First time landlord. Where do I start?

Slithery

ImDoingItForMe said:

Any problem Tennant's will be sorted out asap.

ASAP might not be as soon as you need. It can take years to get rid of problem tenants whilst getting no rental income and leaving you with a destroyed property. Make sure that you have enough reserve funds in your savings to account for this possibility.

Ratkin007

Have a look on your local authority website to see whether your council is currently running or looking to introduce a Selective licensing scheme.

Murphybear

dimbo61 said:

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

Find a letting agent that is ARLA registered.  To be ARLA registered you have to pass their exams.  They are quite difficult and the Advanced Legal knowledge is very difficult.  

I know this because I’ve passed them both 

canaldumidi

'Tenant' not 'tennant'. Part of the learning curve.....

[Deleted User]

canaldumidi said:

'Tenant' not 'tennant'. Part of the learning curve.....

Sorry I know, it's my predictive text 🙈

Tranboy

Probably best to learn all you can and leave flat empty for a few months to see how things pan out. I'd keep a paper presence going at the flat for bills but register for electoral roll at new place.

[Deleted User]

Tranboy said:

Probably best to learn all you can and leave flat empty for a few months to see how things pan out. I'd keep a paper presence going at the flat for bills but register for electoral roll at new place.

Thanks. That's exactly my plan. There's no rush for me as it's a big step.

dean350

Started as a LL last year and found it straightforward. I would say pick a chain letting agent as in my experience they do seem concerned about maintaining their reputation both with tenants and landlords. They will prompt you for most of the required paperwork.  Think about tax as well. If the rental income pushes you into the 40% bracket that will come as an unpleasant surprise. Also, most of the nightmare stories seem to come from the lower end of the market. If you are higher up the food chain with a more expensive flat then you are less likely to have problem tenants. However, nothing is guaranteed.

Sistergold

Use estate agent, let them also arrange for repairs, any inspections and certificates. Yes they take money from the rent but it takes the headache from you. This helps you meet legal requirements as they will keep a calendar of when things need to be renewed. This way you don’t need to read so much about being a landlord. 

Renting is good as you will always have a place of your own if relationship does not work out. 

Save a good solid emergency fund just for the flat incase! 

ciderboy2009

One thing to bear in mind if you do leave the flat empty for a few months is that it might invalidate your insurance.  It's worth reading all of the terms and conditions.