First time as a landlord!

SouthCoast

Letting agencies are becoming more powerful in the market for private rented accommodation but are not subject to positive statutory regulation governing their prices or service quality. Anyone can set themselves up as a letting agency, without the need for professional expertise or experience, any requirements about how they hold and manage the steady stream of money they handle between tenants and landlord, or any redress scheme for when things go wrong.

The consequence of this is that too many tenants are let down by the service they receive from their agent. This report details the tenant detriment which stems from this lack of regulation. It also focuses on the widespread practice of imposing often substantial additional charges on tenants for services which are simply part of the routine process of letting and managing a property and should therefore be covered by the rent the tenant pays.

http://www.citizensadvice.org.uk/index/campaigns/policy_campaign_publications/evidence_reports/er_housing/let_down.htm

mrsdarbs

SouthCoast wrote: »

http://www.citizensadvice.org.uk/index/campaigns/policy_campaign_publications/evidence_reports/er_housing/let_down.htm

Thank you - will read this when I get in from work!

I did read the bit you quoted and thank you for bringing this to my attention, but as i said previously I do trust him as he is a family friend (I know this could be classed as naive and am aware that people can be scammed by relatives and friends). But it is worth me bearing this all in mind!

TBH I am in a fretful mood today due to other things and everything is just playing on my mind so i've probably come across as a naive, and silly person with no info, but I am usually very organised and have all my facts and think I left my brain back at home today!

Thanks to everyone for all your comments!

Fire_Fox

mrsdarbs wrote: »

I will be informing them, and they can tell me, but as far as I was made aware I have been told that I am allowed to show my mortgage, rent, insurance and agent fee. All of these come to more than the rent.

It won't be let for more than 3 years as I am not allowed to do that under the rules of the housing association. I am only allowed 12 months, then I have to reapply.

Thank you!

As far as the taxman is concerned you can only write off the interest portion of the mortgage not the repayment portion. You cannot write off the agency finders fee for the first tenant, if there is one, but you can write off ongoing agency fees and any costs in finding subsequent tenants.

zappahey

Fire_Fox wrote: »

Don't forget you will also need to pay capital gains tax if you let for more than three years.

<pedantic mode>

She may be liable for CGT, as there needs to be a capital gain, in excess of the allowance, first.