Letting my property - advice
Discussion
Eric Mc said:
Thanks for that. Obviously they had a change of heart.
EricThat guidance has been around a few years now and it also applies to replacement kitchens, bathrooms etc - the line where they become capital expenditure is only crossed if they are a significant improvement over the modern day equivalent of what is being replaced.
David
OP - you seem to be ignoring the posts advising you to tell your lender (assuming the property is mortgaged on a residential i.e. not BTL basis at present) you plan to rent it out.
Your contract is likely to require you to obtain their permission...You'll also need to tell them your own address unless you want your tenants getting your annual statement etc...
Your contract is likely to require you to obtain their permission...You'll also need to tell them your own address unless you want your tenants getting your annual statement etc...
With corporate let make sure you see a Certificate of Incorpartion and would suggest also asking for a copy of the memo and articles of association.
Also need to make sure that one of their listed Directors signs the Tenancy Agreement or if not the person who does has been properly delgated that authority and this has been officially documented. You can check the list of registered directors on www.companycheck.com
Use a proper Letting Agent, as a minimum they need to be registered as a SAFE Agent, which means they must have a separate ring fenced client account which must be indepnednently audited at least once a year, have client money protection in place and are a member of NALS, ARLA or RICS.
Just on a side note, I know a poster earlier joked about a cannabis factory but I would suggest you always undertake routine visits at the property. People/gangs who set up cannabis factories always pay the whole term upfront with the hope they won't be bothered at all for a year.
Finally, most of which have already been mentioned (If you use an agent they will do some of this for you)
EPC
Gas Cert
Electrical Safety Check
Insurnace
Independnt Inventory and schedule of condition
Register Deposit with an authorised scheme*
Make sure prescribed Information is sevred together with the schemes Terms and Conditions.*
A thorough Tenancy Agreement
Referencing (yes you can employ reference agencies to undertake company specific checks although you could just request the past 2/3 years accounts to satisfy they won't go bust)
* Won't be needed if a Company let as this falls outside an Assured Shorthold Tenancy
Also need to make sure that one of their listed Directors signs the Tenancy Agreement or if not the person who does has been properly delgated that authority and this has been officially documented. You can check the list of registered directors on www.companycheck.com
Use a proper Letting Agent, as a minimum they need to be registered as a SAFE Agent, which means they must have a separate ring fenced client account which must be indepnednently audited at least once a year, have client money protection in place and are a member of NALS, ARLA or RICS.
Just on a side note, I know a poster earlier joked about a cannabis factory but I would suggest you always undertake routine visits at the property. People/gangs who set up cannabis factories always pay the whole term upfront with the hope they won't be bothered at all for a year.
Finally, most of which have already been mentioned (If you use an agent they will do some of this for you)
EPC
Gas Cert
Electrical Safety Check
Insurnace
Independnt Inventory and schedule of condition
Register Deposit with an authorised scheme*
Make sure prescribed Information is sevred together with the schemes Terms and Conditions.*
A thorough Tenancy Agreement
Referencing (yes you can employ reference agencies to undertake company specific checks although you could just request the past 2/3 years accounts to satisfy they won't go bust)
* Won't be needed if a Company let as this falls outside an Assured Shorthold Tenancy
Edited by TheHound on Saturday 11th October 22:12
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