Advice needed for letting without an agent.

yuffie

I currently have a 1 bed cottage that i let out and have so far used agents to let it as we have needed help finding tenants, however this time our tenants are leaving and we have someone very interested in taking it on. We did draw up our own contract a while ago in case we found our own tenants but didnt use it, but we have managed the property ourselves for quite some time now. I really begrudge an agent taking the first months rent and then some when they havent even found this one and quite frankly i cant afford it but not sure how to go about getting the correct references etc so any advice would be appreciated.
Also i know there is a new tenancy deposit scheme-do we still hold the deposit for this or does an independant body do it.
Hope someone can help.

Doozergirl

http://www.depositprotection.com/default.aspx?bhjs=1&fla=1

This is where you lodge the deposit. You need to do it within 14 days of receiving it. There are a couple of other schemes but I know this one doesn't charge you - the administration is paid for out of the interest gained on the deposit money.

More general info:
http://www.direct.gov.uk/en/TenancyDeposit/index.htm

real1314

ask the tenant to provide a reference from their employer and bank - saves you the hassle, get a credit check done thro a reference agency (try landlordzone.co.uk for a selection) - you'll need something signed by the tenant for the credit check.

deposit has to be put in a scheme - there's a free one and a few others - landlordzone will be the best place to look again.

clutton_2

"""ask the tenant to provide a reference from their employer and bank"" - no no no no no no no - folks can forge anything these days - you can buy payslips on ebay !!

go to www.landlordzone.co.uk - get them to fill in their tenancy application form in full - ask for ALL the documents mentioned on there and copy them. Get the Data protection back sheet copied and faxed to all the people on this form - otherwise they will not talk to you without the prospective tenants written permission.

DO NOT use any home grown AST - you will regret it if you do - join National Landlords ASsociation and get their AST - it will cost you- but will be worth every penny

if you do not know how to be an agent you can be ripped off right royally and it could cost you thousands .... i have seen it happen over and over and over again

there is a huge amount to learn abou tbeing a landlord - read www.singingpig.co.uk from front to back on the property section and you will come across many horror stories form landlords - but also how to deal with various problems.

your legal responsibiliities are farrrrr more onerous than you might think - if you are to do this properly

real1314

I forgot to say that you should follow up the references supplied by the tenant. by phone / fax / letter as necessary.

and hilst people could forge payslips etc, you have to use your judgement about al documents.

hearts

It's easy, I do mine myself. As said above, make sure you have the correct lease. I'm in Scotland so don't know if the stuff I have is of any use but if it is your welcome to it.

hearts

hearts wrote: »

It's easy, I do mine myself. As said above, make sure you have the correct lease. I'm in Scotland so don't know if the stuff I have is of any use but if it is your welcome to it.

As for references, if you know the person then you'll know if you need to bother with them.
The mmost important thing is the Lease. Get the paperwork correct. Just in case ;-)

yuffie

Thanks so much to everyone who replied, i am already feeling more confident and the websites suggested look great.
One question though what is an AST?
I will carefully read all the info then may be back for more advice but thanks for your time everyone.

DGJsaver

yuffie wrote: »

One question though what is an AST?

I suggest carefully reading ALL the info as you said BEFORE going ahead with anything

Especially if you really dont know what an AST is



D


P.s Assured Shorthold Teanancy

PasturesNew

If you don't know how to get somebody INTO your property ... make TREBLE sure you read and understand fully exactly what it takes to get them out. That stuff is straightforward but date and procedure specific.

It's best you know before they move in how and why you could get them out if they proved to be undesirable at any future point.

Also, make sure you understand the implications if they lose their job and sign on for housing benefit - and how the Local Housing Allowance will come into force on 1 April 2008 - and if this has any potential implications for them should this set of circumstances occur.