To all London landlords: I would like advice on renting out my flat

Sheleighleigh

Hi, everyone. I'm about to rent out my flat in London and ... I'd appreciate any advice. I have six areas I would appreciate any kind advice on:

(1) To use an agent or not?
Firstly, should I find a tenant through an agent or not? I have friends who use agents and pay a bit extra for 'finding a tenant and rent collection'. Agents near me charge up to 12% which I'm willing to pay for if I get a good service. And that's the problem. I have other friends who swear by placing ads online and avoiding agents - claiming that going through an agent is nothing more than a glorified receptionist service, i.e. the problem is always passed on to the landlord, so the landlord ultimately has to deal with any issues.

(2) Screening and checking prospective tenants
What are the most effective ways of doing this? And what am I allowed to ask for without seeming rude? For example, mortgage lenders are able to ask for payslips and bank statements. Would that be too much to ask? I assume not as these are standard requests from agents. I personally would like to, as I need to know how they live i.e. it means little if an individual is earning a high salary but lives beyond their means. Am I also able to conduct a credit check on an individual with their permission? If I can't do such things then perhaps I am better suited going through an agent.

(3) What questions to ask prospective tenants when they express an interest to view the property (I would like to avoid spending time/money meeting with anyone whom I later find unsuitable).

(4) Can anyone recommend a good Pro-forma tenancy agreement that I can download online?

(5) I'm not well-versed with a standard contract from memory, but I'd like to include certain clauses in the tenancy agreement such as the landlord not being liable to fix fixtures, fittings and appliances for making use of the supply of water, gas or electricity as per the Landlord & Tenant Act 1985; not wearing hard shoes in the property (it has wooden floors in a period property) and not drilling holes in the walls and affixing shelves without the landlord's consent. If any landlords reading this can offer any other 'extra' clauses they deem necessary that aren't featured in a standard Pro-forma agreement from their experience with tenants, I would be grateful.

(6) How much to hold as a deposit? I was going to leave a TV, but have been advised against it as apparently I am not allowed to deduct any damages to electrical appliances from the deposit. Is this true?

Thank you.

[Deleted User]

Know we are supposed to be nice to new members but oh dear, again?

OP please read the sticky at the top of this part of the forum.

https://forums.moneysavingexpert.com/discussion/comment/41155280#Comment_41155280

Or have a look for earlier threads relating to new LL's. They are there.

Pixie5740

Yes there have been numerous threads from new landlords before, some very recently.

You can't add a clause to the TA making you not liable for things which the law says you are liable for. Well you can but it will be unenforceable. Same as stipulating what sort of footwear your tenants may or may not wear in their home.

Read this: https://forums.moneysavingexpert.com/discussion/comment/67759912#Comment_67759912

marksoton

:wall::wall::wall::wall::wall:

Either educate yourself properly or don't do it.....

Sheleighleigh

Ouch! Thanks for the 'shove' in the right direction, though.

Mossfarr

I suggest you have a look at the websites specifically for landlords.
When I bought my first BTL I joined The R L A (www.rla.org.uk) there are others so do some research. Their annual fee is about £80, they have everything you need - advice, documents, helpdesk and an excellent forum. They also keep you up to date with legislation changes. There is a lot of reading to do as there is a lot to learn but It can be done! You mentioned some of your friends are landlords - ask their advice.
I have never used an agent as I think they are a waste of money.