA in northern Ireland is paid directly to the landlord

*slaps head* apologies, you're right, I missed that detail *exits, stage right*

teaspoon1

I have always had rates included in my rent... would think it very unusual if they were not.

Colin_Kee

IMHO. Rates included in the rent is a northern Ireland thing.. It means the house owner still has a "Bill" in their name so if they sell the house in the future they can use this as evidence that they "Lived" in the house so they don't have to pay (or pay as much) capital gains tax which would kick in after 2 or 3 years... Just my opinion.... otherwise why would you willingly take on someone elses bills??

cooki2222

If there are only students in the house, then they are entitled to free rates but if one of them is full time worker then rates have to be paid.

Old_Git

Colin_Kee wrote: »

IMHO. Rates included in the rent is a northern Ireland thing.. It means the house owner still has a "Bill" in their name so if they sell the house in the future they can use this as evidence that they "Lived" in the house so they don't have to pay (or pay as much) capital gains tax which would kick in after 2 or 3 years... Just my opinion.... otherwise why would you willingly take on someone elses bills??

The LL usually pays the rates just to make sure they are actually paid and there is no come back on him .The landlord does get a discount for this but they still have to pay if the property is empty .Also the rates can be shown as expensives for tax purposes . England is different because the person living in the house may be intitled to a 25% discount on the CT if they live on there own .That dosent apply here .The rates bill has no bearing on CG tax .

rover25

Anyone know how much the bank are liable to bump up our mortgage interest rate to rent it out?
Do they all increase your rate ?

Old_Git

rover25 wrote: »

Anyone know how much the bank are liable to bump up our mortgage interest rate to rent it out?
Do they all increase your rate ?

around 1 % extra but it depends on the lender .The interest will be tax deductable ,the repayments are not .