Renting out my flat - order of events?

supersonicdave

Hi All

I am planning to rent out my flat and move in with my parents for a while. Before moving on to a new house.

I am going to remortgage to a BTL and use an agency to find a tenant. We have had agencies in for the rental valuations and they are on standby, and we have talked to a broker about mortgages. They are also on standby.

What is the ideal order of events at this stage? Have others been in this scenario?

Thanks.

silvercar

Check with your managing agents that letting your property is allowed.

supersonicdave

Thanks - we have, and it is.

kingstreet

Do you need to remortgage?

Will your existing lender grant consent to let?

Possibly big fee savings and lower rates than remortgaging.

supersonicdave

I'm being joined by a partner who is bringing in a large cash sum which basically means they will technically own their half and I will pay the mortgage on my half, so we do need to remortgage, which is why we are getting a BTL.

I'm open to advice if you think this is not the best way forward, but other than that I am looking for advice on what order to do things in from this stage forward...

mustrum_ridcully

More of a general point, could you cope emotionally with your former home being trashed? Also please remember that once it is let it is no longer you're home and is the home of the tenants.

Apart from just property specific issues you must also let HMRC know that you have rental income (irrespective of whether you make a profit or not).

Mrs_Z

Have you already applied for the BTL mortgage? I would get this sorted first.

Presumably you will want to minimise the void time (ie you moving out/tenants moving in) - so I would start showing the flat to prospective tenants around 2 months prior - as often people look before they've handed in their own notice.

Before your tenants move in - you will need to ensure that you comply with all the legal stuff, got your gas safety certificates, EPC, etc. The letting agent can help you with these.

If you are new to letting; read as much as you can on the subject - even though you let it through an Agency. If possible, use an Agency that's ARLA registered and join few landlord forums, even if it's just to read, you can never be too prepared.

supersonicdave

Thanks mustrum - we can cope with it no longer being perceived as our home. We'll not be returning to it ourselves, we'll be selling it at some point in the future, which should help in that thought process.

Thanks Mrs Z - just the kind of advice I am after. I've read and will continue to read as much as I can. It just the ordering of events that I haven't found much information on.