becoming a landlord

Tink_04

Me and my husband are going to rent out our flat as we are unable to sell it at the momet - we have the mortgage and everything sorted - im just not sure what to do about the gas and elec - do i just advise i have moved out - transfer into my new property until a tennant moves in or should i ask to switch the meters to pre payemnt to save any hassel? we have never done anything like this before and are getting an estate agent to manage the property for us.

Pixie5740

Prepayment meters will be more hassle and put a lot of potential tenants off. When you move out take meter readings and contact your utility suppliers. Until a tenancy starts you will be responsible for any utility bills and council tax between you moving out and a tenant moving in. As there is gas in the property you will require a Gas Safety Certificate.

Read G_M's guide for New Landlords.

G_M

As pixie says.

Do nothing till your tenant moves in and then take meter readings, get a final bill, pay it, and follow the process for getting your tenant to open utility accounts.

But this is just the tip of the iceburg. Hopefully you've covered everything else? See my link above.

And if relevant this one too:

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

Both links come from:

* Tenancies in Eng/Wales: Guides for landlords and tenants

Bob_Bank_Spanker_2

As above, PPMs would put me off renting, I would just choose a flat that came without this needless hassle. I assume you are up to date with the tax implications of becoming a landlord?

theartfullodger

Indeed: and you write (yes, write, keep copies) to all utility companies & council on ANY change of occupants with dates, names ; relevant meter readings.

And don't assume any tenant (or letting agent) will always pay in full-on-time. Ensure you have the financial and emotional reserves to cope with the tenant (or agent) from hell plus an expensive, unexpected, repair.

Good luck. Most years I make money from my letting, but not always.

zebulon

Tink_04 wrote: »

we have never done anything like this before and are getting an estate agent to manage the property for us.

Don't assume the estate agent knows how / will do everything correctly.

Crashy_Time

http://www.telegraph.co.uk/investing/buy-to-let/buy-to-let-dead-say-landlords-start-buying-shops-instead/

tim123456789

Crashy_Time wrote: »

http://www.telegraph.co.uk/investing/buy-to-let/buy-to-let-dead-say-landlords-start-buying-shops-instead/

and what an irresponsible piece that is


Commercial letting is definitely not the place that a first time investor should start

Crashy_Time

tim123456789 wrote: »

and what an irresponsible piece that is


Commercial letting is definitely not the place that a first time investor should start

They got the BTL bit right though? Maybe their ad revenue has shifted recently