Has any FTL found their own tenants and what are the procedures?

clumsycloggs0305

We have moved to a bigger house and have decided to let our old home. We obtained some rental valuations and property has been on market since 2nd Jan. Through advertising privately as well, we have found 3 lots of people that have all offered. Now the dilema is that although we kknow cousins, friends and family in the BTL business, all have used agents. We too are happy to, but it seems the 3 LA have not found anyone yet (they all have the keys for viewing purposes). I am not being greedy in terms of saving the LA fees by doing it private. Reading some posts on here, being a newbie FTL I would not like things to go wrong. Seeing that our old house is vacant since Dec, obviously financially we would like to rent it as soon as as it is cosing us financially. But advice needed.

Should I apply for ref checks directly with credit ref agency? If so, what is the best way and which ones are the best?
Or should I approach one of the LA and advise I found my own tenants, but will they be willing to credit ref check them and draw the contract at a fee? Do they have the right to charge me the introduction fee even though I found the tenants privately? Or can i pay them for the work they do on behalf only?

We are not in a rush as the earliest one of the 3 sets would like to move in is in 2 weeks from now, so I have time to arrange the gas safety check etc, the furniture is already there...

This BTL business seems ever so scary when you are a newbie, but listening to other experienced BTL LL is seems so easy....

hearts

I never use agencies. BUT you must make sure all your paperwork is spot on. Make sure you get a proper lease.
With regard to choosing a tenant. Pick the one you favour and visit their present address to check how they are caring for the property. Try and do it without notice. Ask for a reference from their present and if possible previous landlords. Make sure you get a good deposit.
Its not as scary as it seems and bad tenants are not the norm by any means. Avoid young people sharing.

specs_3

Considering all the problems you had 6 months ago, I am surprised you haven't done a lot of research into your possibilities.

http://forums.moneysavingexpert.com/showthread.html?t=229779

clumsycloggs0305

I know, once bitten twice shy, any advise greatly appreciated.

prudryden

As a landlord who has been letting flats for many years, I would advise using a nationally know LA at least initially. I still use an LA, even though I would feel comfortable doing it myself. Because of the 70 odd regulations that you need to know, I prefer to use an LA which has an army of in house lawyers with many years of experience in how courts react to different situations

Since you know the house very well, I would manage it myself as far as repairs are concerned, saving you those fees. You should be able to negotiate around 8% for finding a tenant. For an additional 2%, you can have the agent collect the rent and hold the deposit, if you want. At least you get a nice monthly statement to pass on to your accountant plus an annual summary at tax time.

All those fees are tax deductible, therefore, making it a small price to pay for a little more comfort knowing that an experienced agent is vetting the tenants. You can have many wonderful tenants, but it only takes one to offset all the good ones and destroy your house.

clutton_2

look on https://www.landlordzone.co.uk for excellent paperwork such as a tenancy application form;inventory, etc etc . BUY a good AST from a reputable source such as NLA or landlordzone. Join National Landlords Association - use their reccommended insurers for cheaper house insurance and use their Guarnator Form; read https://www.singinpig.co.uk for excellent advice re landlording. Dont take on anyone who want you to rush your application process.

good luck