Accidental landlord looking for advisor

Beverley

I became a landlord when I vacated my property to move in with my husband 7 years ago and a neighbour asked me if I would rent the property to her daughter.

The arrangement has worked reasonably well although I've not taken a very professional approach so far. I do get the necessary annual gas safety certificates and my tenant's deposit is in a deposit scheme etc. But the rent has stayed the same since the tenancy began. I'm recently widowed and suddenly aware that need to take a more organised approach to financial matters. It recently needed a new boiler which cost almost 50% of the annual rental payments so it's made me realise that I need to stop and think about what I want.

I'm trying to decide whether to sell the property or continue renting it but on a more professional footing. 

Is there such a thing as a landlord advisor I can approach to look at what I need to do etc?

Slithery

What exactly do you want advice on?

If it's just getting up to speed with how to do things properly then reading the first 9 posts in the following link as well as all of the links contained within would be a good start...

https://forums.moneysavingexpert.com/discussion/5180214/tenancies-in-eng-wales-guides-for-landlords-and-tenants/p1

Irishpearce26

There is no such thing as an accidental landlord. You decide to rent your property out or you don't. 

Firstly my condolences regarding your husband.

The costs wont change if you take a more professional footing regarding your let property, in fact they will increase when you factor in agents and the potential of other items needing to be replaced. If I were you I would look to sell.

AdrianC

We can advise... (Or you can pay a letting agent, and get advice that may be in their best interest rather than yours)

As far as your rent goes, your tenancy probably allows for inflationary increases, right?
£500 in 2014 would be roughly £570 now.
Balance that against even a month of void plus fees for finding and referencing a new tenant... And that's why many landlords prefer to keep a good tenant over increasing the rent.

But, if you want to, then the tenancy probably allows for any un-claimed inflationary increases to be done at once - so maybe look at increasing the rent to £550?

Yes, you can get big bills - but spread that boiler across 7yrs, and it's less than one month's rent per year equivalent.

Crashy_Time

Beverley said:

I became a landlord when I vacated my property to move in with my husband 7 years ago and a neighbour asked me if I would rent the property to her daughter.

The arrangement has worked reasonably well although I've not taken a very professional approach so far. I do get the necessary annual gas safety certificates and my tenant's deposit is in a deposit scheme etc. But the rent has stayed the same since the tenancy began. I'm recently widowed and suddenly aware that need to take a more organised approach to financial matters. It recently needed a new boiler which cost almost 50% of the annual rental payments so it's made me realise that I need to stop and think about what I want.

I'm trying to decide whether to sell the property or continue renting it but on a more professional footing. 

Is there such a thing as a landlord advisor I can approach to look at what I need to do etc?

Ouch. Expensive boiler or cheap rent?

dimbo61

£500 a month so £6000 a year.
£3,000 for a new boiler 

Must be British gas

You will need to have an EICR if you have not had one done yet.

theartfullodger

I've never "accidentally" taken deposit & rent or "accidentally" signed a tenancy.  How does this happen, please?  Genuine, calm, polite question.

Artful:. Landlord since 2000

Crashy_Time

dimbo61 said:

£500 a month so £6000 a year.
£3,000 for a new boiler 

Must be British gas

You will need to have an EICR if you have not had one done yet.

How much does that cost?

Slithery

Crashy_Time said:

dimbo61 said:

£500 a month so £6000 a year.
£3,000 for a new boiler 

Must be British gas

You will need to have an EICR if you have not had one done yet.

How much does that cost?

Depends on what work needs doing (if any).

steve866

Accidental landlord seems to be quite an accepted term for someone who ends up being a landlord due to a change in circumstances, as opposed to purposely purchasing a property to rent out, but of course everyone posting here already knew that…

Irishpearce26

steve866 said:

Accidental landlord seems to be quite an accepted term for someone who ends up being a landlord due to a change in circumstances, as opposed to purposely purchasing a property to rent out, but of course everyone posting here already knew that…

Moving in with spouse, neighbour asked if i would rent the house out to their daughter...sorry I tripped and whoops im a landlord.

Accidental landlord 101