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My partner wants to let out his flat..where to begin?
beautiful_ravens
Posts: 769 Forumite
Hi 
My partner is moving to where I live next year and owns a 1 bed flat which he wants to rent out once he leaves there. He has already made some practical improvements such as new loft wiring, new light fittings etc and plumbing repairs but now we need to know what the steps are towards letting out a flat.
He wont be anywhere near his flat once he lives here, so we were thinking letting agent, but have no idea how to go about this. Im starting here to get some advice from actual people before I go off on the internet looking at stuff that may be irrelevant!!
Any info much appreciated.
Ravens.
My partner is moving to where I live next year and owns a 1 bed flat which he wants to rent out once he leaves there. He has already made some practical improvements such as new loft wiring, new light fittings etc and plumbing repairs but now we need to know what the steps are towards letting out a flat.
He wont be anywhere near his flat once he lives here, so we were thinking letting agent, but have no idea how to go about this. Im starting here to get some advice from actual people before I go off on the internet looking at stuff that may be irrelevant!!
Any info much appreciated.
Ravens.
''A moment's thinking is an hour in words.'' -Thomas Hood
0
Comments
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- Permission from freeholder
- Permission from mortgage lender
- Study responsibilities of being a landlord
- Research letting agents services/charges
- Obtain necessary safety checks.
That's enough to be going on with.I am a mortgage broker. You should note that this site doesn't check my status as a Mortgage Adviser, so you need to take my word for it. This signature is here as I follow MSE's Mortgage Adviser Code of Conduct. Any posts on here are for information and discussion purposes only and shouldn't be seen as financial advice. Please do not send PMs asking for one-to-one-advice, or representation.0 -
Flats are often leasehold, so the first step would be to find out whether he can let it at all. If the lease prohibits, he could ask for permission (in writing) from the freeholder, but expect a charge for revising the lease/granting permission.
Has he got a mortgage? Next would be consent to let - some lenders agree, some add extra costs and clauses, some refuse.
Change insurance to landlord based policy.
Then read this post by G_M which covers a lot of the basic do's and don'ts and legal requirements:
http://forums.moneysavingexpert.com/showpost.php?p=41160642&postcount=12
Once you have read this, and all the links it contains, if you have an specific questions, come back and ask again.0 -
He needs to be prepared to stop regarding the flat as 'his' flat, and to treat it as a business asset.
He'll be in business. Renting a flat or house is not a hobby.0 -
Thanks, will look into these things.''A moment's thinking is an hour in words.'' -Thomas Hood0
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beautiful_ravens wrote: »Hi
.......... He has already made some practical improvements such as new loft wiring, ...........
Oh dear, whatever else, don't encourage tenants to wander round loft..
A one-bed flat with a loft?? Really???0 -
beautiful_ravens wrote: »Hi
He wont be anywhere near his flat once he lives here, so we were thinking letting agent, but have no idea how to go about this.
1 Follow the advice above from Kingstreet and the G_M link... FIRST.
2 Then read these
http://www.rics.org/site/scripts/download_info.aspx?fileID=189 and http://www.direct.gov.uk/en/HomeAndCommunity/Privaterenting/RentingOutYourProperty/DG_189124
These pretty much cover all you need to know.
As to letting agents look around but stick to agents that are members of the RICS ARLA or NALS. That gives a certain amount of comfort of their professional standards and redress if it goes wrong.
PS don't forget that rent is subject to T..A...X...:eek:Stop! Think. Read the small print. Trust nothing and assume that it is your responsibility. That way it rarely goes wrong.
Actively hunting down the person who invented the imaginary tenure, "share freehold"; if you can show me one I will produce my daughter's unicorn0 -
theartfullodger wrote: »Oh dear, whatever else, don't encourage tenants to wander round loft..
A one-bed flat with a loft?? Really???
lol .. strictly speaking its a masionette, so stairs and loft yes. The wiring was replaced as squirrels were living up there, all sorted now though.''A moment's thinking is an hour in words.'' -Thomas Hood0 -
Thanks.propertyman wrote: »1 Follow the advice above from Kingstreet and the G_M link... FIRST.
2 Then read these
http://www.rics.org/site/scripts/download_info.aspx?fileID=189 and http://www.direct.gov.uk/en/HomeAndCommunity/Privaterenting/RentingOutYourProperty/DG_189124
These pretty much cover all you need to know.
As to letting agents look around but stick to agents that are members of the RICS ARLA or NALS. That gives a certain amount of comfort of their professional standards and redress if it goes wrong.
PS don't forget that rent is subject to T..A...X...:eek:
Rent - tax? I should have known!''A moment's thinking is an hour in words.'' -Thomas Hood0 -
theartfullodger wrote: »Oh dear, whatever else, don't encourage tenants to wander round loft..
A one-bed flat with a loft?? Really???
I've got a flat with a loft :T0 -
It's all there in my link...beautiful_ravens wrote: »Thanks.
Rent - tax? I should have known!0
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