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Renting Privately, any tips and advice please
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shush
Posts: 7 Forumite
Hi I have someone interested in renting my house, its private not through a agent. Can anyopne give me any advice or tips or top 5 or 10 things that I will need to do and look out for to cover my back?
I no I have to get Corgi and electric certs, I have got a tennants agreemant form to fill out, is there anything else in particualr I can do to save gurad my self both legally and for the house itself?
eg inventory is there a set guidline for that?
Hope someone can help, thanx
I no I have to get Corgi and electric certs, I have got a tennants agreemant form to fill out, is there anything else in particualr I can do to save gurad my self both legally and for the house itself?
eg inventory is there a set guidline for that?
Hope someone can help, thanx
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Comments
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It is your responsibility to insure the buildings and the tenant's the contents.
You will need to tell HMRC you are running a property rental business, keep the necessary records and complete a self-assessment tax form after the end of the tax year.
Have you had a credit check done on the potential tenant and obtained copies of bank statements and pay slips and references from employer and previous landlords?0 -
Hi Yes I nop have to get landlords buildings insurance, can you recomend a place I can get a reasonable price for Landlords insurance? So I have to delcare that I am renting the house out? Yes the necessary credit checks are in process.0
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There's a thread here
about landlords' insurance.
You do have to declare to HMRC that you are renting the house out, just as you have to declare all your other income.
You will also have to obtain the lender's permission of the property is mortgaged.0 -
No you don't. You don't have an insurable interest in them. I hope you meant the landlord's contents, as in the furnishings you supply if you rent it furnished.A_Nice_Englishman wrote:It is your responsibility to insure the buildings and the tenant's the contents......A house isn't a home without a cat.
Those are my principles. If you don't like them, I have others.
I have writer's block - I can't begin to tell you about it.
You told me again you preferred handsome men but for me you would make an exception.
It's a recession when your neighbour loses his job; it's a depression when you lose yours.0 -
A_Nice_Englishman wrote:It is your responsibility to insure the buildings and the tenant's the contents.
I read this as the landlord insures the building and the tenant insures their contents.
Off to read 'eats, shoots and leaves.':)
BTW I insure with Boswells, they give a discount if you are a member of a landlord association but, if you ring them, they will tell you if it is cheaper to join or not.I'm a Forum Ambassador on the housing, mortgages & student money saving boards. I volunteer to help get your forum questions answered and keep the forum running smoothly. Forum Ambassadors are not moderators and don't read every post. If you spot an illegal or inappropriate post then please report it to forumteam@moneysavingexpert.com (it's not part of my role to deal with this). Any views are mine and not the official line of MoneySavingExpert.com.0 -
I think A Nice Englishman meant it was the Landlord's responsibility to ensure the buildings, and the tenant's responsibility to insure the contents.Quidco cashback paid out so far £745.89 :j0
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Suewre wrote:I think A Nice Englishman meant it was the Landlord's responsibility to ensure the buildings, and the tenant's responsibility to insure the contents.
Yes thar's what I meant.0 -
Sorry, your accent threw me...:DA_Nice_Englishman wrote:Yes thar's what I meant.A house isn't a home without a cat.
Those are my principles. If you don't like them, I have others.
I have writer's block - I can't begin to tell you about it.
You told me again you preferred handsome men but for me you would make an exception.
It's a recession when your neighbour loses his job; it's a depression when you lose yours.0 -
please please please join a professional landlords association, like NLA read their site, and magazine, and go to landlords forums meetings for a year before even considering doing your own tenant finding and managing. A professional scam tenant, will be in your house like a shot having provided all the refs you think you need, he will pay a first months rent and never pay again, and it could take you 7-9 months to get him out and court fees and lost rent could cost you thousands0
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