Adding clauses to AST

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    #16
    I'd agree with others that you don't have the financial resources to be a landlord, and should sell up, rather than let out.

    However, if you do go overseas, it is likely that the tenant will have to deduct your income tax at sources, which is going to be difficult if they don't actually handle the money.

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      #17
      Originally posted by Luke View Post

      They will begin as tenants , I will move out before they move in . I have just had another inquiry and the new potential tenants have a guarantor , they also are on U.C as well though . I'll just make sure that the guarantor is legit
      The guarantor will be if no use whatever after the 6 month time point. So this is no advance at all. And unless you know how guarantor agreements work and are signed likely even less than useless over the initial fixed period.

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        #18
        The general advice on the forum is to avoid rent to rent schemes like the plague. If you intend to return and live there, that is especially true.

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          #19
          Originally posted by nukecad View Post
          As the others have said you do not know (to be frank haven't got a clue) what you are proposing - it's going to end in stress for you and big fees for lawyers if you try what you are proposing.
          .
          That is correct , I do not know what I am doing.......................thats why I came on here asked you guys for some advice

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            #20
            Get some education courses done
            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...

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              #21
              Originally posted by theartfullodger View Post
              Get some education courses done
              Or maybe I could ask some helpful landlords for advice ?

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                #22
                It is always a risk to let a property but I can understand why you do not want to sell and wish to remain "on the ladder". Do you have someone who can manage the property if you are abroad or will you use an agency? Agencies are often terrible (biased opinion here of course following some awful experiences which have led me to use them to find tenants only and never to manage a property). If you have enough funds to cover potential problems (non paying tenants, boiler failure etc) then perhaps one way forward would be to try to get the best tenants possible for the property ie working and with a guarantor. Make sure the guarantor paperwork is valid (it often isn't) and that you fulfil all the legal rules for letting (deposit protection etc). It may be that the best way is to get a good local agent to find a tenant on a find-only basis if you do not need them to manage the property? You can specify what you will and will not accept. There are clearly rules about tax deductions if you are abroad which you will have to research and make sure you meet. But my instinct is that I would want tenants who are not receiving benefits in your situation (and yes I know people lose their jobs). I say that having let a property to a lady on benefits who has been one of the best tenants I have ever had. I do take tenants on benefits but I just think that if you are going abroad it may be too big a risk?
                Unshackled by the chains of idle vanity, A modest manatee, that's me

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                  #23
                  Guarantors? Shmarantors!

                  6 months rent up front for a 6 month tenancy IIWY, and s21 notice issued at 4 month point. You can explain that you have no intention of applying for a possession order if the rent is forthcoming.

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                    #24
                    I agree totally and I know guarantees are often not worth the paper they are written on but it helps give a picture of a tenant for me...Agree with the upfront stuff though - as per my suggestion tenants who better suit the needs of this potential LL
                    Unshackled by the chains of idle vanity, A modest manatee, that's me

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                      #25
                      Originally posted by islandgirl View Post
                      IIf you have enough funds to cover potential problems (non paying tenants, boiler failure etc)
                      My reading of the situation is that they do not have enough funds that is why they were hoping to somehow get the State to guarantee the rent.

                      It basically sounds to me that they are too financially stressed to risk taking on any business activity, like being a landlord.

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                        #26
                        Originally posted by Luke View Post
                        I am letting out my property . I have had an inquiry from a person who is eligible to receive housing benefit/UC
                        That is the problem with Shelter. They scorn landlords for refusing tenants on housing benefit, but they will not make the system easier, so as to take on tenants on housing benefit. I have been in the same boat and it has been easier to say "no", rather then prospective tenant saying "I am going to the council to find out what I am entitled to".


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                          #27
                          Originally posted by Luke View Post

                          Or maybe I could ask some helpful landlords for advice ?
                          Hi Luke,

                          Sorry if we've sounded harsh but it's a case of trying to persuade you that what you are thinking about doing you shouldn't be without some training or experience.

                          You wouldn't try to fly a plane (be a landlord) just because you can drive a car (live in a house/flat).

                          PS. We are not all landlords here; I myself am a tenant, but I do know quite a bit about how things work, and go wrong, with the DWP and Universal Credit. (As well as other benefits).

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                            #28
                            It isn't being harsh, it's being realistic. Do a course about the legal framework around renting and statutory duties. To go into any type of lettings without that knowledge is foolhardy and could be very expensive.

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                              #29
                              How do you intend handling the situation when tenants move out?
                              You need to have a plan for this, and if it does not involve you coming back for the duration, then that is how you should proceed now.

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