Questions regarding renting out property

Peppermint90

Hello again all, 

Due to change in circumstances I will have to rent out my property and move in with family. 

I have got a few quotes from estate agents. 

Can I get more than 1 estate agent to advertise the property and then go with whoever finds me a satisfactory tenant?  Will I still need to pay the other estate agent anything? Say, if they did find tenants but I wasn’t satisfied with them? 

Also, can I continue to pay the water bill as I dont want to change the name on it and get a water meter fitted? 

Also, i have already paid the council tax in full until next year… what happens to that if new tenants move in? 

Finally, what are the average going % fees for EA tenant introduction and management of tenancy in greater london? 

Thanks in advance! 

Slithery

Peppermint90 said:

Due to change in circumstances I will have to rent out my property and move in with family.

No, you don't have to, there are other options. What you will be doing is deciding to start your own residential lettings business with all of the legal obligations that come with it. Using an agent doesn't absolve you from any of these.
I suggest that you read all of the posts in the following thread and all of the links within before deciding to take this idea any further.
Tenancies in Eng/Wales: Guides for landlords

Pixie5740

Peppermint90 said:

Hello again all, 

Due to change in circumstances I will have to rent out my property and move in with family. 

I have got a few quotes from estate agents. 

Can I get more than 1 estate agent to advertise the property and then go with whoever finds me a satisfactory tenant?  Will I still need to pay the other estate agent anything? Say, if they did find tenants but I wasn’t satisfied with them? 

Also, can I continue to pay the water bill as I dont want to change the name on it and get a water meter fitted? 

Also, i have already paid the council tax in full until next year… what happens to that if new tenants move in? 

Finally, what are the average going % fees for EA tenant introduction and management of tenancy in greater london? 

Thanks in advance! 

What about your mortgage and applying for consent to let? 

It would unusual to have 2 letting agencies simultaneously advertise the property. That’s not to say you couldn’t negotiate that deal if it’s something you really want. As you want a fully managed service you’d be better doing your research and selecting one decent letting agent which is harder than you’d think since, in my opinion, most letting agencies are dog !!!!!!. 

You could continue to pay the water bill and include it in the rent. Just make sure that is clear in the tenancy agreement. 

Council tax, you inform the council you’re moving out, they refund you for the months you’ve paid in advance, tenant pays for the duration of their occupation. 

Does your London borough have mandatory landlord licensing? Do you need permission from the freeholder doctor sublet? Lots and lots more things to consider. Suggest you start with the sticky at the top of the board about Tenancies in England and Wales. 

strawb_shortcake

If the water is on a meter would you really want to take responsibility for someone else's usage? 

Slithery

annabanana82 said:

If the water is on a meter would you really want to take responsibility for someone else's usage? 

But the water currently isn't on a meter, that's the OP's point.
Changing the name on the account will automatically trigger the installation of a meter.

canaldumidi

Read my posts here, and then click on all the links within them:

Post 7: New landlords (1):advice & information :see links in next post

Post 8: New landlords (2): Essential links for further information

Post 9: Letting agents: how should a landlord select or sack?

Can I get more than 1 estate agent to advertise the property and then go with whoever finds me a satisfactory tenant?

Yes provided your contract with each LA is clear on this.

Will I still need to pay the other estate agent anything? Depends on the terms you agree with each LA

Say, if they did find tenants but I wasn’t satisfied with them? Depends if you delegate tenant selection to them, or get them to pass applicants toyou for selection.

Also, can I continue to pay the water bill as I dont want to change the name on it and get a water meter fitted?

Of course, but your tenancy agreement must make clear whether

a) you, not the tenant, are respnsible for water cosrs (but not other utlilities) or

b) the tenant is liable for water costs and must re-imburse you based on the water bill

Also, i have already paid the council tax in full until next year… what happens to that if new tenants move in?

As above (water). Though Council Tax lawmeans that in the case of arrears, the council will chase the occupant whatever the tenancy agreement says. As you've paid up to April 2022 that's not an immediate issue, but could be thereafter.

lookstraightahead

Peppermint90 said:

Hello again all, 

Due to change in circumstances I will have to rent out my property and move in with family. 

I have got a few quotes from estate agents. 

Can I get more than 1 estate agent to advertise the property and then go with whoever finds me a satisfactory tenant?  Will I still need to pay the other estate agent anything? Say, if they did find tenants but I wasn’t satisfied with them? 

Also, can I continue to pay the water bill as I dont want to change the name on it and get a water meter fitted? 

Also, i have already paid the council tax in full until next year… what happens to that if new tenants move in? 

Finally, what are the average going % fees for EA tenant introduction and management of tenancy in greater london? 

Thanks in advance! 

I think the first thing you should do is read the legal responsibilities of running a business as a landlord.