1st Time Landlord!

tbs624

monkeys_bunny wrote: »

i know i am a little blind in these things, but why? surely for someone who just has the one house and is renting it out it cant be that complicated? can it?

It's one of the best ways of keeping yourself up to date with changes in laws and regs, you can obtain decent tenancy agreements rather than some half baked thing off the net which won't protect you and your property, and you have access to clear guidance if your T turns out to be a wrong 'un and you need to know which notice to serve and when

monkeys_bunny

thank you tbs. you mention an inventory. can you just elaborate on this. We are only intending on leaving build in fixtures and fittings. Ours is maybe a little unusual situation as we were intending to sell the house but have not been able to and my friends wish to rent it and maybe in 2 years buy it. So we are moving out and they are moving in. they are used to renting where as we are not used to it.

tbs624

startingtosave wrote: »

One more thing! I'm unsure whether to offer the house furnished or unfurnished - is there generally much of a rent increase if furniture is provided?

Depends which market you are aiming for - I'd say families - unfurnished, students - furnished, young professionals - furnished/part furnished. Check fire safety on soft furnishings.

monkeys_bunny

foudn this thank you
http://www.propertyinvestmentproject.co.uk/blog/property-inventory-form/

tbs624

monkeys_bunny wrote: »

thank you tbs. you mention an inventory. can you just elaborate on this. We are only intending on leaving build in fixtures and fittings. Ours is maybe a little unusual situation as we were intending to sell the house but have not been able to and my friends wish to rent it and maybe in 2 years buy it. So we are moving out and they are moving in. they are used to renting where as we are not used to it.

When a T leaves a property they have to return it in the same condition as when let save for fair wear and tear. Your inventory is the key to proving the starting point. It needs to describe the property in detail, eg - dining room - magnolia walls, unmarked, white glossed skirting boards, small paint chip near fireplace, new carpet, purchased (date) (& keep invoices), beech kitchen units, pewter handles and so on. Dated digi photos and/or camcorder walk- through also useful. See here

It's worth spending the time on it as many LLs lose their claim to deductions from a Ts deposit because they have failed to have enough evidence available.

Your T needs to sign the inventory and the photos too - you should give them copies.

Have a look here for a sample inventory report of the type done by independent inventory clerks. It's up to you how in depth you want to be.

G_M

monkeys bunny. You are asking a series of very basic questions. Simply getting answers here to whatever questions you can think of to ask is just scratching the surface.

YOU NEED TO KNOW WHAT YOU ARE DOING. Use the resources you've been pointed at to educate yourself fully.

Read the suggestions in my post above, as well as clutton and tbs624s. This is to protect you:
* from potential financial loss,
* from possible incredible stress
* and from breaking criminal laws

edit : ps renting to friends often seems an easy option. No need for advertising, can all be done informally "we all trust each other...." etc.

However it can lead to break-up of friendship as well as financial difficulties. If friend loses their job and falls behind on rent, will you evict them? What will that do to the friendship? If not, how will you pay the mortgage?

Personally I value my friendships too much to risk them like this.

monkeys_bunny

G_M wrote: »

monkeys bunny. You are asking a series of very basic questions. Simply getting answers here to whatever questions you can think of to ask is just scratching the surface.

YOU NEED TO KNOW WHAT YOU ARE DOING. Use the resources you've been pointed at to educate yourself fully.

Read the suggestions in my post above, as well as clutton and tbs624s. This is to protect you:
* from potential financial loss,
* from possible incredible stress
* and from breaking criminal laws

edit : ps renting to friends often seems an easy option. No need for advertising, can all be done informally "we all trust each other...." etc.

However it can lead to break-up of friendship as well as financial difficulties. If friend loses their job and falls behind on rent, will you evict them? What will that do to the friendship? If not, how will you pay the mortgage?

Personally I value my friendships too much to risk them like this.

sorry, i will !!!!!! off

thank you for all your help to those who gave it, i do apprechiate your time

clutton_2

monkeys bunny -= its no good having a hissy fit when you get advice which you dont like..

your question "surely for someone who just has the one house and is renting it out it cant be that complicated? "

comes across as astonishingly arrogant... you are probably not arrogant..

but it takes as much reading and research and understanding to run one property legally as it does to run 1000 - the 100 Laws and Regulations which apply to all rental property apply just as much to you as to the Duke of Westminster.....

Dont be so defensive...

you have been given excellent advice by several long standing landlords on here (i have been one for 11 years) and we know all the traps that newbies like you fall into.. and we try to forewarn you of them

if you dont listen.. thats up to you.....

i personally would NEVER rent to a friend or family.. waaay too complicated if things go wrong

If you have to rent them find a letting agent who is a member of ARLA and get them to do it for you

monkeys_bunny

My post was changed to have !!!! of which i did not write i put a non offensive word as i thought but it changed it to !!! all on its own. i was not having a "hissy fit" i said thank you for all those who have taken the time to reply.

i have gone off and looked at all the things people have suggested to me and am taking the steps that i can see need to be taken.

clutton_2

!!! - dontcha j ust lurve 'em ! if you have any more questions - do come bck