Letting? Your top tips please.

somethingcorporate

Just wanted to bump this fab thread, if for no other reason that G_Ms fantastic post on the front page.

sandsni

somethingcorporate wrote: »

Just wanted to bump this fab thread, if for no other reason that G_Ms fantastic post on the front page.

I don't know why they don't make it a sticky. Should be compulsory reading .

G_M

sandsni wrote: »

I don't know why they don't make it a sticky. Should be compulsory reading .

Apparantly the thinking is that property letting is a business, whereas this forum is for the benefit of consumers.

I must admit this restriction seems short-sighted, given the huge number of forum users who come here to seek advice related to letting their property (and receive it).

In all modesty (yes, my advice gets regularly corrected, and post 12 incorprates many improvements/corrections suggested by others) I believe it would make a useful sticky, and serve a useful purpose.

Whether you can persuade the mods of that is another question!

JohnBoot

Below is an example of what a LA is quoting. I've been warned about their hidden charges what else should be included in the example?



The following services are available:-

Fully managed:- £350 + VAT set up fee, 8% Monthly fee, £35 + VAT to register the deposit in the TDS scheme £200 working float for maintenance issues. Routine inspections carried out .

Rent Collect and administration £350 + VAT set up fee, 6% Monthly fee, £35 + VAT to register the deposit in the TDS scheme.

Introduction only £350 + VAT and £35 + VAT to register the deposit in the TDS scheme.

The following are a legal requirements:-

EPC (Energy performance certificate) £79 + VAT
GSR (Gas safety record) £60.50 + VAT

Renewal Fees £75 + VAT

Optional:- Inventory £85.00 + VAT.
Check in charge goes to the tenant the check out charged of £75.00 + VAT is payable by the landlord.

All of the above fees are taken out of the first months rent, if there is not enough then this may roll into the following months rent.

G_M

Optional:- Inventory £85.00 + VAT.

Not sure what that means - it's all 'optional'!

Where is tenant selection? Referencing? credit checks? Inspections (included in management feeor extra)? Tenancy renewal (if appropriate)?

Critically - is the tenant 'tied' to the agent in any way (eg if you sack the agent down the road [ can you? how?], will/can they charge renewal fees if 'their' tenant stays? (a common rip-off).

You need to prepare a list of ALL activities, big & small, from the point of advertising tothe end of the tenancy. Then decide, for each and every activity, whether you want to do it or you want the agent to do it. Then
a) get that confirmed in writing as partof your contract and
b) check whether each job is included/excluded in their 'management' fee.

tim123456789

JohnBoot wrote: »

Below is an example of what a LA is quoting. I've been warned about their hidden charges what else should be included in the example?



The following services are available:-

Fully managed:- £350 + VAT set up fee, 8% Monthly fee, £35 + VAT to register the deposit in the TDS scheme £200 working float for maintenance issues. Routine inspections carried out .

Rent Collect and administration £350 + VAT set up fee, 6% Monthly fee, £35 + VAT to register the deposit in the TDS scheme.

Introduction only £350 + VAT and £35 + VAT to register the deposit in the TDS scheme.

The following are a legal requirements:-

EPC (Energy performance certificate) £79 + VAT
GSR (Gas safety record) £60.50 + VAT

Renewal Fees £75 + VAT

Optional:- Inventory £85.00 + VAT.
Check in charge goes to the tenant the check out charged of £75.00 + VAT is payable by the landlord.

All of the above fees are taken out of the first months rent, if there is not enough then this may roll into the following months rent.

wow!

going rate used to be twice that

no wonder they have to gouge tenants

tim

G_M

deleted - see below

G_M

In response to suggestions from other forum members, post 12 has been moved (see links below), and I have created a new thread consisting of a broader range of topics.


Tenancies in Eng/Wales: Guides for landlords and tenants

Topics covered:

* Deposits (payment, protection, return)

* Ending/renewing an AST: what happens when a fixed term ends? How can a LL or tenant end a tenancy?

* Rent increases: when & how can rent be increased?

* Repossession: what if a LL's mortgage lender repossesses the property?

* New landlords: advice, information & links

* Letting agents: how should a landlord select or sack?


I believe this new thread would be of more use as a stickie.

nickbeaver

Hi,
I bought my house 2 years ago with the Help to Buy scheme. I am now due to be working abroad for 1 year. How can I go about renting my house for that one year? I don't want to sell as I will be coming back after that 1 year. Thx!

G_M

nickbeaver wrote: »

Hi,
I bought my house 2 years ago with the Help to Buy scheme. I am now due to be working abroad for 1 year. How can I go about renting my house for that one year? I don't want to sell as I will be coming back after that 1 year. Thx!

this does not appear to be a tip, so not really appropriate for this thread.

However:
https://forums.moneysavingexpert.com/discussion/5196491