point and shoot Posted January 17, 2011 Report Share Posted January 17, 2011 If you don't need the capital, don't sell. The rent will give far more income than any savings account! I always make sure to check employers reference and any previous landlord references. Bank references are essential. It's not a bad idea to also get a guarantor. All forms etc are easilly available on line. I avoid agents as they normally charge 10 - 12% on each months rent and YOU end up chasing them to get anything done! I have a plumber, electrician, roofer etc that I just have to pick up the phone and they are there. Once set up. Easy peasy! Good luck with it. Les Quote Link to comment Share on other sites More sharing options...
Paddy Galore! Posted January 17, 2011 Report Share Posted January 17, 2011 I have a better idea, rather than spend all that money on fire alarms, pat tests, boiler servicing etc, just let it out to immigrants, charge them £50 a week each CASH, and cram them in 10 to a room. ,EASY MONEY! Quote Link to comment Share on other sites More sharing options...
harrycatcat1 Posted January 17, 2011 Report Share Posted January 17, 2011 I have quite a few house's that i rent and the odd one i have DHSS in and i dont have any problems at all. it down to you to check them out,and get a good bond. [/quote As I have said before I have stopped renting to DSS, just out of interest how do you check them out? And what do you do if they dont pay rent and leave you out of pocket? Take them to court and they pay £7.50p per month, no thanks been there done it. ps, it went downhill when the goverment stopped councils paying landlords Quote Link to comment Share on other sites More sharing options...
berties Posted January 17, 2011 Report Share Posted January 17, 2011 Whole different set of rules for houses in multiple occupation, fireproofing, hardwired alarms, self-closing fire doors, inspections, etc etc etc. plus a whole lot more maintenance. Andy With forty students in houses in his growing estate ,once set up it's a piece of cake,HMO rules are not rocket science but common sense ,I cover phones and mail in his absence and it is not hard to deal with the problems,most are comical stupid student mistakes Defiantly a money spinner with long term rewards Quote Link to comment Share on other sites More sharing options...
paul hart Posted January 18, 2011 Report Share Posted January 18, 2011 my local council still pays me direct so i have no problems at all with DHSS out of all my houses i have 4 this way and to be fair i have not got 1 bad tennant. Quote Link to comment Share on other sites More sharing options...
harrycatcat1 Posted January 18, 2011 Report Share Posted January 18, 2011 my local council still pays me direct so i have no problems at all with DHSS out of all my houses i have 4 this way and to be fair i have not got 1 bad tennant. Well I should count yourself lucky that they still pay you as all the councils around here dont unless they get in arrears of over 2 months and I thought that was nationwide on instructions from the government. I have been stung three times with DSS tenants over the last 15 years. Quote Link to comment Share on other sites More sharing options...
timps Posted January 18, 2011 Report Share Posted January 18, 2011 The legal requirements are an annual gas safety certificate, an Energy Performance Certificate on the property and you have to use a Tenancy deposit protection scheme. Also it’s a bit of a grey area but you are responsible for servicing the gas boiler / fire and there are aspects of this not covered in the standard gas safety check. It’s a grey area weather it needs doing yearly depending on who you talk to. Quote Link to comment Share on other sites More sharing options...
Dougy Posted January 18, 2011 Report Share Posted January 18, 2011 my local council still pays me direct so i have no problems at all with DHSS out of all my houses i have 4 this way and to be fair i have not got 1 bad tennant. I agree with you on this,the council will always pay and its easier to get the money from them. the only down side would be if it was only short term rental due to the possible deteriation of the upkeep, and you were expecting to move back in, say after a year away. As somebody new into renting i would use an agent for peace of mind, but you will need to keep on top of them for a while or they will take the P. We use an agent and at first they didnt play ball and i got involved just a little now they are fine no problems. Just remember you are employing and paying them to do a job Quote Link to comment Share on other sites More sharing options...
harrycatcat1 Posted January 18, 2011 Report Share Posted January 18, 2011 Have a look at this link about payments to landlords that all councils are supposed to adhere to http://www.basingstoke.gov.uk/Bdbc.Cms/Templates.Generic/MultipleDownloads.aspx?NRMODE=Published&NRNODEGUID=%7b78817008-D80F-4F22-913E-71532E308496%7d&NRORIGINALURL=%2fhousing%2fBenefits%2fallowance%2fdirectpayment%2ehtm&NRCACHEHINT=Guest#who Thats if the link works Quote Link to comment Share on other sites More sharing options...
paul hart Posted January 18, 2011 Report Share Posted January 18, 2011 Maybe i am lucky??? all i can say is they owe me nothing and pay ever month on time, same for the ones that i collect every 4 weeks. Quote Link to comment Share on other sites More sharing options...
daz2202 Posted January 18, 2011 Report Share Posted January 18, 2011 SELL IT, have the money in the bank and dont have the worry or hassle of renting it out. Trust me its hard work and your tennents have more rights than you. Quote Link to comment Share on other sites More sharing options...
harrycatcat1 Posted January 18, 2011 Report Share Posted January 18, 2011 Maybe i am lucky??? all i can say is they owe me nothing and pay ever month on time, same for the ones that i collect every 4 weeks. You stick to what works for you mate. Quote Link to comment Share on other sites More sharing options...
whiskymac Posted January 18, 2011 Report Share Posted January 18, 2011 (edited) I'm a landlord and most of the replies I've read here I agree with....essentials are landlord gas safety certs, periodic electrical testing, EPS and bond schemes (if you take a bond.....2 different schemes if you look into it) and assured shorthold tenancies. Only thing I do a bit different is I now take non-refundable 'arrangement' fees instead of deposits. Basically it's an amount upfront like a deposit but instead it supposedly covers viewings, generating a tenancy, paperwork, etc. I can't really take as much as I used to with bonds but I don't have the hassle of the bond schemes to deal with....and I got cheesed off trying to agree (disagree) with tenants how much money they should get back. It's a bit of a grey are with the law and some might say if it went to court it could be construed as a deposit but I have a clause in my tenancy agreement and my solicitor is happy with it. Oh and if you are getting tenants to pay elec/gas/council tax (this is the norm really) then make sure the council and gas/elec people know the tenant is paying and not you (or your friend). Don't take the tenants word for it....check, they could be running up bills in the house owners name. It's not without hassle renting houses so good luck to him. Edited January 18, 2011 by whiskymac Quote Link to comment Share on other sites More sharing options...
Dougy Posted January 18, 2011 Report Share Posted January 18, 2011 SELL IT, have the money in the bank and dont have the worry or hassle of renting it out. Trust me its hard work and your tennents have more rights than you. Ok, you sell it get say 150,000 slap it in the bank and get a whopping 3% pa interest if your lucky, that will give you £5,000 give or take a few bob. Or spend it on premium bonds, and take a bit of a free gamble, and still have your money Or you rent it, get say £500 per month, £6,000 per year and still have the property, simples Quote Link to comment Share on other sites More sharing options...
jacksdad Posted January 18, 2011 Report Share Posted January 18, 2011 (edited) Or as happened to me, the tenant stopped paying the rent, refused to move out, after her partner did a runner (wise man) The council wouldn't pay the rent to me, they wouldn't re-house her as she wasn't classed as homeless. She had 3 kids, so the council said she needed all her money She was working full time cash in hand, then she took in a lodger! I told the benefits people but they did nothing as I didn't have proof. I went to court to get an eviction notice but my solicitor had served 4 weeks notice but it needs to be 4 weeks from the next full month, this was on the 5th of the month. So another few weeks with no rent, then she said she needed 42 days notice, which the court granted A week before the eviction, she moved out, after flooding the kitchen, smashing every door and frame right off the walls, painted the living room in purple gloss and left 10 bin bags of rotten food to shift. Cost to me? £16000........ I sold the house after that, I will NEVER rent again, the landlord has no rights at all. I even got told by the police that if I went to the house I would be arrested. NEVER AGAIN ! Edited January 18, 2011 by jacksdad Quote Link to comment Share on other sites More sharing options...
John_R Posted January 20, 2011 Report Share Posted January 20, 2011 Ok, you sell it get say 150,000 slap it in the bank and get a whopping 3% pa interest if your lucky, that will give you £5,000 give or take a few bob. Or spend it on premium bonds, and take a bit of a free gamble, and still have your money Or you rent it, get say £500 per month, £6,000 per year and still have the property, simples Exactly, selling it is like chopping down a fruit tree to burn the wood. If you need some cash now, just get a small mortgage on it and extract some equity. Quote Link to comment Share on other sites More sharing options...
artschool Posted January 20, 2011 Report Share Posted January 20, 2011 Or as happened to me, the tenant stopped paying the rent, refused to move out, after her partner did a runner (wise man) The council wouldn't pay the rent to me, they wouldn't re-house her as she wasn't classed as homeless. She had 3 kids, so the council said she needed all her money She was working full time cash in hand, then she took in a lodger! I told the benefits people but they did nothing as I didn't have proof. I went to court to get an eviction notice but my solicitor had served 4 weeks notice but it needs to be 4 weeks from the next full month, this was on the 5th of the month. So another few weeks with no rent, then she said she needed 42 days notice, which the court granted A week before the eviction, she moved out, after flooding the kitchen, smashing every door and frame right off the walls, painted the living room in purple gloss and left 10 bin bags of rotten food to shift. Cost to me? £16000........ I sold the house after that, I will NEVER rent again, the landlord has no rights at all. I even got told by the police that if I went to the house I would be arrested. NEVER AGAIN ! sorry to hear that. i had a similar situation but once i realised that they were savvy to the courts system i had some friends go and persuade them to leave. a bit naughty but i couldnt afford to wait or risk damage to the property. you are 100% correct that the landlord has very little rights. Quote Link to comment Share on other sites More sharing options...
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