Renting my property

lky2k23

Afternoon,

I'm looking at renting my 2 bed flat that I've just moved out of. My mortgage company have agreed to 12 months - any tips/warnings for me?

I have landlord insurance ready and waiting.

I think I'd like a company to manage the property for me as I have a lot going on at the moment.

The flat is in Ockendon, Essex.

LEJC

contact a couple of lettings agents and ask about their fees etc and decide from there.


We let out a property last year and went with a local agent who had let many properties in the area.
The fees involved do vary so its a good idea to look what you get for each type of service and whats included..
Typically the services range from a tenant only find fee of perhaps a couple of hundres pounds right up to fully managed which can be around 15% of income...but do negotiate as sonetimes these fees are flexible...we managed a sizable reduction on the fully managed fees which was the preffered service we wanted.

Pixie5740

Also be aware that using an agency doesn't absolve you of your LL responsibilities. Ultimately the buck stops with you in terms of things such as deposit protection and gas safety certificates.

Factor void periods into your calculations and be aware that having to take tenants to court to get them evicted can be expensive.

lky2k23

Pixie - Void periods when they don't pay or when it's empty?

Pixie5740

Yes void periods are when you are not receiving any rental income which could be if the tenant falls into arrears or a gap between tenants.

One other thing to add is that I would avoid agencies who offer guaranteed rental income. From other posters on the forum it seems like a pig to get your property back if you enter into one of these schemes.

Annie1960

Also ask the LA what fees they charge tenants - some LAs seem to think they can get fees from both parties, which seems wrong to me. I know it's legal, but that doesn't make it right.

If it were me, I would insist they only charge me fees, and none (except basic credit checks) from the tenants.

LEJC

Annie1960 wrote: »

Also ask the LA what fees they charge tenants - some LAs seem to think they can get fees from both parties, which seems wrong to me. I know it's legal, but that doesn't make it right.

If it were me, I would insist they only charge me fees, and none (except basic credit checks) from the tenants.

I have to say if you are going to take this approach you will be paying an awful lot of your rental income to the letting agent to cover both sets of fees!


As a LL on a fully managed contract I do pay a portion of my monthly rent in fees...I think that they are high for what the agent does but if I had to then pay the associated fees that tenants pay also it probably wouldnt be worthwhile renting!


Inventories should be completed as well as gas saftey certificates so as a LL there is more to consider than just basic LL insurance.
I assume that the person who posted the comment I'm responding to either is a tenant who is unhappy with their fees or has never been involved in the rental process from the LL point of view.


Just to put my charges into perspective...I probably lose 2 months rent to charges and incidentals....3 months if the insurances and certifications are included in that figure too...so no its not a good idea to offer to pay the tenants charges too..IMO

harrys_dad

You need G_M to come along and post his link He will be here soon.

lky2k23

Do I need to supply EPC and an electric safety cert? Just advised I do from a letting agent.

LEJC

lky2k23 wrote: »

Do I need to supply EPC and an electric safety cert? Just advised I do from a letting agent.

the property cant be marketed for rent without an EPC so you need to either use the existing one you have as they are valid for 10 years or arrange a new one...probable cost about £65...but that will then be valid for 10 years


An electricity safety certificate is usually required...I supplied one with my property ....again it will cost you around £50 from an electrician but you may need to also factor in the cost of updating any electrics that are highlighted as a result of the inspection.
Not all letting agents require the electric saftey certificate and in relation to any electrical appliances in the property that you are including as part of the rental you can sign an indemnity to say you have not got one but that is at your own risk.

Annie1960

LEJC wrote: »

I assume that the person who posted the comment I'm responding to either is a tenant who is unhappy with their fees or has never been involved in the rental process from the LL point of view.


Just to put my charges into perspective...I probably lose 2 months rent to charges and incidentals....3 months if the insurances and certifications are included in that figure too...so no its not a good idea to offer to pay the tenants charges too..IMO

No I am not an unhappy tenant, I own my own home.

I did need to rent for 6 months for works a few years ago. My employer paid for this, but the only fees I had to pay to the LA were for credit checks.

Fees from tenants to LAs seem to be a fairly recent thing and in my view the LAs are just trying it on. They do not need fees from both parties, in fact the system worked very well for decades with LAs just getting fees from LLs.

Just my view, others are entitled to their view, but I would question the LA about why they need fees from both parties.