BTL: property self-management after/without Agent

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    #46
    Originally posted by jingle68 View Post
    It is my first BTL so i would like to learn how to manage it myself otherwise i will never know.Is there a 'guide' or list of what to do & in what order?
    You could do worse than getting hold of "Renting out your property for dummies" for a start:http://www.tesco.com/books/product.a...80470029213%20

    Comment


      #47
      Hi jingle,
      The rules you have for ths letting must be your own and you have to decide which way you go with it.
      From your 1st post I guessed that you had very little or no experience and that's ok, this is why forums like this exist.

      There is no list or guide to follow that will assist you here.
      Tenant checks and references can be done by yourself or a paid company on your behalf. This decision has to be yours.
      Deosit/bond (same difference) is down to you but the 'norm' is usually equivalent to a months' rent.
      Any deposit taken after APRIL 2007 needs to be protected in a scheme. 1 or 100 properties, the rule still applies.
      To your last statement i'd respond 'yes, manage it yourself, but beware if you encounter problems, they could be your downfall if all goes pear shaped'
      Ambition is Critical

      I don't profess to be a knowledge in all areas, my advice is based on life experience.

      Comment


        #48
        thank you all for your replies, im now off to Tesco to get that dummies book!

        Comment


          #49
          Hi Jingle
          Although buying a book will give you a basic understanding, some books may be out of date with current legislation. Have a look around on the internet/phone book etc and join a landlord's association - yes it costs an annual fee but the help, advice and support you get from these guys is worth it - also the relevant documents (tenancy agreements etc) should be available through the association too.

          Comment


            #50
            Originally posted by mrseff View Post
            Hi Jingle
            Although buying a book will give you a basic understanding, some books may be out of date with current legislation. Have a look around on the internet/phone book etc and join a landlord's association - yes it costs an annual fee but the help, advice and support you get from these guys is worth it - also the relevant documents (tenancy agreements etc) should be available through the association too.
            That was going to be my next question, where do i obtain all the up to date documents relevant to managing a residential tenancy, i have seen some which come as a bundle for anything from £19.99 right upto £70?

            Comment


              #51
              Hi Jingle
              If you join a Landlord's Association, then the documents you require are normally free of charge (included in your annual membership fee). There are other documents that you can download for free from LZ.
              I obviously can't say which documents you should get as I don't know what type of letting you have.
              I think if you continue to use this forum and familiarise yourself with current regs then you may save yourself a lot of hardship.

              Comment


                #52
                Go to www.rla.org.uk

                join up and get all the forms, AST's and legal advice for £75

                Comment


                  #53
                  Using agent only for finding tenant, then self-managing

                  Hello. I plan on letting my house through an agent but due to their exorbitant charges I want to use them for a tenant find only and then cancel my agreement with them afterwards. I have read the T&C's of my contract with them and there is no financial penalty attached if I choose to end their tenant finding service. Given this scenario am I better off using an third party company to record the inventory and carry out the tenant check in/check out or is this cumbersome? Is this an unusual arrangement i.e third party checking in tenants instead of letting agency? The third party is an AIICO registered inventory company and costs the same as the letting agent. Many thanks.

                  Comment


                    #54
                    Originally posted by creditcrunch View Post
                    Hello. I plan on letting my house through an agent but due to their exorbitant charges I want to use them for a tenant find only and then cancel my agreement with them afterwards. I have read the T&C's of my contract with them and there is no financial penalty attached if I choose to end their tenant finding service. Given this scenario am I better off using an third party company to record the inventory and carry out the tenant check in/check out or is this cumbersome? Is this an unusual arrangement i.e third party checking in tenants instead of letting agency? The third party is an AIICO registered inventory company and costs the same as the letting agent. Many thanks.
                    There is no reason why you should not use the independent inventory company.
                    'Pause you who read this, and think for a moment of the long chain of iron or gold, of thorns or flowers, that would never have bound you, but for the formation fo the first link on one memorable day'. Charles Dickens, Great Expectations

                    Comment


                      #55
                      Even if you cancel your agreement with the letting agency, you will still be liable for renewal/holdover fees if the tenant continues living in the property past the original tenancy term (providing the agency charge such horrible things to start with).

                      I would always recommend a professional inventory clerk be employed to create the inventory and best with accompanying pictures (or video if available).
                      The cost is small, especially when you compare it to the litany of problems that could ensue (and are avoided) if you don't have one done.

                      Ensure you also get checkins and checkouts done, again using a professional inventory clerk.

                      A good inventory clerk, that you get along with and is reasonable, is worth keeping hold of.

                      Don't trust letting agency staff to do inventories or checkins/outs - unless they are specifically trained in this area. Their 'service" is just not good enough.

                      Comment


                        #56
                        Originally posted by creditcrunch View Post
                        Hello. I plan on letting my house through an agent but due to their exorbitant charges I want to use them for a tenant find only and then cancel my agreement with them afterwards. I have read the T&C's of my contract with them and there is no financial penalty attached if I choose to end their tenant finding service. Given this scenario am I better off using an third party company to record the inventory and carry out the tenant check in/check out or is this cumbersome? Is this an unusual arrangement i.e third party checking in tenants instead of letting agency? The third party is an AIICO registered inventory company and costs the same as the letting agent. Many thanks.
                        If it's a tenant find only service then the relationship with the agent should cease once they move in. If there is a sneaky clause about "renewal" fees then just delete it from the agreement before you sign it.
                        The advice I give should not be construed as a definitive answer, and is without prejudice or liability. You are advised to consult a specialist solicitor or other person of equal legal standing.

                        Comment


                          #57
                          Originally posted by Paul_f View Post
                          If there is a sneaky clause about "renewal" fees then just delete it from the agreement before you sign it.
                          This won't work unless the agent is informed of this before signing and agrees to it, in writing.

                          Simply crossing something out on an agreement won't make it null & void

                          Comment


                            #58
                            I understand that, but what was inferred was that if they won't agree then use another agent who will agree to the amendment. Sorry I didn't make it clearer.
                            The advice I give should not be construed as a definitive answer, and is without prejudice or liability. You are advised to consult a specialist solicitor or other person of equal legal standing.

                            Comment


                              #59
                              Originally posted by Paul_f View Post
                              I understand that, but what was inferred was that if they won't agree then use another agent who will agree to the amendment. Sorry I didn't make it clearer.
                              Thank you for clarifying things.

                              FYI - agents that still charge offensive and soon-to-be unlawful continuation fees, are very unlikely to be willing to cancel them just because someone asks (they may reduce them however) so the OP may have to check out a lot of agents before finding the right one.

                              However, I have found that if there's one agent in any one area that levies these fees, all the other agents tend to do likewise, with only their percentages differing, so shopping around may be a waste of time in this regard.

                              Comment


                                #60
                                Originally posted by SEB View Post
                                This won't work unless the agent is informed of this before signing and agrees to it, in writing.

                                Simply crossing something out on an agreement won't make it null & void
                                Wrong on both points I'm afraid.

                                If the LL crosses out terms, returns the signed (amended) T&Cs and the letting agent then starts advertising for tenants etc, the letting agent will be deemed to have accepted the LL's amended terms.

                                LA's Offer = The original T&Cs

                                LL's counter-offer = The amended T&Cs

                                LA's acceptance of LL's counter-offer = Performance


                                This situation is colloquially known as "the battle of the forms".
                                Health Warning


                                I try my best to be accurate, but please bear in mind that some posts are written in a matter of seconds and often cannot be edited later on.

                                All information contained in my posts is given without any assumption of responsibility on my part. This means that if you rely on my advice but it turns out to be wrong and you suffer losses (of any kind) as a result, then you cannot sue me.

                                Comment

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