First time landlord. Where do I start?

[Deleted User]

Thanks hazyjo.
I'm looking through each section thoroughly one section at a time.

RAS

Also seriously think about how you'd cope if you relationship went belly-up. 

Where will you stay until the tenant moves out, anything from 3 months to 2 years later? Or longer.

Can you afford to rent if they don't pay their rent? And have the spare capital if major repairs/building work are needed at the same time?

I'd be inclined to do this in stages. Move in with BF and leave it empty. Then a year or so later if everything is going swimmingly, reconsider renting.

dimbo61

So many questions and so much you need to learn !
I would join the NRLA as its tax deductible and has so much useful information and documents you will need.
They can also do credit checks on people looking to rent your flat very cheaply.

I read the other day that Shelter the Housing Charity want S21 scrapped as a tenant is served with an S21 every 7 minutes. OMG 
However there are 14 million people renting so 75,000 a year being asked to move out because the landlord wants to sell or move back in might not be such a big number.

Start off with a 6 months AST to see if you have picked good tenants.
Letting agents often charge 10/12% plus vat and may have NO qualifications so be careful

[Deleted User]

Hi 
Thanks yes I have savings to fall back on as the rental income would be extra money going into my pension as well as contributing more to utility bills at my boyfriend's when the flat is rented out.

Any outside work isn't my responsibility as it's leasehold, as for inside yes that is.
I've also thought about leaving it empty too and doing this in stages like you suggest, but I'd need to use some of my savings to travel to and from work as well as still pay some bills here. This is my first option and probably the one I'd be comfortable with.

I was just getting my feelers out in advance as I have to start somewhere.

[Deleted User]

Thank you dimbo1.
This is the information I need to know.
I am reading through everything but also wanted some personal experiences of renting 
Thank you. 

Tranboy

Watch every episode of Bad tenants and rogue landlords for a real life example of what you could be in for, available on YouTube.  Laminate flooring seems to be something easily damaged on some of the episodes featured, that and stealing the cooker, freezer etc.

user1977

[Deleted User] said:

Any outside work isn't my responsibility as it's leasehold

You'd still be paying for it.

[Deleted User]

Tranboy.
Ive seen them all.
I'm 57 years old other than sell my flat and move in and be done with it and if in the event it doesn't work out I'm homeless...or rent it out make a few quid for my old age which is a bonus and if it doesn't work I'll have the option to move back in it or leave it empty until I die...
Which would you choose 
Edit. Just to say I've heard so many negative comments around renting. But you have to take your chances. We dont want to live separately for the rest of our lives. He has a mortgage and a better home. In the future we may both sell up and buy something when his is paid off.

[Deleted User]

User 1977.
Yes I know. I'd be still paying for it if I lived in it too. And to be honest the charges are a lot cheaper than newer flats. I've factored that in as that's my responsibility not the Tennant's. There's only 12 flats and 7 are rented to Tennant's. I've lived here since 2007 and the management company are brilliant with sorting out stuff. It's a very quiet area. 
Any problem Tennant's will be sorted out asap. The flat above me is rented. In the years I've lived here there's been no major incidents.

Tranboy

One thing I've learnt from that series, on here and other places is never rent to friends or family, entertaining as it is to watch some and their car crash lifestyles the common attitude of SOME but not all renters to a property is it's not mine so why should I care. My mum rents privately and gets on well with her landlord and she will be there for a long time, I really think as some have said you need to really gen yourself up on everything, doing a Joe 90, showing my age there but if there is no immediate rush dont hurry into signing up with a letting agent, I can call myself a letting agent, take your money and do very little for you or the renter.  How far away would you be living from your flat?