How to be a landlord?

mrbadexample

nrsql wrote: »

Problem with not having a deposit is that there's no reason for the tenants to go through the process with you when they leave the property

Not sure about the solicitor saying the deposit would be more effort than it's worth - doesn't seem like much effort.

It was only £200, so wouldn't actually cover very much anyway.

nrsql wrote: »

You don't have much spare cash it seems so the important thing is to keep the tenant for as long as possible while you save up a pot. Remember to factor in income tax (although it sounds like this will be minimal). When they eventually leave you will have a void and will also probably need to carry out some redecoration (think £2k+ for comfort). Also think about finding new tenants - how would you do this, how would you carry out checks, would you want the expense of going through an agent?

The tenants want to stay, so no reason for them to leave unless we make them unhappy, and we plan not to do that! They're not a young couple, and seem happy and settled. They could be there for quite some time, all being well.

We have enough cash (i.e. income) to be able to cover the mortgage payments indefinitely, even if the property was empty. Obviously, this would not be an ideal situation, but I wouldn't feel comfortable if having no tenant left me in the merde. We will try to avoid an agent as far as is reasonably practicable.

nrsql wrote: »

Not sure about courses as suggested - read books ask questions and hope you're lucky.

I'd definitely go on a course if we decide to get another one. As I said previously, I have a suspicion we dropped quite lucky with the tenants we have.

thegirlintheattic

I just can't get my head around someone who was PLANNING to be a LL and has done little research apart from on here before doing it.

A starter guide:
http://www.residentiallandlord.co.uk/feature10.htm
http://www.timesonline.co.uk/tol/money/reader_guides/article5003064.ece

G_M

thegirlintheattic wrote: »

I just can't get my head around someone who was PLANNING to be a LL and has done little research apart from on here before doing it.

A starter guide:
http://www.residentiallandlord.co.uk/feature10.htm
http://www.timesonline.co.uk/tol/money/reader_guides/article5003064.ece

Errr.... no:

someone who was PLANNING to be a LL and has done little research apart from on here after doing it.

thegirlintheattic

G_M wrote: »

Errr.... no:

someone who was PLANNING to be a LL and has done little research apart from on here after doing it.

Same thing really.

mrbadexample

G_M wrote: »

Errr.... no:

someone who was PLANNING to be a LL and has done little research apart from on here after doing it.

That'd be more accurate. Good job I'm a fast learner, eh?

Although I must say I do usually prepare better when I undertake something new.

calliopeviolet

As someone who has had over two months of utter hell with her LL which is still ongoing, I'd advise you to do the following:

Check what your rights are and what the tenants' rights are. (i.e. you can't just go waltzing in to "check the boiler" and then demand that they vacuum the carpets);

Take a full inventory, including the condition of things and make sure you both sign and date it and keep a copy. I think if you don't, it's next to useless. (Hope so, anyway - ours isn't - which I hope means that our LL won't be able to keep our deposit)

Join a LL Association;

Ensure that the tenants have a contact number for you in case of emergency leaks or whatever;

Remember that although you might own the bricks and mortar, it is the tenants' home and they have a right to what they call quiet enjoyment;

Don't, whatever you do, become one of those amateur landlords who have no bloody idea what they're doing and make an unholy mess of it all

And then all the stuff that the others said about gas safety certificates, smoke alarms and courses for you etc etc.

theartfullodger

calliopeviolet wrote: »

..........

......

Remember that although you might own the bricks and mortar, it is the tenants' home and they have a right to what they call quiet enjoyment;

...........

Agree, and, stronger than that it is Tenant's PROPERTY also (oh yes!) not Landlord's, see..
http://www.landlordlawblog.co.uk/2010/08/31/urban-myth-when-a-landlord-lets-a-property-its-still-his/

calliopeviolet

theartfullodger wrote: »

Agree, and, stronger than that it is Tenant's PROPERTY also (oh yes!) not Landlord's, see..
http://www.landlordlawblog.co.uk/2010/08/31/urban-myth-when-a-landlord-lets-a-property-its-still-his/

That is really, really interesting. :T

Gwhiz

theartfullodger wrote: »

stuff

Sorry, I thought we all lived in a free enterprise economy. Just don't understand the motivation to make comments such as "Make sure that you price out any first time buyers" I suppose. Me bad!!

theartfullodger

"Free enterprise "??? Never free, rarely enterprising.