Renting out my leasehold flat

[Deleted User]

Hi All,

Thanks in advance.

I am looking to rent out my flat that is leasehold and I have no mortgage on.

I will be using a recommended agency to begin with.

I presume they will sort most of the legal issues out?

I need my own landlords insurance.Any recommendations?

I have a current EPC and gas safety certificate.

I have checked my lease and it only states that I can't sublet PART only of my flat.It states nothing else concerning sub-letting.

Do I have to inform my freeholder? If so will a simple letter by myself suffice?

I have also read the guide here thank-you.

I'd just like to say I am taking this extremely seriously and want to cover ALL legal bases.

Any other pointers would be appreciated.

Thanks

Chris

G_M

Deleted_User wrote: »

Hi All,

Thanks in advance.

I am looking to rent out my flat that is leasehold and I have no mortgage on.

I will be using a recommended agency to begin with.
recommended by who...... :rotfl:

I presume they will sort most of the legal issues out?
presume nothing

I need my own landlords insurance.Any recommendations?
are you letting it furnished then?

I have a current EPC and gas safety certificate.
good

I have checked my lease and it only states that I can't sublet PART only of my flat.It states nothing else concerning sub-letting.
good

Do I have to inform my freeholder? If so will a simple letter by myself suffice?
not unless the lease tells you to

I have also read the guide here thank-you.
:T


Chris

* New landlords: advice, information & links

* Letting agents: how should a landlord select or sack?

[Deleted User]

Thanks GM.

In other words don't trust anyone.I got ya.

There will be a bit of furniture.A bed,washing machine and fridge(these have been PAC tested). As im not particularly bothered about these items I guess I won't need landlords insurance?(obviously they will be on the inventory).

What I am concerned about is my tax implications.I am a basic rate tax payer so I presume any profit will be taxed in the same way.

I understand what I can claim back(probably need an accountant to begin with?)I have done my own accounts before for a small business but am a little confused in what I can claim for money wise not what for.

I also have no mortgage so I can't claim the interest back. I guess I will be paying tax.Sounds like more than I would like to.:)
I have just spent £3000 doing it up for the rental market. Is this claimable?

Anyway thanks in advance.

Chris

Reds-on-Sea

Hi Chris. I'm in exactly the same position as you (almost to the letter!) so am very interested in all the responses you get to this.

I plan to use an agent, but will be shopping around, and also thinking very carefully about what level of service I'll be getting from them.

agrinnall

Reds-on-Sea wrote: »

Hi Chris. I'm in exactly the same position as you (almost to the letter!) so am very interested in all the responses you get to this.

I plan to use an agent, but will be shopping around, and also thinking very carefully about what level of service I'll be getting from them.

There's really nothing more to say to either of you other than to read the links to G_M's posts, which will tell you what you need to know.

[Deleted User]

Reds-on-Sea wrote: »

Hi Chris. I'm in exactly the same position as you (almost to the letter!) so am very interested in all the responses you get to this.

I plan to use an agent, but will be shopping around, and also thinking very carefully about what level of service I'll be getting from them.

Hi,

Yes please PM me if you do choose an agent and any valued advice you gain would be appreciated and I will do the same.

Good Luck

alexanderalexander

Deleted_User wrote: »

There will be a bit of furniture.A bed,washing machine and fridge(these have been PAC tested). As im not particularly bothered about these items I guess I won't need landlords insurance?(obviously they will be on the inventory).

The block insurance arranged by your freeholder probably won't cover you for landlord's liability, so if you want to cover anything you'll need additional insurance for this.

[Deleted User]

alexanderalexander wrote: »

The block insurance arranged by your freeholder probably won't cover you for landlord's liability, so if you want to cover anything you'll need additional insurance for this.

Sorry when you mean cover anything do you mean furniture etc or do I need Landlords insurance for if the tenant burns the place down or floods downstairs etc

Thanks

dimbo61

Yes you need Landlords Insurance to cover you if the property is burnt to the ground or flooded.
Lots of companies offer Landlord Insurance such as Direct line, Cliftonside etc

[Deleted User]

I just wondered why the valued GM stated in my original post that I didn't need landlords insurance unless I was renting it furnished.(maybe i'm mistaken?)

Sorry for the questions but I've got a week before I move.(job has accommodation thus looking to rent my home)

Thanks

G_M

I was a bit vague!!! Just asked if it was furnished.

Anyway, the solution is to get a copy of the current building insurance policy from the freeholder/management company and read it.

Does it exclude /permit letting?

Landlord's insurance often has extras included like 'malicious damage by tenants' (as well as the usual fire theft flood risks etc).

You would want to look at any provision for re-housing in the event of fire etc - would tenants be re-housed or just leaseholders?

Then of course there are specific optional extras like rent guarantees, legal support etc which may/probably aren't included (but can be bought seperately if wanted).