First time landlord buying student let

Wig

I have never been a landlord before but about to be.

Do I need a special account for the deposits or will any of my accounts do as long as I only use it for the deposits? What type of account is best for this?

Do the deposits get deducted out of the sale price? or transferred seperately?

Some of the students are staying over for another year, do I ask if their payments have been faultless so far? Another 1 or 2 have been signed up for next academic year.

Do I need to have the gas boiler serviced or inspected every year?

The lease will no doubt include the garage, is there any scope for me to remove the garage from the lease as I want to use it myself and they won't want to use it anyway. Other houses nearby without garage are rented for the same amount.

What else should I be doing?

Pixie5740

Here we go again. Have you done any research before deciding that a student let was the right investment vehicle for you? A simple Google search would tell you about deposit protection and gas safety certificates.

If you are about to terrorise the student tenants somewhere in England or Wales please read this before you go any further.

Tenancies in England and Wales: A guide for Landlords and Tenants

Bluebirdman_of_Alcathays

Wales is introducing very stringent regulations. You have to get and maintain a license, and pass a qualification, in a classroom in order to rent out property.


https://www.rentsmart.gov.wales/en/landlord/


You may be aware of this, but given the very basic nature of your questions, I suspect not.


Have you also considered the tax implications? There are many taxes a LL has to pay. Increased SDLT will also wipe out your margin in the first year. Tread carefully, being a LL isn't the golden chariot it once was.

*~Zephyr~*

Bluebirdman_of_Alcathays wrote: »

Wales is introducing very stringent regulations. You have to get and maintain a license, and pass a qualification, in a classroom in order to rent out property.


https://www.rentsmart.gov.wales/en/landlord/

You can bypass having to do the training by employing an agent to manage the property. But they will charge you a percentage of the rent received. I pay 8% to my agent, but some charge 10-15%. You need to weigh up the pros and cons of using an agent.


BUT, even if you DO use an agent, you still have to register as a landlord, but it only costs £33.50 if you do it online.

You MUST register the deposit with one of the three deposit schemes - you can't hold onto the cash yourself.

Yes, you need a Gas Safety check each year. You also need to make sure you have the appropriate smoke alarms and fire safety measures in place for a HMO. You also need to do a Legionella check now too.

You really need to do a lot of research into your legal responsibilities. There is a lot involved.

Don't forget to let HMRC know that you are receiving income from property. They will require you to complete a Self Assessment every year from now on.

Wig

Pixie5740 wrote: »

Here we go again. Have you done any research before deciding that a student let was the right investment vehicle for you? A simple Google search would tell you about deposit protection and gas safety certificates.

If you are about to terrorise the student tenants somewhere in England or Wales please read this before you go any further.

Tenancies in England and Wales: A guide for Landlords and Tenants

Thank you for your link, but I have not bought the property yet and "my research" which I am evidently doing right here, has to start somewhere, and it is starting right here, right now. So thank you for your kind understanding helpful response.... not.

Marvel1

Wig wrote: »

Thank you for your link, but I have not bought the property yet and "my research" which I am evidently doing right here, has to start somewhere, and it is starting right here, right now. So thank you for your kind understanding helpful response.... not.

Provides a link that covers all to help with your research, and its not helpful?

Wig

Thanks Birdman,

So I can do an online course for £30 or a classroom course for £100

Has anyone here done either of these? Do you know what depth of knowledge you get into and what subjects come up ... i.e. I wonder if there is any reading material i could read through first which would basically almost ensure I pass the test?

I am wanting to be very thorough and learn it all in advance, I would probably go for the classroom test as it is a better learning environment. Is it difficult to fail? i.e. is it relatively easy to pass?

Wig

cjdavies wrote: »

Provides a link that covers all to help with your research, and its not helpful?

In my opinion it was a rude response, obviously I am starting to research the subject.

csgohan4

Wig wrote: »

In my opinion it was a rude response, obviously I am starting to research the subject.

Instead of doing some basic research yourself you come on here and ask a bunch of strangers who are not paid for their time.


If you need your handheld for even basic stuff, I pity the people who will be renting from you.


It's like coming on here asking how to buy a house without doing the basics, that's what google is for and the stickies on the forum


https://forums.moneysavingexpert.com/discussion/4930313

PasturesNew

Brilliant idea. I know, I'll put my entire future financial security at risk on an outside punt ..... and take on one of the most problematical and heavily legislated areas of the BTL market.....

Marvel1

Wig wrote: »

I have never been a landlord before but about to be.

Wig wrote: »

I have not bought the property yet

Wig wrote: »

In my opinion it was a rude response, obviously I am starting to research the subject.

It did sound like you bought the property before doing research.