First Time Letting Out a Property - Advice Please!

HRC99

My girlfriend's just moved in and we're going to let out her house. First time that either of us has been involved in something like this.

Any advice - general or specific - as to things we need to do, possible pitfalls and ways of saving money/tax would be greatly appreciated!

clutton_2

join the National Landlords association for a start - they will provide you with a regular magazine which tells you what the law says, what your legal responsibilities are, and they have a fabulous legal helpline to answer any legal difficulties. Membership entitles you to huge discounts on your property insurance. They also provide a wide range of the documents which you will need - tenant application forms, a quality tenancy agreement etc etc. HOWEVER, as a landlady, my best advice would be to use an agent for 6 months, learn from them, and then take over management for yourselves after that. If you get a bad tenant in, it may cost you 9 months of no rental and thousands of pounds loss if you get it wrong. If a tenant signs a 6 monthly agreement and does not then pay the rent on a regular basis, you may wait 6-9 months for the courts to get them out. good luck

Dead_Eye_Jones

Set your expectations of wear and tare at an appropriate level, then amaze your tennants when they move out by not billing them for the spec of dust left on the washing machine. Hmm or is just me who gets sucky landlords .

Actually I have no experience on the other side of the fence, nor would I want to, but the managment route looks a good one to me, the comments above seem very sound - get it wrong and you could lose more than you can afford...

silvercar

landlordzone.com has lots of advice and an active forum.

dougk_2

Personally I found the book Renting out your property fot dummies simple to read and understand and full of usefull info.

http://www.amazon.co.uk/gp/product/0764570161/202-8426639-3968621?v=glance&n=266239

dougk_2

Personally I found the book Renting out your property for dummies simple to read and understand and full of usefull info.

http://www.amazon.co.uk/gp/product/0764570161/202-8426639-3968621?v=glance&n=266239

clutton_2

how many bedroom does it have ? the 2005 housing act is now in force, and if you let to more than 2 folks who are not a household, then you may have to license your property as a House in Multiple Occupation. If your property is 3 storeys and you rent to more than two households, you will definitely have to license it, and it may be very difficult if you have no experience. Stick with one family or a couple and you will be fine.

regularsaver1

if there is a mortgage on the property she will need consent from her lender to let

conditions of most lenders - are that property must be managed, also insurance must be right

not on about BTL here - but consent to lease if current mortgage residential

Ivrytwr3

If this is your first time letting out i'd strongly recommmend you put the property in the hands of a letting agent (https://www.belvoirlettings.com check out their site to get an idea as to costs etc and what they can do for you).

A letting agent will credit check and interview perspective tenants, they also deal with the day to day running and rent collecting. They also know the tricks and scams people will pull as where newbie landlords do not.

silvercar

regularsaver1 wrote:

if there is a mortgage on the property she will need consent from her lender to let

conditions of lenders - are that property must be managed, also insurance must be right

Properties don't have to be managed just because you have a BTL mortgage.

regularsaver1

no most mortgage companioes put it in their conditions on consent to let - not BTl that the property must be managed (I grant consent to lease)