Renting out our second home

Dodgysailor

Hi,

My wife and I have bought a second house with more space for the little one and we are moving hopefuly next month. We have decided not to sell our current two room house and instead we want to rent it out to people we know.
My question would be what are the legal requirements that I need to comply to do that. I browsed a few websites for info but i do not seem to find some clear information.
I know I have to inform the electricity and water supliers/ council tax/insurance company, and I am not sure about whether the rent is going to be taxed or not and that is it.
Can someone give me or direct me to a website with a tick list of things to do to rent a second home?

G_M

1) There is a LOT involved and you need to learn. Read this post here, and ALL the links within it.

2) Do not rent to friends or family.

westlondonbuyer

I second GM's recommendation that you don't let to friends and family. They invariably expect "mates' rates" and that you make allowances for all kinds of things based on your friendship/relationship which you wouldn't be prepared or expected to do commercially.

My friend/tenant caused £16,000 of damage to the flat beneath mine when she let the bath overflow, and then had the cheek to threaten to sue me when I withheld £500 of her deposit as payment for the insurance excess. We'd been friends and colleagues for six years and she didn't even have the decency to apologise to the poor people downstairs, never mind to me.

I've also only ever had one tenant leave in arrears...my sister.

Annisele

When you're reading websites, remember that the law in England/Wales is quite different to the law in Scotland - so make sure you're reading up-to-date information about the right jurisdiction.

Dodgysailor

Thanks all for your help.