Hi folks

I am taking over a 2-bed flat at Hillsborough and I need to rent it out for a while to cover the mortgage repayments. I have never done anything like this before and I don't know where to start. I have read quite a few posts on here and all it's left me with is lots of questions! Would any helpful current landlords be able to offer me the benefit of their experience please?

The things I am particularly keen to know are:

1. What are my obligations regarding gas/electricity/fire safety? (I'm not even sure there is a gas supply to these flats).

2. Is it possible/safe to rent without a letting agent? (If I have to pay agent's fees I am likely to be out of pocket even if I get rent every single month).

3. If I manage without an agent, is there a standard contract that I can buy/use so that the tenant and I have our respective responsibilities in writing?

4. What kinds of insurances (e.g. buildings, contents, specialist stuff) are required and where's the best place to go for them?

5. What kind of questions should I ask any prospective tenant?

6. Are there any major pitfalls I should be aware of?

Any tips would be most appreciated.

Thanks,
Ladydriver

i rented out my 2-bed flat a few years ago but went through a letting agent as i living in another city.

it does make your life easier - i.e. they sort the paper work and find the tennants, but they do charge a fee which i think is not worth it really and is expensive as you said.

so do it yourself if you have the time/patience. you can get standard contracts etc online and advice from various websites too.

basically - just make sure you get the right people in and have everything in writing and agreed from the start. get references and go for 'sensible' looking people who aren't going to have parties every weekend and cause damage to your property...

i managed to get 2 young professionals who kept the place tidy and didn't cause any hassles...

good luck!

my main advice is dont use a letting agent - they are a waste of space


1. What are my obligations regarding gas/electricity/fire safety? (I'm not even sure there is a gas supply to these flats). you must have a gas certificate, it is wise to have an electrical certificate, in terms of fire you have to comply with building regs.

2. Is it possible/safe to rent without a letting agent? (If I have to pay agent's fees I am likely to be out of pocket even if I get rent every single month). See above they are a com plete waste of time, I ended sorting it all out myself any way.

3. If I manage without an agent, is there a standard contract that I can buy/use so that the tenant and I have our respective responsibilities in writing? I will send you the one i use if you provide an email.

4. What kinds of insurances (e.g. buildings, contents, specialist stuff) are required and where's the best place to go for them? depends it you are renting furnished or not. If not then you need landlords property insurance only- there are loads on the net

5. What kind of questions should I ask any prospective tenant?
do they:
smoke
have kids
have a job
have pets
run a home business
have the deposit(which you must put into a gov scheme)
have refereneces

6. Are there any major pitfalls I should be aware of?
yes - but not for publication on here

Get a landlords safety certificate. Ring around plumbers and heating engineers and get a quote. I pay £90 but get my boiler serviced for that. Estate agents will take out a lot of the hassle but you will pay for that priveledge. You can download shorthold tenancy agreements or buy them from stationers and WH Smiths. Try and keep the tenancy agreement to 6 months. Get your prospective clients details verified. If you look up www.landlordzone.co.uk (I think) there are Companies on there that provide that service. Insist on 1 months rent in advance and a bond equivelant to 1 months rent and paid in cash or wait for the cheque to clear before handing over any keys.

On the tenancy agreement make sure you have the names of all occupants. Its up to you regarding smokers, kids, pets etc. But any restrictions should be in the tenancy agreement. As for pets, if you accept them, then put the bond up by at least 50%. Animals can leave a smell and the hairs are hard to get rid off. Most landlords dont accept them but those that do can charge that bit more. Insist on direct debit. As for insurance then there is the basic landlord insurance and most brokers can quote. If you get your tenants verified you can also insure your rent.

Avoid housing benefit claimants. Most have good intentions and mean well but in my case it soon wears off.

Good luck!

Heres my list of main points:
1. you need an annual gas safety certificate and an electrical safety certificate for every change of tenant. This is an absolute must for your protection and your tenants. Id also make sure im providing smoke alarms.
2. Give your tenant reciepts for everything and keep copies of everything.
3. Use an assured shorthold tenancy agreement and go through every point so you know exactly what is expected of you as a landlord, and what you expect of your tenant. Go through it with your prospective tenant.
4. Protect any deposit given to you.
5. go through a rough income and expenditure with your prospective tenant to make sure youre reasonably confident they can pay the rent!!!
6. If your tenant is in reciept of housing benefit, make sure they are aware of WHAT the local housing allowance is. I think it is unfair to not consider them - if youre in doubt, ask that the housing benefit be directed to you and not to the tenant.
7. ensure you have insurance and that you have a BUY TO LET mortgage or at least PERMISSION to rent the property(talk to your mortgage provider) - both these are likely to have an impact on your payments.
8. Do an inventory
9. Obtain references of proof of ID. Youll also want to make sure the property is suitable for prospective tenants as well as for you!
10. How long is "a while"? you can make the tenancy agreement for a fixed period, but you need to make this clear to your tenant if youre wanting to return yourself.
9. Do your homework - particularly if you have no financial cushion or previous experience.

Good luck - PM me if you want any more advice!! :0)

Nearly forgot this one!! you need an energy performance certificate as from Oct 08 - the penalty for not having one is a £200 fine from trading standards. Theres loads of ppl on here who do them - expect to pay £50 -60 MAX.

6. If your tenant is in reciept of housing benefit, make sure they are aware of WHAT the local housing allowance is. I think it is unfair to not consider them - if youre in doubt, ask that the housing benefit be directed to you and not to the tenant.


LHA can not be paid directly to the landlord unless the tenant is 8 weeks in arrears, a wonderful rule brought in to give tenants 'more control' over their budget. Unfortunately they often struggle leaving landlords out of pocket. Of course not all tenants claiming LHA are like this, but be aware that it can be a problem.

A couple of major thingsto be aware of is you will be taxed on the income but you can claim for repairs, re-decorating etc.

If you sell at a later date you may be liable for Capital Gains Tax.

LHA can not be paid directly to the landlord unless the tenant is 8 weeks in arrears, a wonderful rule brought in to give tenants 'more control' over their budget. Unfortunately they often struggle leaving landlords out of pocket. Of course not all tenants claiming LHA are like this, but be aware that it can be a problem.

Yes the above applies that the LHA can be paid directly once the tenant is over 8 weeks in arrears due to mandatory ground 8.

However, the tenant can request it to be paid directly if they feel unable to manage their finances giving reasons or even using a supporting agency. It can be paid direct on request if the benefit office feel it would be beneficial to the tenant. Not alot of landlords realise this.

My personal idealogy is if it is paid into a credit union and then in turn passed straight to the landlord via a credit union, that way, if there is an excess (at present tenants are able to keep upto £15 of the LHA if LHA exceeds rent) it can be kept in a tenants saving account.

Hello,

I am an Energy Assessor based in Chapeltown and could point you in the right direction about the EPC have a look on my website where there is a guide for landlords telling you all about your requirements.

Regards Adam

www.inspekto.co.uk
Land lord link if you dony want to visit site

http://www.communities.gov.uk/documents/planningandbuilding/pdf/957171.pdf

hi could any one let me know how to go on. im wantin to rent my family friends house,but i dont no the first thing to tell him in what he has to do to make this happen, he doesnt want to do it through an agency but we need to know how to get all our tenancy agreements and things to get started what he will need 2 get and what the costs of some things are please could some one msg me asap or call lauren on 07846502537 01142378930 would be truly greatful :)

If it is a family friend you could have an informal agreement, depends on how close a family friend he his. But he will still need Gas and Electricity test certificates and he should take out landlords insurance to cover the property. Some policies can cover him for lost rent if you didnt pay him.

Do It Yourself Tenancy Agreements (http://www.oyezformslink.co.uk/assured_shorthold_tenancy_agreements.asp?referrer= googlead&gclid=COLNpJHavaACFclr4wodHyt4TA)

Hello ladydriver,
We are Landlords and Letting Agents and there is, of course, no need to use an agency, providing you meet your obligations and do your homework. The internet is now an invaluable source of information with many useful sites full of information, legislation, forms, products etc.
Landlord Association sites, Letting Agents sites and forums such as this are all excellent places to search.
The advice given above seems sound, but as you look into things in greater depth, I'm sure that you will have further questions. Please feel free to pm me, or email info@fairhomes.co.uk at any time should you require help with anything - our advice and help is free, with no obligation.
Best wishes with the letting.

fairhomes

Hi ladydriver,

re:question 4... here's a list of landlord insurance phone numbers you can phone around and compare their policies.

hope this helps

here's a list of some landlord insurance providers phone numbers ... hope this helps...



Endsleigh............0800 028 3571

Direct Line..........0845 370 4237

More Than..........0800 294 2416

Quoteline............0870 066 7500

Simply Business...0845 602 3165

Tesco................0845 300 9900

NatWest.............0800 051 0562

I have 3 props i rent out and the best thing you can do is put it in the hands of a good letting agent who will draw up all the contracts etc you need to sleep at night .

You'll need a landlords gas safety inspection and maintenance either every twelve months or each time the property is re-let which ever comes first we can do this for you, should you require please contact us on the numbers below.

Help! I need a new electricity certificate for a house to be rented ( I cannot find the previous one or even remember who did it!!). Any advice/recommendations on a reliable and speedy sparky welcome please

Here's a good place to start. Did me alright. http://www.sheffield.gov.uk/in-your-area/housing-services/private-sector-housing/private-landlords/sheffield-responsible-landlord-scheme

hi, if need a decorator give me a call on 07702059898 tom. references can be supplied. tg decorators.

With regards Letting Agents, should anyone ever need the assistance of a Professional outfit, then please feel free to contact me. Our rates are very competitive and our professional service is based on getting you the right tenants first time. Quote LMUK01 when you call or email me direct - lettingsmanuk@gmail.com.

ps. Ask for Rob.