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  • FIRST POST
    • First Time Landlord
    • By First Time Landlord 7th Aug 18, 3:18 PM
    • 7Posts
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    First Time Landlord
    renting out second home
    • #1
    • 7th Aug 18, 3:18 PM
    renting out second home 7th Aug 18 at 3:18 PM
    My partner and i want to rent out our second home and move in together. I used a broker for my home insurance (Alan Boswell Group) but we wanted to know what the best Landlords insurance is. Direct line is very cheap and the cover seems to be a bit thin on the ground.

    We want to rent our home for around £800 per month as the mortgage repayments are around £650. I don't want to keep having to change insurance every year and we want to make sure our house is covered correctly. Is landlords insurance essentially the same as home insurance and what is the best way to ensure you get the best deals each year?
Page 1
    • agrinnall
    • By agrinnall 7th Aug 18, 3:44 PM
    • 20,709 Posts
    • 16,549 Thanks
    agrinnall
    • #2
    • 7th Aug 18, 3:44 PM
    • #2
    • 7th Aug 18, 3:44 PM
    MSE Landlord insurance guide
    • First Time Landlord
    • By First Time Landlord 7th Aug 18, 4:43 PM
    • 7 Posts
    • 0 Thanks
    First Time Landlord
    • #3
    • 7th Aug 18, 4:43 PM
    • #3
    • 7th Aug 18, 4:43 PM
    Very helpful - Will have a read through tonight.
    • Comms69
    • By Comms69 7th Aug 18, 4:53 PM
    • 3,707 Posts
    • 3,519 Thanks
    Comms69
    • #4
    • 7th Aug 18, 4:53 PM
    • #4
    • 7th Aug 18, 4:53 PM
    My partner and i want to rent out our second home and move in together. I used a broker for my home insurance (Alan Boswell Group) but we wanted to know what the best Landlords insurance is. Direct line is very cheap and the cover seems to be a bit thin on the ground.

    We want to rent our home for around £800 per month as the mortgage repayments are around £650. I don't want to keep having to change insurance every year and we want to make sure our house is covered correctly. Is landlords insurance essentially the same as home insurance and what is the best way to ensure you get the best deals each year?
    Originally posted by First Time Landlord
    Are you aware of all your responsibilities as a land lord? Can you afford to pay both mortgages for atleast 6 months?
    • First Time Landlord
    • By First Time Landlord 7th Aug 18, 5:01 PM
    • 7 Posts
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    First Time Landlord
    • #5
    • 7th Aug 18, 5:01 PM
    • #5
    • 7th Aug 18, 5:01 PM
    We can afford it but moving in together should free up some cash if we can rent it out, to either help pay off the mortgages faster or for the odd holiday. Life's for living right?!

    why 6 months?
    • Comms69
    • By Comms69 7th Aug 18, 5:23 PM
    • 3,707 Posts
    • 3,519 Thanks
    Comms69
    • #6
    • 7th Aug 18, 5:23 PM
    • #6
    • 7th Aug 18, 5:23 PM
    We can afford it but moving in together should free up some cash if we can rent it out, to either help pay off the mortgages faster or for the odd holiday. Life's for living right?!

    why 6 months?
    Originally posted by First Time Landlord
    Thatís the average eviction time
    • forgotmyname
    • By forgotmyname 7th Aug 18, 8:18 PM
    • 27,445 Posts
    • 11,082 Thanks
    forgotmyname
    • #7
    • 7th Aug 18, 8:18 PM
    • #7
    • 7th Aug 18, 8:18 PM
    If they drag it out then it could be more than 6 months.

    Watch the TV show "can't pay we take it away". Some of them have dragged it out for over a year and owed the LL thousands and left the house in a state where burning it down and rebuilding would be preferred.

    Bailiffs turn up and they wont let them in and they may only enter through an open door/window. Unless you pay a few more thousands pounds for high court enforcement.

    All this costs you and your unlikely to see a penny back.

    Some one them appear to live a good lifestyle yet think paying rent is beneath them.

    Go into this with your eyes open. What if they dont pay the rent and it takes you over a year to evict them and the court costs and legal fees etc.

    If you cannot pay the mortgage for a year then save enough to do that.
    Punctuation, Spelling and Grammar will be used sparingly. Due to rising costs of inflation.

    My contribution to MSE. Other contributions will only be used if they cost me nothing.

    Due to me being a tight git.
    • Comms69
    • By Comms69 7th Aug 18, 11:35 PM
    • 3,707 Posts
    • 3,519 Thanks
    Comms69
    • #8
    • 7th Aug 18, 11:35 PM
    • #8
    • 7th Aug 18, 11:35 PM
    If they drag it out then it could be more than 6 months.

    Watch the TV show "can't pay we take it away". Some of them have dragged it out for over a year and owed the LL thousands and left the house in a state where burning it down and rebuilding would be preferred.

    Bailiffs turn up and they wont let them in and they may only enter through an open door/window. Unless you pay a few more thousands pounds for high court enforcement.

    All this costs you and your unlikely to see a penny back.

    Some one them appear to live a good lifestyle yet think paying rent is beneath them.

    Go into this with your eyes open. What if they dont pay the rent and it takes you over a year to evict them and the court costs and legal fees etc.

    If you cannot pay the mortgage for a year then save enough to do that.
    Originally posted by forgotmyname
    To be fair thatís not dragged out; thatís the landlord getting it wrong.

    The realistic timeframes are: (s.21) 2 months notice, 6-8 weeks for court date, 2 weeks to leave, 6-8 weeks for a bailiff.

    Your mistaken about bailiff powers in a repossession; they have the right to force entry.

    High court enforcement doesnít cost a few thousand either.

    But I agree with the underlying message.
    • First Time Landlord
    • By First Time Landlord 8th Aug 18, 10:00 AM
    • 7 Posts
    • 0 Thanks
    First Time Landlord
    • #9
    • 8th Aug 18, 10:00 AM
    • #9
    • 8th Aug 18, 10:00 AM
    The house could be sold but we think it would be a wise idea to still have both homes to fall back on in the future, for Kids ect. I've looked at site called Landlord Law and this seems to cover a lot of the details around tenant eviction. They also mention Alan Boswell Group providing rent guarantee insurance if they don't pay rent...

    I need to make sure the fire alarms are up to spec and that we don't have any extra costs turning the house into a Buy to let, as its currently not a Buy to let mortgage? Sooo much to think about!

    Need to maker sure we make the best saving possible
    • Comms69
    • By Comms69 8th Aug 18, 1:47 PM
    • 3,707 Posts
    • 3,519 Thanks
    Comms69
    The house could be sold but we think it would be a wise idea to still have both homes to fall back on in the future, for Kids ect. I've looked at site called Landlord Law and this seems to cover a lot of the details around tenant eviction. They also mention Alan Boswell Group providing rent guarantee insurance if they don't pay rent...

    I need to make sure the fire alarms are up to spec and that we don't have any extra costs turning the house into a Buy to let, as its currently not a Buy to let mortgage? Sooo much to think about!

    Need to maker sure we make the best saving possible
    Originally posted by First Time Landlord


    BTL mortgages attract a higher %. (and you need an LTV of 75% typically)


    There's things like deposit protection - get it wrong and it could cost you thousands.


    Right to rent checks.


    Taxes (obviously)


    Gas safety (yearly)


    EPC (every 10 years I think* check)


    Fire alarms are actually the least of your worries. Assuming you will not be running a HMO (google it, worth knowing!) you only need a fairly basic set up.
    • thrifty_pete
    • By thrifty_pete 10th Aug 18, 12:21 PM
    • 160 Posts
    • 41 Thanks
    thrifty_pete
    I think some landlords insurance policies have legal cover which covers the legal costs leading up to eviction. Some mortgage providers are (or were 8 years ago!) happy to offer an annual rolling permission to have tenants. I don't think they care if its a second home in the sense if you bought it as your only property to live in, but later you have decided to / have to live elsewhere and rent it out.
    • First Time Landlord
    • By First Time Landlord 10th Aug 18, 12:42 PM
    • 7 Posts
    • 0 Thanks
    First Time Landlord
    That's interesting, will look into that. That's could save a chunk of the cash.
    • Thrugelmir
    • By Thrugelmir 10th Aug 18, 12:47 PM
    • 59,543 Posts
    • 52,839 Thanks
    Thrugelmir
    We want to rent our home for around £800 per month as the mortgage repayments are around £650.
    Originally posted by First Time Landlord
    Profit made is taxable. Only interest element of mortgage repayment is tax deductible. Your lender may impose an interest loading for letting the property. You are also responsible for maintenance. Check that the numbers stack up before diving in.
    Financial disasters happen when the last person who can remember what went wrong last time has left the building.
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