renting (out) privately

nat38

How do you go about renting your property (as a landlord) without an EA? Would you do it?
Thanks!

Werdnal

Yes I do.

Lots to learn, lots you need to know and do, legal stuff you need to comply with, and lots that can go wrong.

Read this:

http://forums.moneysavingexpert.com/showpost.php?p=41160642&postcount=12

Fire_Fox

Join a landlord's association.

jgh

nat38 wrote: »

How do you go about renting your property (as a landlord) without an EA? Would you do it?
Thanks!

Just let me learn you one little thing: A landlord lets property, a tenant rents property.

nat38

jgh wrote: »

Just let me learn you one little thing: A landlord lets property, a tenant rents property.

oh well, very clever :T

nat38

Werdnal wrote: »

Yes I do.

Lots to learn, lots you need to know and do, legal stuff you need to comply with, and lots that can go wrong.

Read this:

http://forums.moneysavingexpert.com/showpost.php?p=41160642&postcount=12

Thanks!
Where would you start?

Werdnal

nat38 wrote: »

Thanks!
Where would you start?

By reading the link I posted, and all the links it contains, and making sure you understand all the legal requirements and obligations of letting!

G_M

jgh wrote: »

Just let me learn you one little thing: A landlord lets property, a tenant rents property.

Give him a break! At least he only put one 'n' in 'tenant'!

As advised, start with this post here.

Only after fully grasping its content, startlooking for a tenant.

Personally in the past I have:
* advertised in local papers
* put ads up on local University notice boards/forums
* put ads up in local large business premises
* used letting agents on a 'tenant-find' only basis

I believe some people use Gumtree. Personally I wouldn't touch it with a barge-pole.

nat38

G_M wrote: »

Give him a break! At least he only put one 'n' in 'tenant'!

As advised, start with this post here.

Only after fully grasping its content, start looking for a tenant.

Personally in the past I have:
* advertised in local papers
* put ads up on local University notice boards/forums
* put ads up in local large business premises
* used letting agents on a 'tenant-find' only basis

I believe some people use Gumtree. Personally I wouldn't touch it with a barge-pole.

thanks G_M, will read your post in detail
As usual I did things the wrong way around....:rotfl:
I had a quick look in Gumtree today just to see how it worked (never used it before) and happened to find someone looking for a house exactly where mine is. I contacted her and she seemed very interested.
Am I looking for trouble?
Is it possible to use an EA (and pay X fees) to get them to sign a contract, etc etc?
Many thanks

Werdnal

Before you get the tenant interested, have you actually got the property ready to let?

Do you have a mortgage - have they given consent?

Is it leasehold - does lease allow letting?

What about insurance - must be a LL policy, as normal house insurance will not cover.

Have you got gas - need a Gas Safety Certificate.

EPC is a legal requirement.

Do you know how to credit check and take proper references on a tenant?

What about deposit protection - you must comply with this or face heavy fines.

You cannot approach the tenant direct, get them interested and then tell them you are going through an agent, as agent will want high fees to check them out and set up the tenancy, which they will charge to tenant for - unless of course you are prepared to pay on their behalf for your mistake!

Have you a good contingency of cash to cover loss of rent, repairs to the property etc - can take several months to evict a non-paying tenant, with no rent coming in. If heating breaks down or some other costly repair is necessary, you have a duty to repair it quickly, and must have sufficient spare cash to cover these things.

Are you aware that you have to declare the income for tax!

All these things and more are covered in GM's post. DO NOT even start promising a tenant anything before you have checked out everything you need to know, and made sure the property is actually ready to let.

Once you have read the linked post, if you have any specific questions, come back and ask again!

slopemaster

jgh wrote: »

Just let me learn you one little thing: A landlord lets property, a tenant rents property.

From the Cambridge online dictionary:
"RENT: to pay or receive a fixed amount of money for the use of a room, house, car, television, etcThe old lady rented us her spare bedroom for £55 a week.
My Dad has a cottage which he rents (out) to tourists."

PS
LEARN to acquire knowledge or skill
TEACH to give someone knowledge; to instruct