Help with timing for a possibly buy

diystarter7

We've done our research etc etc. If we do BTL, we'd use a long-established EA that had a good record, use their fully managed service with insurance for problem T's ie evictions, non-payment of rent etc. We have also decided only to rent to working professionals, no pets, smoking etc, etc.

We will be getting a bTL of no more than 40%. to add to the other one


What do you think?

Btw, is there anything in the favour of LL around the corner where nasty T's not only don't pay rent but sublet, trash, destroy your property where is is BTL, or your home you rent out whilst you are away on work in another country/place etc? Is it worth adding?

.

newsgroupmonkey_

diystarter7 said:

Btw, having read some of the BTL, rental threads, it is our choice who we rent out to it is our money and nothing will change that.

It is and it isn't. You might want to brush up on the law.

You aren't allowed to discriminate. So if your "professional" has to stop working because of a disability etc. and claim benefits, you can't just kick them out.

diystarter7

newsgroupmonkey_ said:

diystarter7 said:

Btw, having read some of the BTL, rental threads, it is our choice who we rent out to it is our money and nothing will change that.

It is and it isn't. You might want to brush up on the law.

You aren't allowed to discriminate. So if your "professional" has to stop working because of a disability etc. and claim benefits, you can't just kick them out.

Thank you, we are aware of that, hence my comments as I can't inc everything.
It will be by the book but as per my OP.
You've not answered the question I asked re section 21 and the Queens speech and if it became law.

canaldumidi

https://forums.landlordzone.co.uk/forum/residential-letting-questions/1195104-btl-selling-if-section-21-abolished

TheJP

Cant comment on S21 question but have you thought that 'working professionals' are not always the best tenants? 

dimbo61

So your going to pay for a fully managed service with a lettings agents at 10/12% plus Vat so more like 15% of the rent.
If your a  higher rate taxpayers as well and taking on a BTL mortgage your plans could cost you money to run your BTL business.
3% extra stamp duty means your first years Rent is gone !
Getting a property prepared for Renting with EICR GSC Fire safety and security, pat testing, fit for habitation, good homes standards.
Join NRLA and read everything you can about becoming a LL

diystarter7

TheJP said:

Cant comment on S21 question but have you thought that 'working professionals' are not always the best tenants? 

They are in the type of property we are considering buying.

diystarter7

canaldumidi said:

https://forums.landlordzone.co.uk/forum/residential-letting-questions/1195104-btl-selling-if-section-21-abolished

Thanks...

caprikid1

"we'd use a long-established EA that had a good record, use their fully managed service with insurance for problem T's ie evictions, non-payment of rent etc. We have also decided only to rent to working professionals, no pets, smoking etc, etc.

We will be getting a bTL of no more than 40%."

Personally, I would not bother, the only people who will make Money will be the government in tax.

canaldumidi

caprikid1 said:

Personally, I would not bother, the only people who will make Money will be the government in tax.

you are forgetting the letting agent.....

babyblade41

The problem is that no matter how much a tenant is vetted , nothing can save you from a tenant that doesn't pay so a contingency fund is always advisable .