Tips in being a Landlord?

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  • Tips in being a Landlord?

    Hi all. I'm looking for some advice in the art of being a landlord. This is new to me so please forgive any errors in my questions, hence me writing this for some guidance.
    I am aware of most of the obligations of being a landlord but after doing further research, I am hoping you can help...

    My example: Looking to rent a 1 bed flat (lets assume I have the required gas/elec and EPC certs).

    Assume a move in date of 1st May 2010. Would like to have an AST Agreement for 6mths.

    1) When is it normal practice to take receipt of a deposit (i.e £600.00, which I will place into the Deposit Protection Scheme) and what timescales is best done before the move in date?
    2) I would like to issue a Section 21 along with the AST agreement and have read it is best to date this a day later than when the AST starts. Can these both be signed on the same day by the tenant? Again, what timescales is this best to be done? i.e. 2 weeks before the move in date.
    3) Is a Section 21 only valid once a deposit is paid into a DPS?

    Can you offer any steps I need to take (to avoid any pit-falls) prior to a tenant moves in.
    Thank you for taking time in reading this.

  • #2
    1.It is normal to take and protect the deposit at the same time as signing the tenancy agreement.
    3. Yes it is.

    As far as 2. goes I suggest you read thisthread:http://www.landlordzone.co.uk/forums...ad.php?t=27175

    For general landlording tips, you may find this thread useful too:

    http://www.landlordzone.co.uk/forums...hlight=plunger
    '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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    • #3
      Originally posted by Mr_H View Post
      3) Is a Section 21 only valid once a deposit is paid into a DPS?
      Originally posted by mind the gap View Post
      3. Yes it is.[/url]
      As the question is a little vague - a s21 issued before the deposit is protected will never be valid.

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      • #4
        Originally posted by Snorkerz View Post
        As the question is a little vague - a s21 issued before the deposit is protected will never be valid.
        True! True! (Had to do it twice as not enough letters otherwise)
        '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

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