First Time Landlord – Some Basic Advice, Please

hudswell

Hi all,

First, a bit of background to set the scene. My brother unfortunately died earlier this year (natural causes, but still too young), and my sister and I have inherited his flat (2 bedroom). We initially tried selling it but, in the current market, could not get any reasonable offers. Hence, we have arranged for a local builder to refurbish the property (new kitchen and bathroom, redecorate, new carpets, double glazing) in order to rent it out, as a [reasonably] steady monthly income will suit both of us. We plan to rent it until either the property market improves, or I reach retirement age (8 years away).

Probate is now completed, and I have Letters Of Administration for the estate, hence am able to sign for and on behalf of the estate. There is no mortgage on the property, as my brother owned it outright.

We’re using a local estate agent as a management company, primarily as neither of us lives near the property, and also to ease us into the business, hopefully avoiding any basic errors.

I’ve been researching the web, trying to find an idiot’s guide to being a landlord – something like a check list of all the things you should do / be aware of, but haven’t yet found anything suitable.

Can any forum members point me in the right direction, please?

Note – the flat will be let unfurnished although, as required, a cooker is being installed, and there are some built-in wardrobes in 1 bedroom and fitted units in the lounge.


I have arranged for:-
Gas and electrical safety certificates to be supplied by the builder (I know only the electrical cert is mandatory, but I’m happier with both)
Buildings insurance is in place
I have the EPC (done when we were trying to sell the flat)
I also know that I will need to notify the property management company when the property is let (not a problem, as other flats in the block are rented out)
Contents insurance – to be done


One specific area where I would appreciate advice is the field of landlord’s insurance. I know that you can add 'extras' such as public liability, loss of rent etc., but I’m unsure as to which are mandatory, which recommended, and which are a bit of a waste.


As always, any help and advice will be much appreciated.

Thanks, and best regards,

BitterAndTwisted

Join a Landlords Association so that you understand your legal responsibilities! Do NOT rely on any agent to understand them or to protect your interests. Even if you appoint an agent the legal buck always stops with you. As has been demonstrated on this forum many, many times some agents are woefully ignorant of a landlords responsibilities and cannot be relied upon