Advice re tenants please. TIA

jimamma

marliepanda wrote: »

No they won't take into consideration that you are paying rent.

You could sell up and buy another property, but won't for obvious reasons. You won't get let off tax as you have expenses to pay, that's not how it works, for any income.

I doubt the service charge will cover a LL safety check. You need to realise you are setting up a business with responsibilities.

Thanks for your reply,

Business with responsibilities :eek: I was seriously under the impression it was just a matter of finding people who will pay there rent on time. Having posted on here I realise theres a lot more too it, however Im sure with the help of the nice people I will get things done properly.

Thank you.

marliepanda

You have a lot of research to do, in the nicest possible way!

It is a business. You have to make sure your house is safe for the tenants. You must protect deposits. You need savings in hand to repair their boiler or any other issues which come under the remit of LL responsibilities.

Never rely on the tenants rent to pay you're own, even the most reliable of tenants can have hiccups. Without meaning to sound horrible, the way you speak of 'needing to find people to pay you rent so you can pay yours' doesn't sound like you have an awful lot of spare cash floating about (understandable with 2 new babieS) but not the best situation to be starting a business in which could have expensive outlays if things go wrong...

jimamma

marliepanda wrote: »

You have a lot of research to do, in the nicest possible way!

It is a business. You have to make sure your house is safe for the tenants. You must protect deposits. You need savings in hand to repair their boiler or any other issues which come under the remit of LL responsibilities.

Never rely on the tenants rent to pay you're own, even the most reliable of tenants can have hiccups. Without meaning to sound horrible, the way you speak of 'needing to find people to pay you rent so you can pay yours' doesn't sound like you have an awful lot of spare cash floating about (understandable with 2 new babieS) but not the best situation to be starting a business in which could have expensive outlays if things go wrong...

Thanks and yes your right not a lot of cash well no cash floating about....Got to rethink this through properly...Ive just been reading through Advice & Information for New Landlords and it really is an eye opener, I really didnt think it was this intense Im going to do lots of reading and hopefully get this done all properly.

Thanks very very much. JM x x x

marliepanda

Without a contingency pot of money it's very irresponsible to go into this. If the boiler goes kaput, you have to fix it. Unlike in your own home where you can think 'ok big jumpers, hot water bottles and showers at the gym until I can afford to get it fixed' you can't do that with a rented property. If it needs doing you need to do it. Otherwise you will find yourself with non paying tenants (would you be happy knowing your landlord had no money on hand to repair your heating, with four children?)

jimamma

marliepanda wrote: »

Without a contingency pot of money it's very irresponsible to go into this. If the boiler goes kaput, you have to fix it. Unlike in your own home where you can think 'ok big jumpers, hot water bottles and showers at the gym until I can afford to get it fixed' you can't do that with a rented property. If it needs doing you need to do it. Otherwise you will find yourself with non paying tenants (would you be happy knowing your landlord had no money on hand to repair your heating, with four children?)

Hmmm I really havent thought this through have i?
, I have got till Mid December hopefully so Im going to see how it goes will also be advising the couple who came to view the property that I have a lot more research to do rather than walk into this blind. :beer:

jimamma

And finally am I legally allowed to let a RTB purchased property which has no mortgage??

Again word of mouth I have been told I can as I am the owner?

Thanks

[Deleted User]

You should be able to rent out your RTB property, however it may depend on the specific scheme used. You should speak to the council that you purchased it from.

jimamma wrote: »

I was seriously under the impression it was just a matter of finding people who will pay there rent on time.

Even if you do find someone that will pay their rent on time, it's possible that they might fall on hard times and be unable to pay... when that happens it can take literally months to evict a tenant, from the date of the first missed payment it can take at least 3 months, sometimes a lot longer depending on the terms of the tenancy and whether or not the tenant decides to play the system.

It's great that you're taking on board what people have said about this being a serious business, you can end up in a whole heap of trouble if you have a bad tenant. You're very fortunate that you don't have a mortgage on your property, this gives you a huge amount of flexibility and means that if you do get a bad tenant you won't fall behind on your mortgage... as long as you're not relying on the rental income.

Good luck.