Rights as a landlord?

theartfullodger

Diesel3390 said:

Hi all. Looking for some much needed advice. 

First time landlord. Currently using estate agent on fully managed service. 

Have had lots of back luck:

- tenants reporting multiple things broken/not working
- trying my best to sort them out hands on
- estate agent super slow and not really helping much. I don't talk to tenants directly as it is meant to be fully managed service
- unlucky with fixes as tradesmen I am sending are not fixing the jobs properly or leaving things incomplete. Then I have to keep chasing up
- tenants not friendly to begin with, so incomplete or unresolved issues are giving them more ammo to put me under pressure

.................

Sorry but that's not "bad luck" that is entirely foreseeable and to be expected risk any prudent landlord will allow for, get educated and work carefully to try to reduce the risk. 

What training in how to be a landlord and landlord/tenant law have you done, please??

Artful: Landlord since 2000.  Been there, my own stupidity, oh the hubris!  First tenancy, I ****ed up the paperwork, ended up with long-drawn-out, painful, expensive, tricky problems: Please don't make my mistakes!!

Diesel3390

Thanks all for your comments. Lots of learnings here and some hard truths that I will certainly try to learn from. 

Thanks all 

smipsy

The other question you have to consider whether this is all worth it considering how involved you are already and whether you are not better selling off and just going for passive income of your savings, as what you're doing currently is a second job and not passive at all?

Diesel3390

smipsy said:

The other question you have to consider whether this is all worth it considering how involved you are already and whether you are not better selling off and just going for passive income of your savings, as what you're doing currently is a second job and not passive at all?

I have considered whether selling the property and sticking the money into an ISA is better use of the money. I'd have to distribute the money over a few years into the ISA given the £20K limit per annum, but atleast all money I earn is tax free, and I don't need to worry about CGT either.

But even then, the overall yield I'm hoping is better than about 8% stock market returns

theartfullodger

Diesel3390 said:

smipsy said:

The other question you have to consider whether this is all worth it considering how involved you are already and whether you are not better selling off and just going for passive income of your savings, as what you're doing currently is a second job and not passive at all?

....

 I'd have to distribute the money over a few years into the ISA given the £20K limit per annum, but atleast all money I earn is tax free, and I don't need to worry about CGT either.

But even then, the overall yield I'm hoping is better than about 8% stock market returns

err.. CGT will be due to be declared and paid within 60 days of sale of property.. You do need to worry about that