Approached by potential tennants

sugarwalsh

We are currently trying to sell our house privately. This evening we were called by someone who asked if we would consider renting them our property. We have considered doing this, but to be honest I am a little unsure how it would work.

Does any one know of a good place to start? We would consider renting our house if we can raise the capital to purchase another house. Is this possible in the current market? Our house has a mortgage of £80,000 and is on the market at £160,000. A quick look at the local rental market suggests we should easily be able to rent the property as there are few houses available at the moment.

Thanks in advance
Sugar:o

tbs624

Start by reading up on what your obligations as a LL would be - it's not something to undertake lightly. Have a look at these links:

http://www.landlordzone.co.uk/guide_to_letting.htm
http://www.hse.gov.uk/gas/domestic/faqlandlord.htm
http://www.direct.gov.uk/en/HomeAndCommunity/BuyingAndSellingYourHome/LettingYourHome/index.htm

And here for tax advice:
http://www.hmrc.gov.uk/worksheets/sa105notes.pdf

If you're still going to be trying to sell your property, do remember that once you let the property , it becomes someone else's home and you need to do the right thing by them

sugarwalsh

Thanks. My parents were landlords for many years, so have seen what happens when things go wrong!
I'm just not really sure how much money we could raise to purchase another property. Does anyone know where we can get good advice?
Thanks again
Sugar