New Landlord

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    New Landlord

    Hi all!

    My partner and I both own our own property and at the end of the month we're taking the plunge and moving in together. We don't want to sell one of the properties so as a result, I'll be renting my one bedroom flat out.

    I've never been a landlord before and this is all very new to me. I've already managed to find an agent and am intending to take the fully managed option. Just in the tenant selection phase right now. I wanted to get involved in a community of other landlords and hopefully learn a thing or two.

    Does anyone have any general or specific advice for a brand new landlord who knows very little about the industry?

    Thanks,

    C

    #2
    Join NLA/RLA and complete their Distance Learing Courses.

    Comment


      #3
      Join one of the national landlord associations, (NLA or RLA) and read all their material. Don't assume the agent knows what they're doing. Do the Right to Rent checks yourself and if possible handle the deposit yourself too.

      Comment


        #4
        A good starting point is read the how to rent guide, published by the government, as others have mentioned join one of the associations.

        Comment


          #5
          Read this lot... (..all!!)

          https://forums.moneysavingexpert.com....php?t=5180214

          Do you have the financial and emotional reserves to cope with the tenant-from-hell (or agent-from..) who doesn't pay for 7 months whilst you pay for mortgage & legal fees to get them out & repairs? Repairs? Yes, or judge will give them more time to stay.

          And no, those "rent guarantee" schemes/scams and usually scams that don;t tun out.

          Best wishes with the moving in together!
          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


            #6
            Originally posted by theartfullodger View Post
            Read this lot... (..all!!)

            https://forums.moneysavingexpert.com....php?t=5180214

            Do you have the financial and emotional reserves to cope with the tenant-from-hell (or agent-from..) who doesn't pay for 7 months whilst you pay for mortgage & legal fees to get them out & repairs? Repairs? Yes, or judge will give them more time to stay.

            And no, those "rent guarantee" schemes/scams and usually scams that don;t tun out.

            Best wishes with the moving in together!
            Thanks everybody!

            I was thinking of taking out the rent guarantee scheme through the agency as have been offered this at a 2.7% fee. In my mind I was going to take it out for at least the first 6 months and see how reliable the tenants are. This is purely as a slightly nervous first time landlord.

            Out of curiosity, why wouldn't this pay out if needed?

            Thanks,

            C

            Comment


              #7
              I understand some have paid out on occasions but you should check the terms before jumping. These insurances have a poor reputation in the industry whether deserved or undeserved.

              Comment

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