Renting your house out
Discussion
To start you off..
Letting friends of friends get excessive rent discounts
Deposits not large enough (or non existent)
Not registering deposits properly with the appropriate services
Waiting to issue eviction notices to bad tenants
Employing the cheapest agents instead of decent ones
Poor inventories
Not advising the building society / lender to get consent to let
Incorrect insurance policies
Not vetting tenants appropriately
Letting friends of friends get excessive rent discounts
Deposits not large enough (or non existent)
Not registering deposits properly with the appropriate services
Waiting to issue eviction notices to bad tenants
Employing the cheapest agents instead of decent ones
Poor inventories
Not advising the building society / lender to get consent to let
Incorrect insurance policies
Not vetting tenants appropriately
AreseV6 said:
Cheers any legal requirements in renting it out ?
Loads. Mostly for good reasons. This is a big deal so do some homework through google.http://www.direct.gov.uk/en/HomeAndCommunity/Priva...
for a start.
Each type of property/premises to let, comes under different types of regulation, so to keep things simple, the following information covers residential flats and houses.
Due to fire & health regulations and being responsible also for repairs, I tend to let my properties both unfurnished and the minimum of white goods, so no bed, sofa, chairs, wardrobes etc. etc., although white goods I may include, an example of those type of goods being fridge, washing machine etc.
If the premises to be let has any gas appliances, fire, central heating boiler etc., then one requires a Landlord’s Gas Safety Certificate, the same supplied by an approved Gas Safe Engineer.
As far as Electrics are concerned there are no requirement for an annual safety check, although for your own peace of mind just carry out a visual check of sockets, switches, lamp holders etc. White goods, washing machines, kettles only have to be checked by a competent person, so again do visual checks looking for frail wires and possible water mixing with electrics etc. You may not be aware but home electrics have to be carried out by a qualified electrician.
I tend to try and do most of the repairs myself, apart that is boilers or gas gas appliances, so I both visit and use the advice forum of Screwfix. I always carry electrical fuses, plumbing washers and front door lock cylinders c/w keys. I don’t get many call outs, but when I do, particularly loss keys etc. I always like to be prepared.
If your property has a mortgage against it, then both ensure the mortgage company is aware of you renting the property out, and also ensure the building insurance company are also aware, and agreeable to you renting out the property.
Prior to showing potential tenants around the property, you will need to obtain an Energy Performance Certificate http://epc.direct.gov.uk/index.html, the Certificate if requested by a potential tenant must be shown at the time of viewing the property.
I usually have installed one or two fire smoke alarms, a fire extinguisher and in the kitchen a fire blanket, with again one or two (depending on number of appliances)
carbon monoxide detectors.
With the above in hand, check that all water stop taps are functioning correctly, loft insulation installed, water tanks and pipes lagged, then take one more walk around property for repairs, health & Safety risk assessment.
Whether you self manage or use a letting agency will be for you to decide, if the former then please advise when further advice can be accorded you.
Due to fire & health regulations and being responsible also for repairs, I tend to let my properties both unfurnished and the minimum of white goods, so no bed, sofa, chairs, wardrobes etc. etc., although white goods I may include, an example of those type of goods being fridge, washing machine etc.
If the premises to be let has any gas appliances, fire, central heating boiler etc., then one requires a Landlord’s Gas Safety Certificate, the same supplied by an approved Gas Safe Engineer.
As far as Electrics are concerned there are no requirement for an annual safety check, although for your own peace of mind just carry out a visual check of sockets, switches, lamp holders etc. White goods, washing machines, kettles only have to be checked by a competent person, so again do visual checks looking for frail wires and possible water mixing with electrics etc. You may not be aware but home electrics have to be carried out by a qualified electrician.
I tend to try and do most of the repairs myself, apart that is boilers or gas gas appliances, so I both visit and use the advice forum of Screwfix. I always carry electrical fuses, plumbing washers and front door lock cylinders c/w keys. I don’t get many call outs, but when I do, particularly loss keys etc. I always like to be prepared.
If your property has a mortgage against it, then both ensure the mortgage company is aware of you renting the property out, and also ensure the building insurance company are also aware, and agreeable to you renting out the property.
Prior to showing potential tenants around the property, you will need to obtain an Energy Performance Certificate http://epc.direct.gov.uk/index.html, the Certificate if requested by a potential tenant must be shown at the time of viewing the property.
I usually have installed one or two fire smoke alarms, a fire extinguisher and in the kitchen a fire blanket, with again one or two (depending on number of appliances)
carbon monoxide detectors.
With the above in hand, check that all water stop taps are functioning correctly, loft insulation installed, water tanks and pipes lagged, then take one more walk around property for repairs, health & Safety risk assessment.
Whether you self manage or use a letting agency will be for you to decide, if the former then please advise when further advice can be accorded you.
although for your own peace of mind just carry out a visual check of sockets, switches, lamp holders etc. White goods, washing machines, kettles only have to be checked by a competent person, so again do visual checks l
AND keep a record of when/ what you inspected and what you saw even if everything is fine.
AND keep a record of when/ what you inspected and what you saw even if everything is fine.
Oh, and think carefully about how you deal with the money. As you might imagine there are significant tax and insurance issues - and if there is a mortgage on the property you will be obliged to let the lender know which may have significant ramifications.
Or you could try to get away with not telling them - and hoping nothing ever comes up.
Best of luck.
Or you could try to get away with not telling them - and hoping nothing ever comes up.
Best of luck.
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