Renting my house - beginner questions

csgohan4

Cakeguts wrote: »

You have already made the first biggest mistake in property letting. You have assumed that the property that you bought to live in will make a good rental property. Sometimes they do often they don't. If you want to start a rental business you have to research the type of property that matches your lettings business model. If you don't do that you can expect lots of voids (periods when your property is vacant) tenants who don't pay the rent and damage to the property.



Never let to a family or friends unless you are prepared to evict them through the courts.

personally Never let to a family or friends unless you don't expect any money back

ThePants999

Oh, no :-(

You have my sympathy in advance for your imploded friendship and financial losses.

G_M

Read these:


** Tenancies in Eng/Wales: Guides for landlords and tenants This thread is intended to provide information to both landlords and tenants relating to Assured Shorthold Tenancies (ASTs) in England and Wales.

Topics covered:

* Repairing Obligations: the law, common misconceptions, reporting/enforcing, retaliatory eviction & the new tenant protection (2015)

* Deposits: payment, protection and return

* Ending/renewing an AST: what happens when a fixed term ends? How can a LL or tenant end a tenancy? What is a periodic tenancy?

* Rent increases: when & how can rent be increased?

* Repossession: what if a LL's mortgage lender repossesses the property?

* New landlords: advice, information & links

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

capital0ne

If you want to remain friends do not rent your property to them. Just let them live there for free, or tell them no.

Similar rule applies to lending friends money, don't, just give themn the money.

That way they will remain friends. good luck

PhilE

If you want your friend to be your friend, best not to rent to him/her.

westernpromise

hazyjo wrote: »

First rule - never rent to friends or family lol!

Don't sell a used car to a friend either (or buy theirs for that matter).

hazyjo

westernpromise wrote: »

Don't sell a used car to a friend either (or buy theirs for that matter).

100% agree! Asking for trouble!!!! Even if there'd never been anything wrong with it, you can guarantee everything will start to fail the sec you hand it over. And they'll think you lied, and maybe expect you to pay, and you'll never trust (or like) each other again lol :rotfl:

foxy-stoat

Well done lads....you have all educated/scared the OP off !

Good job

vertex

Hi all, apologies for my tardy response (I thought I was subbed to this thread but I wasnt!).

Youll be pleased to hear that I wont be letting to my friend now. I have chosen to try and let it myself without using an agent.

A couple of questions:

1) I have the EPC certificate from when I bought the house 5 years ago. Will that do or do I need to get a new one?

2) Is it a legal requirement to get a full electrical test done?

3) The possible tenant wants to buy the fridge/freezer/microwave. Do I still need to get these PAT tested before he buys them?

4) I hear horror stories about landlords not able to evict their tenants if things go wrong. Why is that? If the landlord has done nothing wrong cant you just change the locks? Im obviously over-simplifying things as I know you cant just 'turf people out', but Im curious to hear why they cant be easily evicted if - for example - they havnt paid their rent.

5) Is it worth getting landlord insurance?

Thanks.

Cakeguts

vertex wrote: »

Hi all, apologies for my tardy response (I thought I was subbed to this thread but I wasnt!).

Youll be pleased to hear that I wont be letting to my friend now. I have chosen to try and let it myself without using an agent.

A couple of questions:

1) I have the EPC certificate from when I bought the house 5 years ago. Will that do or do I need to get a new one?

2) Is it a legal requirement to get a full electrical test done?

3) The possible tenant wants to buy the fridge/freezer/microwave. Do I still need to get these PAT tested before he buys them?

4) I hear horror stories about landlords not able to evict their tenants if things go wrong. Why is that? If the landlord has done nothing wrong cant you just change the locks? Im obviously over-simplifying things as I know you cant just 'turf people out', but Im curious to hear why they cant be easily evicted if - for example - they havnt paid their rent.

5) Is it worth getting landlord insurance?

Thanks.

Please use an agent. Your tenant doesn't deserve a landlord who doesn't know anything about the laws around letting property.