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renting my house
frankie1star
Posts: 833 Forumite
I am going to rent my house, and probably pay a finders fee from an agent, managing it myself.
I am a little scared about what might happen if a renter defaults on payment. I understand there are insurance policies available to help with rental properties, could anyone advise of any pitfalls associated with doing this, or indeed renting in general
I am a little scared about what might happen if a renter defaults on payment. I understand there are insurance policies available to help with rental properties, could anyone advise of any pitfalls associated with doing this, or indeed renting in general
0
Comments
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let an agent handle it for 6 months whilst you learn how to become a landlord there are over 100 Statutes and regulations you need to comply with
join National Landlords Assocation (joining fee tax deductible and you get cheaper property insurance andmany other discounts~) whose website will keep you reading for several weeks... it also contains all the paperwork you will ever need... and they have a great legal helpline which will help you with problems......0 -
The key to being a good landlord is knowledge.
Read everything you can on this section of the MSE website, plus www.landlordzone.co.uk and also www.lettingfocus.com0 -
See also Landlordlaw and ask if your local Council runs accreditation courses for newbie LLs. There may be a local LL association, affiliated to one of the national ones.
Using an LA doesn't always make things easier - no training, no quals, no expertise needed to be able to call yourself a Letting Agent, handling thousands of ££s worth of other folks property and money.
Vetting your T properly is important - seek employer refs, previous LL refs if applicable, third party credit check and so on.
Read up on EPCs, Gas & Elec Safety, Tenancy deposit schemes and so on. One of the deposit schemes has a basic Virgin LL Guide. Also scan through the pages at Shelter so you understand your own and you potential Ts rights/obligations0
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