Help / advise

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    Help / advise

    Hi I have been renting out my first bought home ( 2 up 2 down terrace ) for the last 18 months ( first year was to my brother in law ,the last 5 months has been to a friend of a friend ) . Just a bit of background info , the idea of renting this house out was to be “ a little nest egg for the future “ something for our children to hopefully benefit from when they eventually want to get on the property ladder one day. Having lived in this house for 8 years before be had to move due to a growing family a lot of time effort and money was put in to Doing it up new bathroom / kitchen ect . The idea of renting the house out was as an investment. I’m a top man 100% genuine I want my tennants to be happy and have strived to do just that. I have recently had to deal with a leaking water pump , which came through the kitchen ceiling which I have had fixed really quick . However I’m getting a bit stressed with the idea of being a landlord and having to pay tax , get insurance , safety certificates ect ect . Does anyone have a checklist of things I need to have to to be above board , as I say I lived in the house for 8 years and it was done to a good standard , good enough for myself wife and kids , in theory I really just want to tick all boxes to put my mind at ease. I have not taken part in any landlord scheme as in my area it is expected to finish when the year is out and is not to be renewed .

    #2
    https://forums.moneysavingexpert.com....php?t=5180214
    When I post, I am expressing an opinion - feel free to disagree, I have been wrong before.
    Please don't act on my suggestions without checking with a grown-up (ideally some kind of expert).

    Comment


      #3
      Your position is enormously risky. Landlording is not for the amateur landlord any more. You could lose your shirt or even your liberty over something youre not even aware of. I suggest you reconsider your strategy

      Comment


        #4
        No offence but you seem to have difficulty spelling tenant, have been renting for 18 months but sound like you've not done a tax return for 17/18 (required by 31/01/2019, 9 days away, or fines & penalties..). Have you done SA for 17/18 please?

        Suggest you join RLA and/or NLA and do their courses for landlords: They are cheaper (cost, time..) than ignorance - I know, I made daft mistakes when I started....

        Good luck!
        I am legally unqualified: If you need to rely on advice check it with a suitable authority - eg a solicitor specialising in landlord/tenant law...

        Comment


          #5
          I'm a tenant. Listen to the advice above.
          You would be very easy to screw over by either an unscrupulous tenant or by a family member/friend who took a grudge. Which does happen...
          You are in it for the nest egg/extra income - a tenant is in it for a nice place to live. All being well it's win-win, but the risk is entirely with you. You are a business and there are rules to follow which if broken could screw you over significantly.

          Comment


            #6
            Sorry I was up the wall today when posting . I take it my immediate plan of action should be 1- landlord insurance 2- get gas / electric safety certificate 3 - landlord license. ?? I have a tenancy agreement in place, I think because it was to a friend of a friend and I had a lot going on in my personal life I kind of buried my head in the sand. 4- the tax issue, ????? Any help would be great thanks everyone who has replied so far

            Comment


              #7
              Don't forget an EPC. Speak to hmrc and ask if they can collect tax via paye. I believe they will if either the income from the property is less than 10k or the profit is, look it up on hmrc website, I can't recall. Do it before 31 Jan 19, so the end of the month.

              Comment


                #8
                You are required to dig your way out of the hole of your own making, by seeking prof legal advice asap.
                Could be expensive!

                Comment


                  #9
                  Do some training urgently.

                  Comment

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