Letting out my property for the 1st time - HELP PLZ

bing_2

Hi Folks

I am considering letting my flat in London out, and as mentioned it is the first time I am going to do this and after hearing some horror stories concerning tenants/agencies I am feeling abit nervous. I am considering getting an agency to look after the property for me.

I would like some advice please:-

What % do agents usually take and how does it work?
Are there any pitfalls or advantages to using or not using an agent apart from money?
Are there any specific questions I should ask an agents before I select one to manage my property?
How do I protect myself from awaked tenants I've heard of the tenancy agreement (does anyone know where I can get a good one from)?
Is there any kind of insurance that can be taken out in case I get a tenant that refuses to pay rent, will not move out or trashes the property?
How do people screen potential tenants, ideally I'd like to have working professionals?
Are there any sites on the web that can offer advice to landlords etc?

I know some of these questions maybe vague/obvious to some etc, but this is my fist time letting a property out so any advice would be greatly appreciated.

thanks

Bing

Mrs_pbradley936

Hello, in London it will be very easy to find an agent. I would use an agent because they will take care of all the paperwork, references, credit checks etc. They will charge you a commission of about 10% of the monthly rent and may also charge you for an admin fee. If you are short of ready cash they will often take it out of the first months rent. I would make the tenancy 6 months to begin with.

The agency will hold the damage deposit (usually a months rent) and the tenants will pay their rent to the agent and then the agent will pay you less their commission.

I would not try and do it all yourself because as a total novice there are all sorts of legal pitfalls. I have been letting property for years and I still use an agent.

Tassotti

See

http://landlordzone.co.uk/successful_landlording.htm

There is also a forum on LLZ and you will see many of the horror stories that you mention on there.

You can insure against loss of rent (about £50 per 6 month letting from rentguard)

With regards to a tenant trashing the property, it is imperative that you read the insurer's policy. Many insurers don't insure against damage or theft if caused by tenants.

If you do decide to use an agent (maybe wise for the first letting), double check the credit checks/referencing they do on the prospective tenant.

Ensure you have a comprehensive inventory/AST

Cover yourself as much as possible. It is better to have an empty property than one with a 'professional' bad tenant in.

silvercar

Agents usually take 10% as a finders fee or 15% for finding tenants and managing the property.