Renting my flat out.....

HRV

Hi OP

I was in your situation a year and a half ago. We needed somewhere bigger as my OH has 2 children from his previous marriage. We decided to rent somewhere bigger and rent mine.

I got permission to let from my mortgage company, buildings insurance (needs to be landlords- cost vary depending on type of tenant), I go through a letting agent- costs 10% of rental income

I have to say I have lovely tenant and am very lucky but what I would say is you learn alot through ringing up as a potential tentant ( we were viewing properties as we found our rented place before we rented mine)- some letting agents were truly shocking- not arriving for viewings, not calling back, cancelling apporintment at 5 mins notice. I soon saw who I wouldnt be letting through!

I now rent off and rent my property through the same agent

Also you will need to do a self assessment tax return- quite simple once your clear what you can and what you can't claim for- be warned through I declared a loss in the first 6 months- so you need to have some financial flexibility