What do we need to know about renting out our home?

fries

Hello everybody,

My girlfriend and I have a few questions about renting out our property.

Basically, we are moving out of our first home and are planning to rent it out. We'd like to avoid paying the estate agent fees,so to start with we plan to advertise our home at work etc.

We have already sorted out the mortgage (lender is happy) we just need to find the tenants. We are in no particular rush just yet (although we'd like to be out by Aug).

So basically as this is new to us: what do estate agents do that we will be unable to do for our selves. Do alot of people do this?

And Yes we plan on being very good, diligent landlords :cheesy: .... hence the q's and trying to plan ahead!

Any hints/tips or advice from those who have done this before will be very much appreciated!

Fries

Tiger_greeneyes

I'd be wary of a DIY tenancy if it's your first time. You're probably braver than me though

Try having a look on here while you're waiting for someone more knowledgable than me

http://www.landlordzone.co.uk/

Debt_Free_Chick

Are you going to be living close to the property? Happy to be "on call" to see to minor maintenance issues? How will you handle "bigger" maintenance issues - do you have a network of trusted contractors to see to electrical faults? Boiler repairs? Repairs to white goods?

Have you sorted out relevant insurance for the buildings & any contents being let - do the insurers know you are now letting?

What will you do about a formal tenancy agreement? What checks/references will you take up from prospective tenants? Are you happy that you know the law & process re eviction?

Have a look at the posts here both from tenants & landlords so you know what to expect

seven-day-weekend

You will need a Gas Safety Certificate from a registered CORGI engineer.

fries

Just wanted to sya thanks for the replies so far!
F

PROFESSIONAL_LANDLORD

You can DIY it BUT ! you must do a voters roll check and a credit search, there are many drifters that float about, and some may have been evicted for non payment of rent, some prospective tenants may also tell you that they have been abroad, but the truth is they could stay a couple of miles away and are ready to be kicked out any day ! a voters roll check is a MUST if they are not on the voters tell them they will require a GUARANTOR, who will be a home owner and in full time employment. There are many companies out there you can use, I use Rent Wise 0870 080 1968 they charge around £7+vat . I charge the prospective tenant £20 If they want to proceed ( non refundable ) Forms can be downloaded.


Most leases are Short Assured Tenancy BUT In Scotland this should be accompanied by an AT5 form (not sure what the English Equivalent is ) A Short Assured Tenancy lease must have this form or the landlord will have reduced legal rights, in fact without it, the lease becomes an Assured Tenancy.



Take out a gas service contract .

If in Scotland ALL LL must now be registered it's the law !

Give a neighbour a contact address/ tel no =
THERE IS NOTHING WORSE THAN AN ABSENTEE LANDLORD AND NEIGHBOURS ARE HAVING PROBLEMS WITH TENANTS WITH NO ONE TO CONTACT !!!

Hence the new law in Scotland .


Good Luck

PROFESSIONAL_LANDLORD

we plan to advertise our home at work etc.


Try to avoid that !.................


If your renting to a work mate and he/she brings out the violin, VERY DIFFICULT.