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Renting out my home and moving to rented - help

minimad1978
minimad1978 Posts: 13 Forumite
in House buying, renting & selling
The title says it all really. I am looking at moving in with my boyfriend and renting somewhere and renting out my house. I wondered if anyone had any advice regarding timescales, when to start looking for me, when to start marketing my house. Basically any advice is greatly received.

Thanks

Comments

  • G_M
    G_M Posts: 51,977 Forumite
    Part of the Furniture 10,000 Posts Name Dropper Combo Breaker
    Before doing anything, make sure you know what is involved with becoming a landlord, and get all your permissions/legal rqmts in place.

    Read this post here.
  • dimbo61
    dimbo61 Posts: 13,727 Forumite
    Part of the Furniture 10,000 Posts Name Dropper Photogenic
    Why cant your B/F move in with you ?
    Rent a room ( he is then a lodger) for a year and see if you like living with him first!!
  • minimad1978
    minimad1978 Posts: 13 Forumite
    Believe me that would make life so much easier. Unfortunately he works nearly 2 hours from my house so it's just not practical. We've found a compromise town to suit everyone, Shame it's not where my house is!
  • G_M
    G_M Posts: 51,977 Forumite
    Part of the Furniture 10,000 Posts Name Dropper Combo Breaker
    This current thread here provides a salutory warning of what can happen if you don't know what you are doing...
  • minimad1978
    minimad1978 Posts: 13 Forumite
    Oh I'm definately using a letting agent, no plans to do it myself.
  • G_M
    G_M Posts: 51,977 Forumite
    Part of the Furniture 10,000 Posts Name Dropper Combo Breaker
    minimad1978 wrote: »
    Oh I'm definately using a letting agent, no plans to do it myself.

    And you believe, of course, that that will protect you.....

    :rotfl:
  • minimad1978
    minimad1978 Posts: 13 Forumite
    Thankyou for the warning.
  • Werdnal
    Werdnal Posts: 3,780 Forumite
    Part of the Furniture Combo Breaker
    No qualifications or experience required to set up as a letting agent - you could start "Minimaid's Lettings" tomorrow, and have dozen of naive newbie LLs trusting you with the biggest asset they will ever own, safe in the knowledge that you as a letting agent understand every aspect of tenancy law! Believe me, they make mistakes, often big costly ones and you will end up footing the bill. Do not sit back and think just because you use an agent you will not need to do your homework and learn everything there is to know about letting, your obligations as a LL and all the legal requirements.

    Letting agents will also not be paying your tax on rental income for you, and are not legally qualified to represent you in court should you need to sue a tenant for lost rent, damages or apply for a possession order!
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