Starting out

Collapse
X
 
  • Filter
  • Time
  • Show
Clear All
new posts

    Starting out

    Hi,

    A relative owns a house in east London that is currently rented out by a lettings agency. The relative wants me to take this over as the letting agency do very little, 3 out of 4 of the residents have been in the property a long time and when someone leaves they fill the space themselves.

    To be honest i'm not sure what the agency do except collect the rent.

    Anyhows i would much appreciate any advice on how i should go about this, is it just a case of speaking to the letting agency and getting the tenancy agreements? Is there any legislation i should be aware of?

    Most of all i'd appreciate if someone could point me in the direction of a guide or a book regarding this sort of thing,


    Cheers,

    James

    #2
    Originally posted by James83 View Post
    3 out of 4 of the residents have been in the property a long time and when someone leaves they fill the space themselves.
    sounds like an unusual, and potentially troublesome, arrangement
    Anyhows i would much appreciate any advice on how i should go about this, is it just a case of speaking to the letting agency and getting the tenancy agreements?
    You need to read the agency agreement and give whatever notice is stated in that. Once that notice has elapsed, you should be provided with copies of all the relevant paperwork and certificates
    Is there any legislation i should be aware of?
    Housing Act 1988 is probably the main one, but there are literally dozens of others that will affect you regularly
    Most of all i'd appreciate if someone could point me in the direction of a guide or a book regarding this sort of thing,
    Your local library or Amazon have several titles on the subject.

    Comment


      #3
      Originally posted by James83 View Post
      To be honest i'm not sure what the agency do except collect the rent.
      I am no fan of agents, but if you don't know what they do, what makes you or your relative confident that you can do it

      Comment


        #4
        Originally posted by Snorkerz View Post
        I am no fan of agents, but if you don't know what they do, what makes you or your relative confident that you can do it
        Ok thanks for the info Snokerz.

        re the agency: i know they have very little communication with the tenants, as i say the tenants find their own housemates when a vacancy arises. The tenants are very good, my uncle fitted a new kitchen and bathroom for them and had a lot of interaction with them then.

        I'm not sure what they do re:administration, thats why i'm posting here really, just wanted some peer assessed information and advice on sources of info.

        Comment


          #5
          Originally posted by James83 View Post
          as i say the tenants find their own housemates when a vacancy arises.
          How does this work? Do they all have individual tenancy agreements for their own rooms, or is there a joint tenancy agreement which the agency assigns each time a new tenant replaces the departing one? Or what? Is an inventory check carried out each time there's a changeover? How is deposit protection dealt with? Is it an HMO? Etc.

          As Snorkerz says, it sounds like a potentially problematic situation. 3/4 tenants may be 'very good' but all it takes is one new, difficult tenant to upset the whole happy applecart if things aren't being properly documented. If you seriously want to take on the management, you need to do a lot of reading up on the legalities of letting.

          A few sources (apart from this forum):
          http://england.shelter.org.uk/get_ad...vate_tenancies
          http://www.letlink.co.uk/letting-fac...actsheets/main
          http://www.landlords.org.uk/index.htm
          http://www.rla.org.uk/

          Comment


            #6
            I think your biggest problem (and we see it on here frequently) is lack of knowledge of the laws and your tenants rights. I am not for one moment suggesting you are doing anything wrong right now - but you may find that things come back and bite you further down the line, because you didn't know.

            The only way to learn is loads of reading. Presuming you have to give the agency several months notice, I would spend an hour or so on this site every night reading the 'residential' and 'hmo' sections in particular. As you learn more, start contributing and getting involved. Within a couple of months you will have read of many of the pit-falls and also some very sage advice on how to dig out of the holes we create!

            And as I said before - get a book!

            Comment

            Latest Activity

            Collapse

            Working...
            X