Looking to let out flat - what will I actually get in my pocket?

lotti23_2

I rented my house out for a year. My mortgage was over £600 per month and I was receiving £575 per month minus estate agents fees and VAT. Roughly about £490 per month.

I had moved into my partners house and did not want to leave my property sitting empty for a long period (its harder to get rid of squatters) so decided to rent it out.

I went through an agent as they cover all the legal sides ie tenancy agreements etc.

They also have a list of contractors should the need arise for an electrician/builder etc.

I gave my tenant notice after a year as I decided I wanted to sell my property. My tenant was given 2 months notice which they countered by giving me a months notice which suited me.

I got an accountant to do my tax return for me and I owe HMRC nothing as I was deemed to have made a loss as the rent did not fully cover the mortgage. Some would say I made a loss but the majority of the mortgage was being paid and the house was lived in which suited me perfectly and sounds like the ideal option for you. Do you want to heat an empty flat in the winter?

I would go for it but definately go through an agent - they will do reference checks, tenancy agreements and definately take out an insurance that would cover your legal costs if you did have to evict.

Hope it goes well :):)

Yorkie1

OP, double check that your flat lease allows you to rent it out, or you may have bigger problems.