Becoming a LL for the 1st time (possibly!)

Debt_Free_Chick

Spire128 wrote: »

7 All being well ........ deal with any issuses that arise.

Although on this Board, we have far too many posts from tenants who have LLs that fail to do this (deal with any issues).

Good news if you have no issues or have issues and deal with them efficiently. But if a first time LL is not sure of their obligations, it's probably best to get an agent.

tbs624

Debt_Free_Chick wrote: »

Although on this Board, we have far too many posts from tenants who have LLs that fail to do this (deal with any issues).

Good news if you have no issues or have issues and deal with them efficiently. But if a first time LL is not sure of their obligations, it's probably best to get an agent.

We also have lots of posts from Tenants about LAs, some of whom seem to be terminally incompetent. For some LL using a LA works, and some LL are perfectly capable of managing one property (or indeed, more) without an Agent.

IMO a LL should always go and learn about their legal obligations, whether or not they use an Agent, because ultimately they are responsible for the letting. There are reputable efficient LAs out there but its worth bearing in mind that anyone can set up as a LA without any specific expertise, training or qualification, which defeats the object if you, as LL, are relying on them to protect your interests and help you do right by your Tenant.

If you do choose to go via the LA route, try to find one who is signed up to a Code of Conduct (NAEA, OEA or ARLA), a form of self-regulation but familiarise yourself with L&T law, and remain involved.

Spire128

Further to my earlier post which was a summary I would agree with what others have said, it can be quite time consumming, but then I have the time and my properties are all within 2 or 3 mins car journey from where I live.

I have developed my managmet style over the last 10 years, with my expriences over that time.

I would say that being a Landlord managing your own property is not a hands of experience, just collecting the rent evey month, as an example I have 3 properties and so far this month I have had

1 Boiler Broken down ( I got the Plumber in same day it was reported to me, and the boiler was fixed by the following day)

2 Roof leaking on a property I have organized a roofer to fix it

3 The one house that has a built in Cooker, the oven broke down, I got a sparks in the same day it was reported to me, and parts were ordered and it was fixed the following day.

I also have some maintenace planned for this year, a wall needs building, plus one property needs the outside rerendering, plus another property needs the wooden gate fixing, all planed for when the weather gets warmer.

Over the years I have found a group of trademen that I can trust and do me a good job at reasonable price which helps.

I also have a hands on approach I collect the rent each month in cash from each property, this means I keep an eye on the property each month, I also build a relationship with my Tenants rather than being a faceless Landlord who only cares about the money, and it gives the tenants an oportunity to let me know what needs sorting.

So if you are not happy devoting or are unable to allocate some time to managing the property, then use an agent as you will also have a steep learning curve infront of you if you have never been a Landlord before.

mlz1413

Hi Lukebav, if you do decide to DIY Spires advise is very good I would add get a Guarntor - it's an extra name and address to go to if you have problems with your tenant.

I have always bought my AST's from WH Smith, buy the pack is about £15 and read it.

As well you can instruct a letting agent to do a find only service, from memory it's expensive, but they don't tie you in so you can advertise yourself as well.

Good Luck

clutton_2

""Tennacy agreement they are avialaible on the net if you google,""

the WORST advice possible - how on earth will you know if it is current ? legal ? full of Unfair terms ?

the AST is THE most important document a landlord needs - for gods sake get it from a reliable source for both your protection and that of the tenants

tbs624

Spire128 wrote: »

I have 3 properties and so far this month I have had

1 Boiler Broken down ( I got the Plumber in same day it was reported to me, and the boiler was fixed by the following day)

2 Roof leaking on a property I have organized a roofer to fix it

3 The one house that has a built in Cooker, the oven broke down, I got a sparks in the same day it was reported to me, and parts were ordered and it was fixed the following day.

And I think that's a speed of response that most LAs are unlikely to provide so your tenants should be happy on that score.

However, insisting on calling for cash rental payments every month could possibly be construed as interfering with the tenant's right to quiet enjoyment, if you haven't offered a reasonable alternative method of payment.

Debt_Free_Chick

mlz1413 wrote: »

Hi Lukebav, if you do decide to DIY Spires advise is very good I would add get a Guarntor

I'm sorry but why?????

I'm 47 and single, earning in excess of ....... I won't say as I'll get flamed, but it's "substantial".

My mother is 76 and living on the basic state pension (with pension credit and related top ups).

Who would you suggest is my Gruntor? And why would you insist on one?

The_Dangerman

Spire128 wrote: »

Over the years I have found a group of trademen that I can trust and do me a good job at reasonable price which helps.

That's an excellent point.

If this is your first time, or you only have the odd property, you may not have a sufficently strong working relationship with local tradesman. Not only do you need to the job doing, but you also (often) need it doing quickly. You may put up with a broken boiler or shower etc in your own home, but if you're paying rent you want these things sorted quickly. Using an agent is beneficial in that they effectively "bulk buy" from their tradesmen, getting a cheaper rate* and also, more importantly, prompt service.

*Always worth checking what, if any, percentage they charge for arranging any work.

mlz1413

Debt_Free_Chick wrote: »

I'm sorry but why?????

I'm 47 and single, earning in excess of ....... I won't say as I'll get flamed, but it's "substantial".

My mother is 76 and living on the basic state pension (with pension credit and related top ups).

Who would you suggest is my Gruntor? And why would you insist on one?

not everyone is in your boat DebtFreeChick, some people are only earning enough to pay bills and their parents are still working or have a sibling who is earning.

But after having had one tenant disappear into the night (owing money) and they had left job so that reference was useless I find it nice to have a 2nd lot of details that if need be can be taken to court.

Also found with another tenant that was bad at paying on time a well worded letter sent to tenant and copied to guarntor suddenly made a big difference to rent being given priority!

I'm not saying everyone is the same but for OP's benefit added this as if he does manage himself it's a very useful point IMHO.

tbs624

Before you make your decision about whether or not to use an Agent - have a read here:

http://www.landlordzone.co.uk/forums/showthread.php?t=7830&page=1

because it's always interesting to hear of other people's experiences, and this particular LA was signed up to ARLA .....