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  • FIRST POST
    • nkomp18
    • By nkomp18 7th Jul 18, 7:28 PM
    • 159Posts
    • 149Thanks
    nkomp18
    First steps in letting
    • #1
    • 7th Jul 18, 7:28 PM
    First steps in letting 7th Jul 18 at 7:28 PM
    I have a small flat relatively central in London and in my building most of the flats are rentals and apparently they rent out immediately with good yields.

    I have never done anything like it, and from reading around it seems like an easy thing to do, I just don't know where to get started in letting it out.

    Do I just go to some agency, or how do I get started? It seems a bit overwhelming at the moment

    Thaks
Page 1
    • pinkshoes
    • By pinkshoes 7th Jul 18, 8:07 PM
    • 15,975 Posts
    • 21,953 Thanks
    pinkshoes
    • #2
    • 7th Jul 18, 8:07 PM
    • #2
    • 7th Jul 18, 8:07 PM
    Agencies are just interested in their cut of the profit...

    You need to do a LOT of reading first, and understand what becoming a landlord entails.

    This could be a good starting point:
    https://forums.moneysavingexpert.com/showthread.php?p=41155280#post41155280

    The property needs to meet all safety regs, boiler serviced with gas certificate, deposits protected by YOU (not agency...) etc...

    Do your homework before going anywhere near an agency.
    Should've = Should HAVE (not 'of')
    Would've = Would HAVE (not 'of')

    No, I am not perfect, but yes I do judge people on their use of basic English language. If you didn't know the above, then learn it! (If English is your second language, then you are forgiven!)
    • Slithery
    • By Slithery 7th Jul 18, 8:24 PM
    • 826 Posts
    • 1,298 Thanks
    Slithery
    • #3
    • 7th Jul 18, 8:24 PM
    • #3
    • 7th Jul 18, 8:24 PM
    Tenancies in Eng/Wales: Guides for landlords and tenants
    Last edited by Slithery; 07-07-2018 at 8:57 PM.
    • 00ec25
    • By 00ec25 7th Jul 18, 8:29 PM
    • 6,973 Posts
    • 6,654 Thanks
    00ec25
    • #4
    • 7th Jul 18, 8:29 PM
    • #4
    • 7th Jul 18, 8:29 PM
    how do I get started? It seems a bit overwhelming at the moment
    Originally posted by nkomp18
    simple

    you read EVERY word of G-M's post and you read EVERY word of EVERY link therein

    once you have done that we can then explain things you may not have understood otherwise you will come across as a lazy sob who does not want to learn what it takes to be a REAL landlord

    https://forums.moneysavingexpert.com/showthread.php?t=5180214
    • G_M
    • By G_M 7th Jul 18, 10:32 PM
    • 45,322 Posts
    • 54,326 Thanks
    G_M
    • #5
    • 7th Jul 18, 10:32 PM
    • #5
    • 7th Jul 18, 10:32 PM
    ** Tenancies in Eng/Wales: Guides for landlords and tenants This thread is intended to provide information to both landlords and tenants relating to Assured Shorthold Tenancies (ASTs) in England and Wales.

    Topics covered:

    * Repairing Obligations: the law, common misconceptions, reporting/enforcing, retaliatory eviction & the new tenant protection (2015)

    * Deposits:
    payment, protection and return

    * Ending/renewing an AST: what happens when a fixed term ends? How can a LL or tenant end a tenancy? What is a periodic tenancy?

    * Rent increases: when & how can rent be increased?

    * Repossession: what if a LL's mortgage lender repossesses the property?

    * New landlords: advice, information & links

    * Letting agents: how should a landlord select or sack?

    * Lodgers: advice & links for landlords & lodgers
    • tacpot12
    • By tacpot12 7th Jul 18, 11:22 PM
    • 1,381 Posts
    • 1,186 Thanks
    tacpot12
    • #6
    • 7th Jul 18, 11:22 PM
    • #6
    • 7th Jul 18, 11:22 PM
    Do you want to run a business? That is what being a landlord entails. It also entails treating your flat (that was one your home) as a business asset and not getting upset if tenants trash the place.

    You will need a business bank account and business insurance. You will have to consider all the regulations that apply and how you will comply with them, and you will have to complete a self-assessment tax return. As a first time landlord, I would highly recommend you use a letting agent. They can de-risk the process somewhat by weeding out the worst tenants.

    In your case, you will also have to find somewhere else to live. Presumably somewhere much cheaper as otherwise letting the flat will cost you money.

    I'm a landlord, and I do let the house I used to live in, so it is possible. It just takes a bit of research and a bit of resillience when problems arise.
    • nkomp18
    • By nkomp18 8th Jul 18, 7:59 PM
    • 159 Posts
    • 149 Thanks
    nkomp18
    • #7
    • 8th Jul 18, 7:59 PM
    • #7
    • 8th Jul 18, 7:59 PM
    Thanks for advice. I have somewhere to go to, and regulation-wise the apartment is ready to let. I think it's just the business account stuff I need to look at.
    • Pixie5740
    • By Pixie5740 8th Jul 18, 8:09 PM
    • 12,932 Posts
    • 18,591 Thanks
    Pixie5740
    • #8
    • 8th Jul 18, 8:09 PM
    • #8
    • 8th Jul 18, 8:09 PM
    I'm surprised that a flat in London will generate a good rental yield because the property prices in London are so high which makes the rental yields quite small compared with other parts of the UK.

    Is there a mortgage secured against the property? If yes, will the lender give consent to let or are you planning on getting a BTL mortgage?

    Will the freeholder allow you to let your leasehold property? If yes, is there a charge for that?

    Did you use HTB to purchase the flat? If yes will the loan be repaid prior to letting or have you obtained consent to let?
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