How much can really go wrong??

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

    How much can really go wrong??

    I am planning to rent my flat out when I move abroad in a couple of months and for financial reasons will be managing it myself.

    Does anyone else have any experience of managing a property from overseas? Is there any advice you can give me in terms of making sure things run as smoothly as possible with minimal intervention needed from me?

    #2
    The financial reasons for running it yourself from abroad can end up being costly.
    While the cat's away...

    Do you have experience?
    Allow tenants to protect their own deposits. I want free money when they do it wrong

    Comment


      #3
      That's what I was worried about...

      No, I do not have any experience but am friends with my ex-landlord who lives around the corner and she is mentoring me!!

      I was thinking of asking a friend to act as a 'local' contact... do you think that would help? I should be back in the country every month initially - would I have the right to visit the property / what are the rules regarding tenants right to privacy?!

      Sorry for all the questions - as I said, I am very new to this and starting to get very nervous!

      Comment


        #4
        Most lettings and occupation are uneventful. Local agents are like insurance, money for nothing, until you need it.

        Imagine if there are tenant problems or an emeregency?

        How do you deal with it in a different time zone?
        Do you trust what is being told you?
        How much time or patience have your friends got, for the difficult tenant always calling with silly issues- they are usually the nicest people at the veiwing!
        When the property is poorly looked after, who does regular inspections to resolve that.

        Its not often, but in these cases but the monthly costs are well spent.
        Based on the information posted, I offer my thoughts.Any action you then take is your liability. While commending individual effort, there is no substitute for a thorough review of documents and facts by paid for professional advisers.

        Comment


          #5
          What address are you going to supply to the T in E&W for them to serve notices to you, a legal requirement to get rent.
          That why you need and agent or friend to help you out.

          As per inspections/visit can only be done with the T agreement, regardless to what the contract says.

          Have you got your EPC sorted out yet, and you gas checked, who is going to do yoir referances and check checks. Are you renting it Funished or unfunished, if funished have you check that you are leaving is fire legal.
          Disclaimer: What I say is either right or wrong. It may be advisable to check what I say with a solicitor. If he says I am right then I am right, unless he is wrong in which case I am wrong; but if he says I am wrong then I am wrong, unless he is wrong in which case I am right

          Comment


            #6
            In addition to Mjbfire's excellent points, I'd just add that if you need to take legal action for eviction (normally a DIY process) then the only people legally allowed to address the court are you or a lawyer.

            A decent agent will make life much easier and may be able to get a higher rent - part offsetting their fees. You can not decide who is a decent agent by looking at the yellow pages . You will need to get recommendations and check out the agents membership of trade associations that can give you a bit of security. ARLA is the biggest. There are brilliant agents, and there are some right useless money grabbers.

            If you are in West Lancs or Somerset then I can give you recommendations.

            Comment


              #7
              Originally posted by mjbfire View Post
              What address are you going to supply to the T in E&W for them to serve notices to you, a legal requirement to get rent.
              That why you need and agent or friend to help you out.

              As per inspections/visit can only be done with the T agreement, regardless to what the contract says.

              Have you got your EPC sorted out yet, and you gas checked, who is going to do yoir referances and check checks. Are you renting it Funished or unfunished, if funished have you check that you are leaving is fire legal.
              Thank you everyone for your helpful advice. I live in central London and if at all possible would like to avoid going through an agency as I have had bad experiences with them as a tenant in the past and always preferred to rent direct from the landlord. I am aware of all the checks etc I need to get done and was planning on using the referencing service / credit check through NLA.

              Probably another stupid question...but can you clarify what you mean by 'E&W' please mjbfire?

              Sorry...looks like I still have a lot of learning to do!! Any other advice would be gratefully received. Thanks!

              Comment


                #8
                E&W = England and Wales.

                P.P.
                Any information given in this post is based on my personal experience as a landlord, what I have learned from this and other boards and elsewhere. It is not to be relied on. Definitive advice is only available from a Solicitor or other appropriately qualified person.

                Comment


                  #9
                  thank you!!

                  Comment

                  Latest Activity

                  Collapse

                  Working...
                  X