Leasing A House via an Estate Agent

former_student

What do I need to be aware of?

I want everything to be legal, I will have the energy reports as well as the electrical and gas certification, I will be signed up for income tax and I will have the relevant insurance and mortgage in place.

Is there anything else I need to be aware of before handing over the reigns to my estate agent in order to lease out the house?

Fire_Fox

Do you have consent to lease from your lender? Personal recommendation of letting agency? Which deposit scheme are you going to use?

former_student

Thank you for that response.

I will be at the bank on Monday to ensure that I am allowed to lease out the house, if not I will transfer the mortgage to one that will, as the mortgage is rather small I'm hoping my existing one will allow it.

The agency comes highly recommended and I also know the familiy that run it personally.

I have not looked into the deposit scheme, I will discuss this with my EA.

Is there anything else I need to take onboard?

clutton_2

that YOU and you alone are legally responsible for your agents' actions - if they screw up - you carry the can.... so if they run off with your tenants deposit you get to repay it to the tenant out of your bank account....

if you have reliable workmen you can use for repairs , i would ask the tenant to call you and you call the workmen... many agencies use their own guys and "mark-up" the invoice.

make sure they show you their terms and conditions - they may want yhou to sign a contract... take it home and read it carefully..... i have always crossed out the clause that says i would have to pay 1%of the selling price to the agent if the tenant bought the house off me...

former_student

clutton wrote: »

that YOU and you alone are legally responsible for your agents' actions - if they screw up - you carry the can.... so if they run off with your tenants deposit you get to repay it to the tenant out of your bank account....

if you have reliable workmen you can use for repairs , i would ask the tenant to call you and you call the workmen... many agencies use their own guys and "mark-up" the invoice.

make sure they show you their terms and conditions - they may want yhou to sign a contract... take it home and read it carefully..... i have always crossed out the clause that says i would have to pay 1%of the selling price to the agent if the tenant bought the house off me...

If my agency holds the deposit, am I required to ensure that it is under the relevant scheme?

G_M

Your agent should be answering all these questions, and advising you of your responsibilities.

If they are not, that would seem to me to be a good indication that you have selected the wrong agent!

nollag2006

Might be worth posting your query on here:
http://www.landlordzone.co.uk/forums/forumdisplay.php?f=10

Agree with G_M though, that your EA should be advising you on this

clutton_2

""If my agency holds the deposit, am I required to ensure that it is under the relevant scheme"

oh yes

similarly if you instruct your agent to do a LGSC and he does not - and the tenant goes to EHO at your local council, it will be your name on the local county court summons - not the agents....

nollag2006

The EA should show you a copy of the receipt from the deposit protection scheme, and for the Gas safety check upon request.

I'd chase up with them immediately once the tenant has signed the lease.

nollag2006

Although all this can sound a bit daunting, it's not as bad as it first looks. Best of luck with it all