Accidental landlord looking for advisor

steve866

Irishpearce26 said:

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 

yes exactly, bought flat for herself but no now longer requirements due to spouse. Provably they biggest cause of accident landlord. Seems we are in full agreement! 

hazyjo

steve866 said:

Irishpearce26 said:

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 

yes exactly, bought flat for herself but no now longer requirements due to spouse. Provably they biggest cause of accident landlord. Seems we are in full agreement! 

Why accidental though? It's a choice. They could sell. It's what I've always done.

[Deleted User]

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?

I don’t think there is such a service as a landlord advisor. It should be fairly easy to work out yourself though if letting the property is profitable and if it is profitable enough to continue letting. It is also simple to find out the market rent by looking at similar properties in the area available for rent. 

If you do decide to continue letting the property you might find it beneficial to join NRLA. 

lookstraightahead

Op you just need to read up on your responsibilities, there's no "quick fix" advice. Just do your homework.

pretamang

Irishpearce26 said:

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 

Becoming an Accidental Landlord - HomeOwners Alliance (hoa.org.uk)

MaryNB

pretamang said:

Irishpearce26 said:

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 

Becoming an Accidental Landlord - HomeOwners Alliance (hoa.org.uk)

That article is about people struggling to sell their house and deciding to rent it out instead. OP hasn't said anything that implies she was struggling to sell her house. An opportunity arose where she could rent out the property and she chose to do so. Even so I would argue with that article's definition of "accidental". I have sympathy for people stuck in negative equity who have to move for employment or family reasons, but choosing to rent a property out because you can't find someone willing to pay what you think the house is worth is still a choice. There is a lot of risk and responsibility in letting out a property, it's not something people should do "accidentally".

lookstraightahead

MaryNB said:

pretamang said:

Irishpearce26 said:

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 

Becoming an Accidental Landlord - HomeOwners Alliance (hoa.org.uk)

That article is about people struggling to sell their house and deciding to rent it out instead. OP hasn't said anything that implies she was struggling to sell her house. An opportunity arose where she could rent out the property and she chose to do so. Even so I would argue with that article's definition of "accidental". I have sympathy for people stuck in negative equity who have to move for employment or family reasons, but choosing to rent a property out because you can't find someone willing to pay what you think the house is worth is still a choice. There is a lot of risk and responsibility in letting out a property, it's not something people should do "accidentally".

Agreed. It's a business with responsibilities. 

Nearlyold

Are you looking for advice on whether to continue renting the property out (ie advice on whether to sell or not) or advice on how to let it out "properly" (ie complying with all the legislation while making a decent return etc)

dimbo61

You could join the RLA  
Very good website

steve866

hazyjo said:

steve866 said:

Irishpearce26 said:

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 

yes exactly, bought flat for herself but no now longer requirements due to spouse. Provably they biggest cause of accident landlord. Seems we are in full agreement! 

Why accidental though? It's a choice. They could sell. It's what I've always done.

Yes of course, she decided to become a landlord after his circumstances changed, this is obvious, but it still a different journey from purchasing a second properly specifically as an investment. I don’t know why people get their knickers in a twist with the term accidental landlord when everyone knows what it really means.