Loros Directions Quiz C/D 23/01
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Renting out my flat
12 Answers
I have a flat which I have been living in up until now. I'm intending to live with my partner in her house soon. I'm contemplating renting out my flat and have been in touch with a local letting agent who have given me a "Landlord's Information Pack" which is quite informative.
Have any of you guys any experience in letting out property and can point out any pitfalls?
Have any of you guys any experience in letting out property and can point out any pitfalls?
Answers
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My sister lets out her house and, to be honest, she has had so many problems using various letting agents. Unpaid rent being the major one, damage coming a close second.
If you can, try and let it out to someone you know, or a friend of a friend. I've seen people put things like "3 bed house to rent" on their Facebook statuses, and then a few details. It's free advertising, and you know the people who enquire are people you know and trust.
If you can, try and let it out to someone you know, or a friend of a friend. I've seen people put things like "3 bed house to rent" on their Facebook statuses, and then a few details. It's free advertising, and you know the people who enquire are people you know and trust.
Make sure they do a Photographic schedule of condition of your flat and items within the flat. Have the tenant sign the Photographic Schedule of Condition and attach it to the Tenancy Agreement. Agent will charge for this, but you will have proof of condition of property was when it was let out to tenant.
We do this ourselves and manage our 3 properties ourselves, as we have had agents in the past and they do not manage the property how we want. We have never (touch wood) had any problems as yet.
Best wishes,
We do this ourselves and manage our 3 properties ourselves, as we have had agents in the past and they do not manage the property how we want. We have never (touch wood) had any problems as yet.
Best wishes,
All good advice, Dos.
If you don't want to get involved personally, the other side of the coin is to vet your letting agent.......... as it were.
I have a friend who runs her own agency. She is soooo fussy whom she takes on.......... both the property, which has to be double pukka...... and especially the renters...... no hoi polloi etc :o)
It works both ways.
If you don't want to get involved personally, the other side of the coin is to vet your letting agent.......... as it were.
I have a friend who runs her own agency. She is soooo fussy whom she takes on.......... both the property, which has to be double pukka...... and especially the renters...... no hoi polloi etc :o)
It works both ways.
I would ask the agency to give you a copy of the tenancy agreement and go through it with a fine 'touch-comb'.
Don't be afraid to ask them to add extra Clauses in the tenancy agreement.
My other half is a Chartered Surveyor and we write our own Tenancy Agreements and we have covered all bases in that. Like I said, we have had no problems so far with tenants, so far.
I would be wary of Letting Agents, as we got feedback from our tenants in the past about LA's. As our properties were managed by the Agent. Half of the time, the Agent would never inform us of any problems that came up. i.e. a leaking tap or a guttering problem. Agent was telling tenant they had connected us and were waiting a decision from us.
We decided to manage our properties ourselves as it cuts the middle-man. Any issues/problems are sorted asap or within a reasonable timescale.
I would also strongly recommend that YOU undertake regular 6 monthly inspections, to make sure tenant is looking after your property.
Don't be afraid to ask them to add extra Clauses in the tenancy agreement.
My other half is a Chartered Surveyor and we write our own Tenancy Agreements and we have covered all bases in that. Like I said, we have had no problems so far with tenants, so far.
I would be wary of Letting Agents, as we got feedback from our tenants in the past about LA's. As our properties were managed by the Agent. Half of the time, the Agent would never inform us of any problems that came up. i.e. a leaking tap or a guttering problem. Agent was telling tenant they had connected us and were waiting a decision from us.
We decided to manage our properties ourselves as it cuts the middle-man. Any issues/problems are sorted asap or within a reasonable timescale.
I would also strongly recommend that YOU undertake regular 6 monthly inspections, to make sure tenant is looking after your property.
We have just let a flat through a letting agency.
The agency places the bond into an official bond bank (illegal not to). They also do a credit check on the prospective tenant (at the tenants expense). They also sort out the shorthold tenancy agreement and forward a copy to us.
They conduct an in depth inventory, with the tenant, listing not only the contents of the flat but also the condition of the flat re. marks on the walls, damaged cupboards etc. All signed by agent and tenant so that there can be no argument about the bond at the end of the tenancy.
The agency also inspects the flat after 12 weeks and 6 monthly after that.
The agency collects the rent and forwards this on ( less their 8%) and they do the chasing if rent is late.
You could do all this yourself but do you really want the hassle?
The agency places the bond into an official bond bank (illegal not to). They also do a credit check on the prospective tenant (at the tenants expense). They also sort out the shorthold tenancy agreement and forward a copy to us.
They conduct an in depth inventory, with the tenant, listing not only the contents of the flat but also the condition of the flat re. marks on the walls, damaged cupboards etc. All signed by agent and tenant so that there can be no argument about the bond at the end of the tenancy.
The agency also inspects the flat after 12 weeks and 6 monthly after that.
The agency collects the rent and forwards this on ( less their 8%) and they do the chasing if rent is late.
You could do all this yourself but do you really want the hassle?
Thanks very much for your advice guys. My initial feel is to go with an Agent (a local agent with a good reputation has been recommended), much as Graham has suggested as I don't have too much time on my hands at the moment. I'll see how it goes and maybe manage the situation myself at a later date. Some good tips there, so thanks again!
I guess that i have to let my Mortgage-lender know?
I guess that i have to let my Mortgage-lender know?
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If you have mortgage on the flat be sure to let your lender know. They may 'adjust' the interest rate for an authorised let; however if the let is unauthorised and they become aware then the 'adjustmnet will be greater and it can be backdated. They may want to see a copy of the tenancy agreement and some lenders do not agree to letting to students or people in receipt of DHSS benefits
Buildings Insurance is included in the monthly maintenance fee charged by the Property Management Company, so I guess that's covered. I intend to let it unfurnished on the basis that the less there is, the less that I'm responsible for!
I intend leaving the Cooker, Washing Machine, Fridge and Freezer. Good idea or not?
I intend leaving the Cooker, Washing Machine, Fridge and Freezer. Good idea or not?
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