New landlord seeks advice on first letting

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  • New landlord seeks advice on first letting

    Hi
    As the thread title suggests, I have never been a landlord before but will shortly be moving out of my house (moving into boyfriend's house) and want to rent my house out.

    I have a mortgage and think I'm allowed to rent my house out for no more than 6 months at a time but will double check that with my mortgage provider.

    I'm looking for any advice at all really... no idea where to start!

    I'm planning on removing my furniture from the house and then getting some local letting agents to take a look around and let me know what service they provide for how much etc.

    I'm going to rent the house out unfurnished but with white goods (fridge, freezer, cooker, washing machine) as these were in the house when I bought it and where I'm moving to already has these items.

    Sorry if I sound a bit clueless - I am new to this

  • #2
    There are 8489 threads on this Forum alone! Given your inexperience, and the myriad problems which the threads contain [read 'em, if you don't believe me!], I'd suggest that you need a competent Letting Agent to deal with this for you.
    JEFFREY SHAW, solicitor [and Topic Expert], Nether Edge Law*
    1. Public advice is believed accurate, but I accept no legal responsibility except to direct-paying private clients.
    2. Telephone advice: see http://www.landlordzone.co.uk/forums/showthread.php?t=34638.
    3. For paid advice about conveyancing/leaseholds/L&T, contact me* and become a private client.
    4. *- Contact info: click on my name (blue-highlight link).

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    • #3
      Also it should be one that's regulated!
      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.

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      • #4
        Originally posted by Paul_f View Post
        Also it should be one that's regulated!
        A tablespoon of bran, daily, is the answer!
        '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

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        • #5
          Originally posted by talkloan
          go through the forum topics that can show you the real way for a solution.
          Ignore spammy stuff like the above, in other words.
          '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

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          • #6
            help at hand

            I would suggest that you go on ARLA website and check that agents in your area are members. Also, you should maybe get the agents to have look at the flat before you move the furniture. They can give you advice what to do to achieve the best rental and good quality tenant. Usually property looks better when is "dressed" or furnished as potential tenants can imagine their furniture and layout easier. Also if you can be flexible on furnished/ unfurnished/ part furn, this will open more possibilities for more tenants. There is usually no price difference, but you might secure the tenant sooner rather than later. Finally, do some homework- call agents/ look on the web for similar properties and how much they are going for. Remember that asking price is one thing and what you get is another- some landlord's do tend to overprice their property and then wait for months (loosing potential rental in the meantime).
            Feel free to contact me if you need more help

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            • #7
              Not just ARLA, NAEA has equal standing. You should be quoting NFOPP as that is the umbrella organisation.
              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.

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              • #8
                The most important thing in my view is to find a sensible reliable tenant. This is more important than obtaining the highest rent. You only have to read a few of the threads dealing with bad tenants to realise that getting one of these, is worse than an investment in Northern Rock; worse because you have personal trauma as well as losing your money.
                As others have suggested and especially in view of your inexperience, it will be better to work through a good agent.
                I think you're doing the right thing in not supplying soft furnishings. These depreciate rapidly and fortunately many tenants don't want them anyway.
                Try to go for a longer let. It's unlikely that your mortgage provider will insist on a limit of 6 months. Changing tenants every six months is a waste of time in my view. This is because you will always have cleaning and redecoration to do between tenants plus the costs of readvertising and a rent-free period between tenants. A year or more (if possible) is much better.

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                • #9
                  I suspect OP meant that mortgge provider wished tenancy to be on 6 month AST rather than a longer period - not that tenant should be thrown out after 6 months!

                  Take the advice re getting a good agent - maybe even try "looking" at properties to let yourself to find out how the agent(s) handles it and what the competition in your area is like, rental levels etc.
                  Mrs Jones
                  I am not an expert - my posts are my opinion and should not be taken as fact!!

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