Hi,

I've been thinking about letting my house. Unfortunatly i do not know anyone that has done this before to give me tips and advice.

Does anybody know of a good agency? What exactly does it involve? Does anybody know what the agents look for when they value the property for rent? what exactly does furnished entail? ect bed? wardrobe,washing machine?

any advice will be much appreciated.

thank you!

contact the university accommodation office if you intend to let to students - if you want them to list your house, it has to meet certain criteria. i'm sure if you ask nicely they'll send you a list. that way you wouldn't need an agent, but don't underestimate how much work a rental house can be for you to upkeep. also - be really sure that there is a rental market for houses like yours in your area - you don't want to be stuck with a house that you can't fill. don't take a risk if you can't take the losses.

good luck

I think most of the estate agents are now in the business of letting properties so I'd like to bet you'd get all the info you require by popping in and asking.
Few things to remember, if you've got a mortage the mortage company may need to be notified and could even stop you from proceeding.
Make sure it is let with a short term tenancy agreement which gives you some safety but the law still tends to favor the tennant.
If it's furnished make sure there is a detailed list of everything in the house even down to light shades.
The agent is usually the one who brings in workmen if anything goes wrong without you being contacted and they often use the most expensive workmen out there and you get the bill.
Make sure the agents vet the tennants and get references from previous landlords they've had.
Keeping the house insured can be problematical and contents insurance can also be difficult so it's worth shopping around.
My info is a few years out of date which is why I suggest going to talk to an agency if only to get up to date advice.

I couldn't get anyone to give me contents insurance.

And as regards your contents - the more you put in there, the more there is to go wrong that you have to get fixed.

I wouldn't rent to students to be honest - the multiple occupany rules have made it much more hassle than it already is. If you do rent to students, get their parents details. The parents usually want to think that their delightful offspring are well behaved, so some parental policing is often useful.

Hi

Try this link for advice from the Council: http://www.sheffield.gov.uk/in-your-area/housing-services/private-sector-housing/private-landlords.

I would start by asking an agent to value you the house for sale and rental. My friend had Blundells to do this, but I am sure pretty much most of them will be able to do this for you.

I would guess that the agent would look at obviously the house size and area and how much rental other properties are available at. I would think that they would look at condition as well.

Once you have had this, you will at least have an idea of whether the finances will stack up in terms of the mortgage & insurances being paid.

In terms of finding a tenant, an agent will advertise the property and vet any potential tenants (for a fee, of course!). If you don't want to pay them then find out how much advertising in the paper is. You can still ask for references but you will have to chase them etc.

In terms of management of the property, an agent will do this. They will sort out the tenancy and any repairs which need doing. But they will take a percentage of the rent for this and this could be as high as 10%.

If you decide to manage the property, then you need to find out about your repairing responsibilities, which you will have by law. You also need to find out about the tenancy arrangements, through a solicitor or the CAB.

In terms of furnished or unfurnished, tomataheed's point is good- the more you leave in the property, the more damage can be done. If it is unfurnished then it is the tenants responsibility to get their own contents insurance. Maybe speak to the agent about this??

In terms of rental, try and consider 'void' periods when the property is likely to be empty, when you set your rent.

Good luck. Hope this is helpful.

C

Thank you everyone for you comments and suggestions. This is only an idea in the pipeline. just trying to gather my options at the moment.

thanks again! :)

Hi there,

One more thing - if you go ahead with renting it out, don't forget the taxman!

It's on you to declare the extra income to the Revenue and Customs else you might get stung with an unforeseen bill. But if you use the rent-a-room scheme, you are allowed £4,250 per annum in income tax-free. See this link for more information:

http://www.direct.gov.uk/HomeAndCommunity/RentingAndLetting/LettingYourHome/fs/en

I'm not an accountant or tax specialist mind so seek some advice from a financial advisor, or simply call the Inland Revenue for more information, they're actually quite helpful!! :-)

S

I couldn't get anyone to give me contents insurance.

And as regards your contents - the more you put in there, the more there is to go wrong that you have to get fixed.

I don't find any problem with contents insurance. The problem is 'accidental' contents for obvious reasons but you can insure contents for theft and fire. Also if you insure contents then you will also be covered for liability - such as tenant tripping over rug and breaking neck. leg etc.
I insure with Archway brokers - very reasonable.

I don't find any problem with contents insurance. The problem is 'accidental' contents for obvious reasons but you can insure contents for theft and fire. Also if you insure contents then you will also be covered for liability - such as tenant tripping over rug and breaking neck. leg etc.
I insure with Archway brokers - very reasonable.

I might give them a call - have you got a number? Thanks.

contact the university accommodation office if you intend to let to students - if you want them to list your house, it has to meet certain criteria. i'm sure if you ask nicely they'll send you a list. that way you wouldn't need an agent, but don't underestimate how much work a rental house can be for you to upkeep. also - be really sure that there is a rental market for houses like yours in your area - you don't want to be stuck with a house that you can't fill. don't take a risk if you can't take the losses.

good luck


Plus, it could be rather expensive to meet university criteria: fire doors and staircase panelling....

Here are some other points to consider when getting your property ready for letting...

1. Notify your insurance company and make sure your cover is adequate for it's current value.

2. So you're assured the maximum potential rental, really make an effort to prepare & clean the property. All that House Doctor / neutral wall colour stuff helps alot.

3. As a landlord it's your responsibility to make sure the building & contents are fully insured + you'll need to provide evidence of this to any lettings agent you choose.

4. As mentioned before you definetly need consent from your mortgage lender. They are likely to agree if you can show solid evidence of the likey rental level you'll achieve & that you're putting the managment of the property into the hands of a reputable letting agent.

Best of luck!

Regarding insurance on a let property. Our lot do it.

Cover is available for buildings insurance with no accidental damage cover
minimal contents cover for carpets etc.

Also you will have an endorsement excluding cover for malicious damage by tenants.

I'd only use an agency if I was living abroad or a long way from the house I was renting out.

I might give them a call - have you got a number? Thanks.

Website is www.archwayinsurance.co.uk

Number - 0207 686 8000

Look at the small print with any agent who may look after it .
If they are involved in a rental set up, they charge you a service charge and remain involved whilst ever that client rents your house.
So if your tennent stays five years, so do the agents and their charges.
Cant say agents have a great reputation for looking after property, an example is that they call to check on your property every 4-5 weeks. I know of few who actually do this yet you are charged for it. If you are abroad then its the only way to go to be fair.

Hi there

Renting out a property can be expensive using an estate/letting agent.
Tenants are entitled to their Landlords Name and Address by Law (Landlord and Tenant Act) and very often tenants have problems with letting agents and make attempts to contact the landlords anyway.

If renting out to people on benefits then these can be longer term tenants but you need to bear it mind it may well be a few months before the housing benefit is sorted and you would need to cover the money.

If you are concerned about tenancy agreements etc, no legal requirement to issue a tenancy agreement but of course if you issue one it can protect you more with trying to reposses during the fixed term due to rent arrears etc. Tesco website has a fantastic section where you can buy 101 legal documents or just tenancy agreements and you just fill in name, address, rent etc ....

There are also websites you could look at that have forums/info on :-

ARLA - http://www.arla.co.uk/info/landlords.htm
There are some others but cant remember details, do a google search.

Best of luck

Loops

I'm a student in my 4th year of uni, becareful if you do rent to students. Your prob better of sticking with girls only as some of my m8s treat there house like S**T.

I use Martin & co 0114 282 3365 for my Sheffield properties and Rotherlets 01709 303 120 for my Rotherham properties. Both charge 10% of the monthly rent for their fees. They take all the hassle out of renting as the tennants are vetted/referenced/bonded/6 monthly inspected by them and the tennant rings them with any problems. They also get the gas appliances tested/serviced every year. Make sure you get 3 star cover on the central heating/plumbing etc. Any other repairs, I get informed by the letting agent and decide if I'm going to do it/organise it myself or let them get someone in and bill me.