How do i rent my house out?

Trollydolly_2

Hi all

ok here goes... I may be made redundant in oct so have decided to bite the bullet and go back to learning at a residential college.

However to do this i will have to rent out my house.

My mortgage is with my mum and dad so i pay them 2.7% interest and they have said as long as i get them there money each month they dont mind me renting it out. So i dont have to worry about my lender.

What i need to know is how do i go about renting it out? Is there regulations as to what i have to do to the house etc? I heard something about licencing and regulations but i dont know what i need to do?

Also insurances etc.

I will definatly go through an agency as i wont be in the area and dont want the hassle of findng new tenents etc.

Please any info would be appreciated and any websites.

Thank you!
TD xx

Alechjo

I do not know much about that, but the agency should guide you through. Basically, you need buildings insurance (if it is not provided by land holders if it is a leasehold) and if you want to rent it out furnished, there are some rules on fire regulations, etc. Also you may have to provide smoke alarms. Some simple paperwork would be needed for taxes, to complete the tax return. Maybe not the very best site, but try https://www.freelawyer.co.uk 'Housing Law' -> Private landlords.

kit

What sort of property is it? How many bedrooms? Will you be renting it to 1 household or spliting it (renting rooms)?
The rules vart depending on the property and how you rent it.

seven-day-weekend

You will need a Landlord's Gas Safety Certificate from a CORGI registered gasfitter if you have gas in the property. You will also need fire resistant furnishings if it is furnished (however, I did have one piece of furniture that wasn't up to scratch in my investment property, and sold it to the tenant for 50p, so it became hers and not mine. I did explain the rules to her and said that I could either remove the chair or we could do it this way. She said she would buy the chair from me and I would buy it back when she left. Don't know if this was legal!).

itsakidsworld

Keep it simple and renting will be fine.

Make sure the property is in good order with no damp, rot or damage anywhere.

Make sure the property is in good decor inside and out and then fit carpets/ tiles to all areas.

Then approach an agent in your area who you have heard about and tell them you wish to rent unfurnished/ furnished- your choice and depends on area and who you are renting to.

Ask the agent what you are required to do with regards gas / electric certificate and follow their advice. Agent will agree a rent, what commission is charged and thats it.

Keep a record of all bills/ rent received (agent will have these) and fill in your own tax return at end of year.

Finally, can you ask your parents if I can have a mortgage please as I like the rate they offering!!!:rotfl:

Trollydolly_2

Lol thank you for all your advice. My mum says she hasnt got any money left to lend anybody else now, ive bled her dry!

My house is an ex council circa 1970, 2 bedrooms with a large kitchen, living room, bathroom upstairs with seperate toilet room.

Im a bit concerned that i will have to majorly modernise the decor. Although it is new decor (previous owner did it to sell) it was to her taste (83 yr old woman). Ive done as much as i can ie the bathroom although it is champagne and not white, looks clean and tidy with similar coloured walls. Ive redone the kitchen which is now quite modern and the living room is painted. However the main issues are the living room carpet which is an evil red colour and swirly brown carpet in the hall and landing which matches beautifully with the embossed magnolia wallpaper blueeeergh.

Im thinking i should probably spend £300 on getting laminate and painting the hall and landing?? Trouble is i dont have £300.

Also how much is it to get the gas certificate?

With regards funishings the sofas are fireproof but they dont look great with bits of leather look stuff pealing off them?? would i be best to flog it all and do it un furnished?

Thank you for your info guys and gals, keep it coming!!!!

itsakidsworld

To rent out unfurnished has more advantages I think. No furniture, no cookers (always go wrong) no fridge(always go wrong) and so it is low maintenance.

To brighten the place up, strip the papaer from all the rooms which are bad!!!! Line walls with lining paper ( an easy job) and then when dry paint with mangolia. Keep all woodwork clear or white if already painted.

Bathroom(oops!!!!) colour, pleeeeese!!!!! If you have no cash, make walls white, ceiling white, floor cheap lino which has those little speckles in them.

Carpets, terracota go brilliant with magnolia. You can buy a full roll of carpet to do all of house from a good warehouse near you. fitting will be probably same cost as carpet but worth it to look good.

Short of cash? Tell Mum & Dad you need a home improvement loan!!!!! Pay them back from first months rent and away you go.

eeja

Oops.....dont forget the new housing regs that came into force 5 April. Other than from the same family UNLESS YOU REGISTER YOUR PROP AS AN HMO no more than two adults can share a flat/house in Westminster and a few other Councils. No more than four in other places.
Of course students who want a shared house next Oct will find a grave housing shortage esp. in London. Who was in charge of this wonderful new "reform" ? It was
the Office of the Deputy PM, yes, Mr Two Shxggs himself !!
He didn't care students had nowhere to live in London
......he had Dorneywood !

dougk_2

Try buying (or borrowing from your library)
Renting Out Your Property for Dummies
Its full of all the details you need to know and your options
(its available from amazon/tescos etc)

clutton_2

my advice would be to join the National Landlords Association, you get cheaper house insurance anyway, and you get a magazine, and a fabulous legal helpline for questions you may have. I would use an agent (make sure they are a member of a professional body) and they will tell you what to do. If you are letting to a couple or two separate freinds sharing, then you do not need to be licensed or registered. A Corgi Landlords Gas Safety Certificate is a legal necessity (do you really want to gas your tenants ??) and costs between £45-£90 ish depending on how many gas applicances you have in the house, as each one has to be checked EVERY year. A good agent should give you a long "Landlords Manual" telling you exactly what is expected of you. They will charge anywhere between 8 1/2% to 15% of a months rent. Read their contract thoroughly before signing it. NEVER let them sign a tenant on a 12 months agreement at first - get to know that the tenants pay their rent for 6 months, only then consider giving them a year. Good luck

babe_ruth_3

clutton,

Do you know if national landlords association have a web site?

Ta