Letting an inherited property

Bignutpudding

So I’m about to inherit my late father’s property and I’m looking to rent it out. Firstly do I have to wait for land registry is completed before I do that? 

Secondly, it’s is a two bedroom property, where the front bedroom has been divided into two separate rooms with a plasterboard partition. One of the rooms doesn’t have a direct escape to the fire exit (the hallway landing) am I right in believing that is against fire regulations and would need to come down? Many thanks.

HampshireH

Does it have its own window which you can get out of if needed.

Probably more sensible to drop the stud wall, turn it back into 1. Does the division create a 3rd room or is that making the 2nd room?

Keep_pedalling

If you are the executor as well as the sole beneficiary I don’t see a problem with having to wait until the property is transferred from the estate to you, however it sounds like you have zero experience of being a landlord so what you do need to do before anything else is to get educated on what you responsibilities as a landlord is going be before you commit to this.

A good starting point might be to do this landlord fundamentals training.

https://www.nrla.org.uk/training-academy/core-course/landlords-fundamentals

Bignutpudding

Hi there, the division creates a 3rd room.

RAS

Based on your comments, the extra bedroom is only accessible by going through the first bedroom?

If so, it will put off both renters and buyers, which ever you choose to do. 

Do a lot of research into the costs of making the property good for renting, all the current rules on being a landlord and probable changes and tax regulations.

In addition to the annual taxes, you will have to pay CGT when you sell, unless the property deteriorates.

And take note that if you use an agent, you remain legally liable for any errors they make and some of the fines are steep. And anyone can set up a letting agency.

tacpot12

Have a look at the second post (my post) in this thread: 1st time letting house. Help needed. Plz — MoneySavingExpert Forum

It doesn't answer either of your questions, but it does provide a lot of useful information based on my experience as a landlord. 

Bignutpudding

Yes the extra bedroom is only accessible by going through the first bedroom.

Grumpy_chap

Bignutpudding said:

Yes the extra bedroom is only accessible by going through the first bedroom.

The revert back to one bedroom less.

HampshireH

Put it back to a two bed 

It's not a real bedroom. Renters won't be looking for a 3rd bedroom without an immediate exit.

You'll probably gain interest from family's who don't care. Likewise multiple sleeping spaces whether compliant or not are attractive to people who sublet to multiple people creating further problems for you.

Alternatively it's an office space