Buy to let

Spinybif

If buying a buy to let with an existing tenant staying in the property, how do you do credit checks etc? 

FlorayG

Well it's kind of too late if they are already in the house. The previous owner can give you the information you need e.g they pay on time, they have been there X years etc.

theartfullodger

Any new landlord has no right to require any credit check nor any other check (eg right 2 rent).  You can ask nicely.

You understand obviously that when you have purchased unless you then serve notice(s) compliant with s48 & S3 you ain't entirely the landlord (e.g.s48 needed before any rent due to you).

Experienced landlord or done any training?

Spinybif

Fairly experienced, use a letting agent for the legal stuff but never been in this position before. Wanted to clear my thoughts before making serious enquiries. Thanks

Jude57

Spinybif said:

Fairly experienced, use a letting agent for the legal stuff but never been in this position before. Wanted to clear my thoughts before making serious enquiries. Thanks

Also be aware that paying an agent to manage the tenancy doesn't absolve you of your legal responsibilities which are many (someone here said there are over 80 legal requirements with which landlords must comply - perhaps others can confirm?) and if the agent fails to do anything that's legally required, it's you who could be penalised. If you're going to be making serious enquiries (always sensible IMO) make them of a qualified solicitor who specialises in Landlord & Tenant law. And, as often recommended here, join a specialist Landlord organisation and get some accredited training. It'll cost you but it's money well spent, if only so that you know with some certainty whether your agent is doing their job properly.