Information on how to go about renting my property needed please!!!!

scottish_saver_3

Im new to this and trie to see if this has been discusse before but could not find anything!

I am currently selling my house, but it is on the market fixed price with no interest. So im cosidering letting out my property instead. I have looked at local property management companies but you know what like they tell you nothing.

I was just wonering if anyone knew about what is involved in letting a property out.

I know about the multiple occupancy thing (well know it exists) as i have three bedrooms. Has anyone had experince of this and what you need to do to your property to comply.

Also wanted to know what people normally pay an agency to rent out their property, im moving city so they would have to do everythintg for me. Im guessing about 10-20% but hope someone may know more about this.

Also wanted to know what tax you woul have to pay as it is seen as an income.

I think thats all lol!!!

I woul really apprecite if anyone has experince of this you coul reply, im starting to get very stressed!

Thanks in avance

xx

Bungarm2001

Go to Landlordzone and educate yourself. You might change your mind when you see what's involved.

I'm surprised you haven't found anything to answer your questions on this particular forum...practically every day there is someone on here asking the same question. Try using the search facility on here. Good luck!

scottish_saver_3

Yeah im pretty much set against it but to move city and be a bit happier its my only option houses just are not selling up here!!

Thank you though, that searh tip was helpful, didnt spy that myself!!!

xx

skintchick

I'm off to look at that link too. My h2b is trying to sell his house so he can move in with me, and we then want to sell mine and buy a family home, but it looks like we will have to rent out too. We won;t do multiple oocupancy though - strictly professional couples/families only for us.

beecher

scottish_saver wrote: »

Yeah im pretty much set against it but to move city and be a bit happier its my only option houses just are not selling up here!!

Thank you though, that searh tip was helpful, didnt spy that myself!!!

xx

Not sure where in Scotland you are, but are you sure your house won't sell if you cut the price?

scottish_saver_3

Ive alreay dropped the fixed price. In Edinburgh, in one of the nicest city centre areas, on paper it should have sold straight away. But houses are just not selling right now its a nightmare.

So for multiple occupancy, can you get a family in to rent and not have to do anything to the house? I was under the impression regardless of how many people lived in your property you ha to have it.

Sorry im sure i should know all this but all the info online just confuses me!!

xx

clutton_2

buy some books on tenancy law; join https://www.singingpig.co.uk; join national landlords association and learn the business before making a decision - there are nearly 70 acts of parliament covering rentals .......

tbs624

sigscottish saver - you have to register as a LL in Scotland so you could start here :

http://www.betterrentingscotland.com

www.landlordregistrationscotland.co.uk

http://www.prhpscotland.gov.uk/prhp/1.html

National LL Association(NLA) : http://www.landlords.org.uk/support/inmyarea/inyourarea-11scotland.htm

and there is also a Scottish Association of LL (SAL)

You'll need to comply with gas safety regs, have safe electrical systems etc, have proper insurance in place, plus letting consent from your lender (if mortgaged). You'll also need to let HMRC know.

If you have to use a LA, make sure you go for one that is signed up to a Code of Conduct and is recommended by other local LLs, read the small print carefully with regard to their fees (both to you and your prospective tenants) but remember that you as a LL are ultimately responsible, so do your own research on LL obligations & don't rely on them to cover your back.