Renting 2nd Property-Advice needed Please

Merlin_of_Altofts

I have a second property which was purchased about 7 years ago as an investment and I have only let my mother live in it in the past, with NO RENT paid.
My mother now has decided that she doesn't want to live in the house as it is a bit big for her and has opted for a little council bungalow.
I have advertised the house for rent and have a very interested party.
As this would be the first time I have ever actually rented a property, I would be grateful for any advice as to how it should be run with regards to what I can do to reduce tax burden and any general tips as to how I should conduct the rental. For your information, there is no mortgage on the property.

Thanks

clutton_2

someone else has asked the very same thing on here and my advice is as before, get a reputable letting agent to do it for you for the first 6 months. During that time read https://www.singingpig.co.uk from front to back, and learn what being a good landlord entails, it is far more complex than some folks think. Talk to an accoutant before you let, as there are several ways of declaring/setting up a lettings business and if you get it wrong at the beginig it could cost you a lot of money. Join National Landlords ASsociation - you will get large savngs on property insurance if you are a member, and they have a magzine, fabulous website and a great legal helpline.

Don't rush into it - it could cost you dear if you do.

good luck

shiruesther

i have a question. if your property is to be let. can you tell me whether you got a landlord gas certificate and if so, which one is the best. i've just bought a property and i know i need to get one soonest.

i really appreciate if you can help.

thanks

clutton_2

""whether you got a landlord gas certificate and if so, which one is the best.""

i am sorry to say that this question makes my heart sink to its lowest point - this is probably THE most naive question i have read from a prospective landlord/lady. I am not being insulting, believe me, but, this question may just as well say "help, i know absolutely nothing whatsoever about being a landlord/lady - but i am gonna become one anyway".

It is legally compulsory to have a Landlords Gas Safety Certificate for all gas appliances in your property - if you do not get your gas appliances - (boiler for central heating, hob, oven, fire) tested on an annual basis these appliances could be producing carbon monoxide, which is heavier than air, and which sinks to the floor, and which kills crawling babies first. If the die, YOU are responsible. This is not melodramatic - this is FACT. CORGI is the only authorised body to currently produce safety certificates.

PLEEEEASE do not let your property out on your own - put it in the hands of a good letting agent who is a member of a professional body, and let them do it for a year. In that time you will have the opportunity to learn somethings the business and then maybe be in a position to do it yourself. There are 69 different acts of parliament which you have to comply with - how many might you know ?

This is a complex highly regulated business - and you are also messing people lives if you get it wrong. You can also lose a shed-load of money if unscruplous tenants take advantage of you -= and with a question like that - bad tenants will suss you out a mile off.

Please do not take offence - use this forum and https://www.singingpig.co.uk to learn the business.

lynzpower

clutton I couldnt agree more.

Additionally I read the other day electrical goods also need to be tested and passed. In fact OHs family member has a electric co set up for doing just this, testing electreical appliances from ovens to kettles and testing to ensure they are safe.

For gods sake, take advice.

We nearly died at the hands of a "couldnt give a sh* t " landlord.