Letting my home ,please any advice would be welcome

mookerella

Well where do i start , I split from my ex a couple of years ago and am divorced but still get hassle I feel like i cant do what i want in my own home.I have to keep in contact because we have a son together , although he still thinks he can tell me what to do because he lived her , nothing whatsoever is in his name. the deeds are in my name , i own the property and nothing about splits or anything was in writing in the divorce. Although I dont have to give him anything legally , I will give him something when i sell it. it is on the market at the moment , but i really want to move to liverpool, and am thinking of renting the property out.I have a low mortgage and could probably double that if rented.It just seems that there is so much to look out for , , a lot of people have said dont go through an agent its throwing money away.There is a girl interested in renting , someone known to me although not very well but she rents at the moment and has a nice clean home.She is on DSS payments though. . What kind of things do i need to consider? , Im absolutley clueless. Also does anybody know anything about , selling some equity in my property , maybe to an already established landlord? Ive heard people say this too... I have been offered to sell quick buy to a landlord association for 25000.00 less than the valuation , but im not willing to do that. id rather rent or wait for a sale. Please any help at all would be welcome... thankyou

mlz1413

Your friends who tell you paying a letting agent is a waste of money are any of them established landlords who will take on renting your property for you?

Renting within the law is something you need time for, time to read up on obligations and time to ensure the property is well kept and the tenants are keeping their side of obligations. If you are intending to live a long way away from your home I would use an agent, use a LA who is part on the NALS or ARLA, this is not a guarantee of service but it does show that the agents are registered and give you a route to complain if necessary, also use an agent with a office that you can go into if you do experience problems.

Some agents offer a guaranteed rental income schemes which if you can accept a low rent maybe worth looking into.

If you do rent join a LL assocation like Landlord Zone and get insurance to cover you for non-payments.

As for problems with your ex you say he is not due anything but that you will give him something when the house sells. If he thinks you are undecided on what to do maybe his interference is meant to push you into making a decision?

Could you make it clear what you intend to do and why and then maybe he will settle? Or are you hoping moving away will mean due to distance and the fact you don't live in the house will stop him telling you what to do?

K_and_N

From my experience, I'd recommend going through agents unless you know your potential tenant very well. If something went wrong (mostly not paying rent or damaging property), it's easier to let agent deal with it, especially you are moving to Liverpool and you won't be go to your property at short notices when necessary. I don't know about selling equity. Hope someone else can help.

Jowo_2

K_and_N wrote: »

From my experience, I'd recommend going through agents unless you know your potential tenant very well.

Unfortunately, I have come across many threads which actually indicate it can be far worse when personal relationships, friends or relatives, have a business relationship with another via a landlord/tenant set-up. It encourages informality and favours and can have extremely serious consequences when a tenant is more knowledgeable about housing law, their rights and the landlords responsibilities, than the landlord. The consequences of failing to comply with the myriad of legislation around deposits, health and safety, HMO compliance and so on, are very steep and can be breaches of criminal, as well as civil law.

Housing benefit claimants are the riskiest group of tenants and many professional landlords opt not to let to this group for business reasons and not through prejudice, as is commonly assumed. Read through the following forum to get an idea of why they are often shunned as tenants and for tips on how best to reduce and manage the risk.

http://www.landlordzone.co.uk/forums/forumdisplay.php?f=18

If you choose an agent to manage it, choose one that belongs to a professional body - literally anybody can set up as a letting agent as it requires no skills, experiences, qualifications, knowledge of housing law whereas the professional bodies are far more choosy about their members and offer higher protection to their clients. This is the best way to avoid a cowboy agent.

http://www.landlordzone.co.uk/agents.htm

MoneySavingSpender

While this feels like stepping over the line, you do mention it so I'll respond re: your son. Simple rule when picking him up/dropping him off. He stays in the car, simple, doesn't even pass the property boundary, new rule, firm as possible, your house, your deed, your home.

Going to an agent does mean giving them in the region 5-8% of your rent, whether it's giving it away is all down to how you value your time. Bear in mind agents will overcharge all future tenants in surplus costs like joining fee, credit check fees, house checking fee's, termination fee's, ie, where they make their real money to justify their job. If you are happy to pay them to keep the regular rent flowing and more importantly give you the free time that costs then great. If you want to let the property yourself then you get to choose who lives in your house...

Unfortunately this is where I look like a Southern Fairy Snob, Liverpool + DSS I wouldn't touch with a barge pole, for my properties I get a 1 year AST in, make them sign a notice to terminate come 1 year allowing me the option to find new tenants should that tenant be a problem in the initial year. I also get previous LL references where possible and most importantly verification of full time employment ensuring they can afford the property, I also have a Questionnaire for all new tenants which gives me ALL their details as well a credit check permission form at the back allowing me to credit check them if needed.

You are quite wise to wait for the price to settle before selling and to rent in the mean time, depending on your area though you should be prepared to haggle on renting price as a 2month void is far worse than taking 10% less than you are asking for per year, if you understand my meaning...

K&N makes a good point, having someone you know and vouched for, by preferably more than one person for the 1st year will be a soft introduction into Land Ladyship for you, just never take anything for granted and if something can go wrong, assume it will and prepare for the worst. Be 100% sure that they can pay the rent though, DSS in 99% of cases cannot afford 1month deposit with 1month rent in advance which is the norm with working people, so you will have to use your own judgement to make an arrangement there which doesn't screw you over.

Remember to get a proper AST in place, I HIGHLY recommend a termination notice also be signed in advance leaving YOUR options open, take photos of the house and rooms and make sure both of you sign the photos. If any repairs are promised make sure it's in writing and they acknowledge them. Ensure you keep good but not too friendly relations with them too. Too friendly a Landlord = tenants that take liberties, too aloof and you can create resentment and deceitfulness resulting in loss of rent and/or damage to your house.

mookerella

Actually just by the few replies people have let , im doubting about going it alone it sounds like a tricky option and one best not attempted when im living over 200 miles away!

While this feels like stepping over the line, you do mention it so I'll respond re: your son. Simple rule when picking him up/dropping him off. He stays in the car, simple, doesn't even pass the property boundary, new rule, firm as possible, your house, your deed, your home.

nad thankyou for that , although he doesnt step foot in the house hasnt done since the day I threw him out, he has trid to bully me on the phone and stuff if he gets a sniff of me going on a date or something and threatening .and i live next door to some of his family , id rather just move and start afresh