Letting a property - What to consider...?

Yorkie1

ch3101 wrote: »

What difference does the top floor part make?

Some lenders are unwilling to lend where the flat is above a particular floor in the building.

Make sure you let the lender know the floor it's on from the outset. If it's an ex-council flat that can also impact.

dimbo61

There are many things to consider as other posters have mentioned
Many lenders do not like blocks of flats with more than four stories.
Or EX council blocks of flats,
Has the block got a lift ? What are the management costs, landlord insurance etc.
How old are the electris, gas heating ? One bedroom flat could be expensive living for a single person or couple.
My brother owned a new build BTL one bed flat and always had problems finding and keeping tenants, he saw little increase in equity in the 5 years he owned it.

ch3101

Yorkie1 wrote: »

Some lenders are unwilling to lend where the flat is above a particular floor in the building.

Make sure you let the lender know the floor it's on from the outset. If it's an ex-council flat that can also impact.

Yep they do know. It is the top floor of a tenement building which has 4 floors. Not ex council, it was owned and let for some 15-20 years before now and the vendors have moved away and want to sell up. They've redecorated to a decent standard, brand new kitchen and bathroom, floors, plastering etc.

dimbo61 wrote: »

There are many things to consider as other posters have mentioned
Many lenders do not like blocks of flats with more than four stories.
Or EX council blocks of flats,
Has the block got a lift ? What are the management costs, landlord insurance etc.
How old are the electris, gas heating ? One bedroom flat could be expensive living for a single person or couple.
My brother owned a new build BTL one bed flat and always had problems finding and keeping tenants, he saw little increase in equity in the 5 years he owned it.

No lift it is just a secure entry then stairs up to the top. Shared garden at the back too.
Landlords insurance we have priced at ~120 but keep getting calls from different insurers offering less.
Central heating is new, it was put in along with the recent revamp.

Not sure on the electrics but the fuse box and meter are pretty new and everything works well.

I'm not really in it for capital gains, more as an investment of money I don't need. As far as I can see flats were selling in the same row of tenements for a little more a few years ago but only marginally like 3-5k more.

tim123456789

dimbo61 wrote: »

There are many things to consider as other posters have mentioned
Many lenders do not like blocks of flats with more than four stories.
Or EX council blocks of flats,
Has the block got a lift ? What are the management costs, landlord insurance etc.
How old are the electris, gas heating ? One bedroom flat could be expensive living for a single person or couple.
.

I doubt that a 35K property fits into the "unaffordable" rent category - even in Glasgow

tim