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How to be a landlord?
Comments
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This is, of course, a relevant question. But to be honest, there are SO MANY other relevant questions, it is not worth asking.Did you take on a mortgage to buy this property? If so, does the lender know you're letting it out?
The OP needs to rapidly learn what all his responsibilities are, what all the legal/contractual obligations are, and how to fulfill them. Hence my previous link where he can start the necessary extensive research.0 -
What has happened to the deposit.
Do you have the inventory.
How does the tenant pay rent - have you arranged for it to be paid to you?
Is the gas certificate up to date if needed.
Did you find out how reliable the tenant is - paying and looking after the property.
I take it you spoke to the tenant asking about his intentions and what state the property was in before the purchase? How long does the AST have to run?0 -
What sort of tenancy does he have?
Assuming England is it written?? Is an AST (good) or AT (err ..) or a regulated tenancy (oops!!!! You'll regret that purchase) .
Have you got spare time & spare money for when things go wrong?0 -
Practically speaking, if your T doesn't know that you're his LL you can't really expect him to pay rent, so it would be a good idea to talk to him even if you weren't legally required to.
Yes, he knows. The sale was only completed on Thursday, so we've not had chance to meet properly yet, but we're going to see him this afternoon to introduce ourselves & get a contract signed etc.Did you take on a mortgage to buy this property? If so, does the lender know you're letting it out?
Yes, it's a BTL mortgage.If you lend someone a tenner and never see them again, it was probably worth it.0 -
What has happened to the deposit.
The tenant's? It has been returned to him from the previous LL, as far as I'm aware.Do you have the inventory.
Not yet.How does the tenant pay rent - have you arranged for it to be paid to you?
Standing order - this will be sorted this afternoon.Is the gas certificate up to date if needed.
Yes, but is due for renewal in November. We are aware that the boiler might need replacing.Did you find out how reliable the tenant is - paying and looking after the property.
He's been there a year, and the property does not appear to be neglected. There do not appear to have been any issues with the rent payment.I take it you spoke to the tenant asking about his intentions and what state the property was in before the purchase? How long does the AST have to run?
When we viewed the house we asked him if he was happy there, and he said he was. We would like him to remain happy.
How long does the AST have to run? No idea. But surely whatever agreement he had with the previous LL would have to be renewed with us? We're taking a new (12 month) contract round this afternoon.If you lend someone a tenner and never see them again, it was probably worth it.0 -
theartfullodger wrote: »What sort of tenancy does he have?
Assuming England is it written?? Is an AST (good) or AT (err ..) or a regulated tenancy (oops!!!! You'll regret that purchase) .
It's an AST.theartfullodger wrote: »Have you got spare time & spare money for when things go wrong?
Yes, a little of each. The most important thing, as far as I'm concerned, is that we can cover the mortgage payments between us if the house is unoccupied, without bankrupting ourselves. I wouldn't have taken this on if that wasn't the case.If you lend someone a tenner and never see them again, it was probably worth it.0 -
"And is the furniture certified fire-resistant?"
Does that only apply if the furniture belongs to us?
If you lend someone a tenner and never see them again, it was probably worth it.0 -
Good luck MrBE - not that I think you'll need it if you go about this in the same way you have with your other projects."Life is not about waiting for the storm to pass...it's about learning how to dance in the rain." ~ Vivian Greene0
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mrbadexample wrote: »"And is the furniture certified fire-resistant?"
Does that only apply if the furniture belongs to us?
Only if was supplied to the tenant as part of the tenancy (owned by you or previous landlord..): If tenant brings in, say, a non-certified easy chair he's an idiot but that's his decision.
Bear in mind you're trying to ensure that should the worst happen & T & T's grandchildren (who happen to be visiting) are 'orribly burned in terrible accident you've got all the paperwork to show you took reasonable steps. Furniture OK, smoke alarms in & referenced on tenancy & inventory, thumb-turn exit locks (don't need a key to get out in the smoke & dark..) and you've the right insurance (you do have LANDLORD's insurance??
Re deposit get prrof of return of deposit: If not evisting tenant get's complicated and difficult (if there is a deposit & it is not protected & "prescribed info" served on tenant then any Section21 notice is invalid).
In your shoes I'd ask (yes, ask, you have no right of entry, T can refuse all visits..) if you can pop round for a chat to see if all is OK. Take bottle wine/flowers and let him talk and ask if there are any issues or problems... a happy tenant who pays regularly is worth a lot. If he declines visit write polite, clam, letter introducing yourselves, giving contact details (including telephone number - knowing of, say, a leak 12 hours earlier can save shedloads..) and asking if there is anything he has issue with.0 -
lizzyb1812 wrote: »Good luck MrBE - not that I think you'll need it if you go about this in the same way you have with your other projects.
Thank you. I'm sure we'll be ok, just as I'm sure I have quite a lot to learn in a very short time. :eek:If you lend someone a tenner and never see them again, it was probably worth it.0
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