Just started renting a house out

Anna1t

Hello

I just inherited a house a few weeks ago. i have started to rent it out tenant moved in on thursday. i got a tenancy in place got landlord insurance on the house got a landlord gas check. Could any one eles tell me what eles I legaly need to do towards the taxmand ect and any good practices to follow.

I did check with the local council and they told me i do not need a licence to rent in the area I am. I also got good refernces for the tenant.

thank you in advance for any help

PasturesNew

EPC before you rented it?
Their deposit is in a DPS?

Do you understand what you'd have to do to evict them if they failed to pay the rent? Or if they simply didn't move out when you phoned them up and gave them a month's notice?

laurel7172

Buy this book, urgently....

http://www.amazon.co.uk/Landlords-Survival-Guide-Practical-Handbook/dp/1845282248/ref=sr_1_1?ie=UTF8&qid=1290973826&sr=8-1

...and read it...

Anna1t

PasturesNew I take it you mean Energy performance certificits? If so no i never. Would the old HIPS report do? I have them from when the house was bought in 2009. Yes I have put there deposit in a DPS.

Laurel Ill have a look if I can read that book online tonight if not ill buy it.

Thank you for your help

Jowo_2

Apart from the employer and multiple previous landlord references, did you undertake thorough tenant screening, such as photo ID, electoral registration check, credit check and so on? Otherwise you may have just handed over the keys to a rogue tenant who got a pal to pretend they were their last landlord.

http://www.landlordzone.co.uk/tenant_screening.htm

And did you undertake a thorough inventory/schedule of condition and get the tenant to review and sign it? Because if not, the tenant can challenge any deductions you make in future from the deposit and will be successful as you've no evidence of the condition of the property at the outset.

Join a national landlord association and attend one of their courses so you can understand your responsibilities and tenants rights. For example, are you aware that if you never receive another penny in rent from the tenant, it may take you at least 4 months to evict them, if not longer?

Landlordzone is a good source of info for landlords.

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

Anna1t

I used a agent to check the tenant and I know it included employer and privious landlords as well as a credit reference check. he also did the bond for me or i would of missed that one. Ill have a look at the landlordzone now thank you

PasturesNew

I don't know about EPCs ... somebody will soon. I think once you have one it's OK for 10 years (I believe), but no idea how that might change as it's the EPC from the previous owner.

theartfullodger

Anna1t wrote: »

I used a agent to check the tenant and I know it included employer and privious landlords as well as a credit reference check. he also did the bond for me or i would of missed that one. Ill have a look at the landlordzone now thank you

I assume you are in England or Wales

Sadly there are many agents who don't know what they are doing. If not already provided with copies, ask to see copies of all the checks and deposit protection paperwork (showing that your money has gone into which scheme when...). If they gladly provide the info good: If they act difficult be very wary...

You say you inherited it v recently. Has Probate been granted?? (If not property is still owned by the estate..)

Hope it works out...

Most years I make money from property lettings... most tenants are fine ... most solicitors know what they are talking about.. a few agents are OK (you get my drift...)

Join either RLA or NLA

http://www.landlords.org.uk/index.htm
http://www.rla.org.uk/

Go on one of their "how to be a landlord" courses...
http://www.rla.org.uk/landlord/courses/course1.shtml

Course Content
Lettings is a minefield and legal understanding of the main issues is important

then you'll know how your agent has been doing...

Keep meticulous records & all invoices and copies of all correspondence.

Cheers!

Artful

Hope it works out.

Anna1t

Hello Artful

I am in England. I have recived a copy of all documents from the agents regards to the tenants reference and deposit. The house is now in my name and i have the deeds for it.

I hope things do work out I am not in this simply for the money but i want to be a good landlord!

Thank you

Soot2006

The good news is that the great majority of tenants are nice normal people who just want a place to live.

Follow the given advice, buy the right books, etc - i.e. protect against yourself against bad tenants and know what to do if you should fall on some, but with some luck your tenants will be genuine normal people.

tbs624

See the "new Landlords" advice at this link

Ask if your local Council runs a LL accreditation scheme, in conjunction with a local LL association. hjave a good trawl through Shelter's pages so that you are up tp date on LL & T obligations

EPC should have been shown to T *before* they were signed up./rights.

Good communication is vital for a successful LL & T relationship, as is remembering that although it's your property the T is entitled to view it as their *home*.

Get your info on tax issues direct from the HMRC - google the property income manual. If you have specific queries - ring them, they don't bite