Advice for a first time landlord, please.

lofidelity

Hello,
we're thinking of letting out our flat soon for the first time. Can anyone tell us if the, for example, 10% that agencies charge for Letting and Rent Collection is paid as a lump sum up front to cover the whole length of the contract or monthly, out of the rent?
Also, do you know the best websites to attract professionals rather than students that we could use to let it privately, in London?
Thanks.

G_M

They may charge an upfront fee for finding/vetting a tenant, but will take their X% management fee from the monthly rent.

Whether you choose the agency or private route, please educate yourself fully, about the costs, the tax, the obligations, the risks, consents you need, insurance etc etc.

Read a good book on letting, join RLA or NLA, browse landlordzone.

tbs624

Also look at LandlordLaw and Shelter's pages on LL & T law. Membership fee to LL Law or one of the LL associations will be tax deductible and can get you discounts of your LL insurances.

Anyone - yes, absolutely anyone - can set up in business as an LA. They are unregulated and do not need to have any training, qualifications or specific expertise.

Don't let LAs dictate to you about your property - go through any contract with a fine toothcomb and look out for spurious renewals fees charged to both you and your potential T. Also make sure that you check that the LA scheme registers the T's deposit and provides them with the scheme's prescribed info - it can cost you dearly if they fail to do so.

If you don't want student occupants then say so in your adverts.