Renting a property owned by a relative

Legacy_user

I'm looking at potentially renting a property of a relative of mine and managing the tenants myself. I know all about property so any repairs I can sort, or will know someone to sort, the only issue is having the correct paper work and getting. the necessary protection. I'm a first time landlord.

Where do I go to find out how to self manage?

How easy is it?

What important things do I need to know?

Where do I stand renting a property I don't own ?

Any help appreciated

questionss

You would surely be an agent for the owner & they would remain the landlord and have legal responsibility.
They would need to authorise you to act on their behalf. I suggest you and more importantly the owner read GMs threads for landlords.

You would be letting the property, the tenants rent it.

Annisele

I'm a bit confused.

Will you be living in the property yourself? If not, you won't be a first-time landlord (or any kind of landlord at all) - your relative will be the landlord.

If you are living in the property yourself, and you're just letting rooms, you will be a landlord. But the other people will be lodgers, not tenants.

As to where you stand letting a property you don't own - the usual position is that you can't. Is there a reason you can't act as your relative's agent? Or do you already have power of attorney?

PasturesNew

GM will be along shortly, with his link to everything you need to know.

Your language is confusing, but I believe you mean: "A relative has a property and they wish to become landlords and rent it out, but don't want to manage it themselves, nor put it with an established agent. I wish to manage the property on their behalf as their agent. "

G_M

Are you:

1) going to rent the property off the owner/relative and pay him rent, live there, and rent out a room? You will be the tenant of the owner, and also the landlord of your lodger

2) going to rent the property off the owner/relative and pay him rent, NOT live there, and sublet the property? You will be a tenant of the owner, and landlord of your tenant

3) assist the owner/relative to find tenants, collect rent on behalf of the owner and manage the letting? The owner will be the landlord. You will be his agent. The landlord/owner may pay you to act as his agent.

In each case, different legal relationships exist; different responsibilities & duties. And different tax liabilities.

See also:
Tenancies in Eng/Wales: Guides for landlords and tenants