Private landlord - Scotland

[hiccy18]

Having moved in with my partner we were intending to sell my flat that has lan empty for a while but a family member wants to rent it. Having never done this before I have a few administration questions:

Do I need to register as a sole trader?
If so, do I need a business bank account?
If not should I get a separate bank account?
How best to take payment, I'm thinking Standing Order?

Any suggestions would be appreciated.

[Mdonnelly14]

Pm me if you want to sell it quickly ....

[technodup]

My only advice would be not to rent it to a family member.

[Phunk]

Do I need to register as a sole trader? - Just need to register for self-assessment with HMRC
If so, do I need a business bank account? - Nope
If not should I get a separate bank account? - You don't have to but can make things easier
How best to take payment, I'm thinking Standing Order? - Any way you wish, most tenants just do a bank transfer

[Saleen836]

technodup said:

My only advice would be not to rent it to a family member.

This in spades!

[hiccy18]

technodup said:

My only advice would be not to rent it to a family member.

Yes, this has been strongly considered! We have decided to proceed but have stressed that everything will be "by the book".

Thanks for advice guys, appreciated.

[Phunk]

One thing to be aware of is many mortgages prevent you from renting to family members, so it's worth checking that.

I've been renting a property to a cousin for over 6 years, perfect tenant she even paid out of her own pocket for new carpets and redecorated the place.

[hiccy18]

Thanks for your input Phunk, it's greatly appreciated. I'm hoping my niece and her fella will enjoy having their first place together and am glad to be able to help out.

[superlightr]

use a letting agent dont DIY