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    Getting started

    Hello all


    Noob here. Sorry - dumb questions coming up!

    I am about to let out my home (a furnished flat in London) while I go travelling for a year or two. I am trying to get organised...


    I have been reading around the posts here and have also got hold of some 'how to be a landlord' type books. I think I have got the basics down (deposit protection, EPCs, gas safety certificates etc), but would appreciate
    a few more pointers.

    I have read that it's recommended to join the RLA/NLA, but it strikes me that most of the benefits are targetted at pro/semi-pro self-managing landlords. If I have a managing agent (which I will), how much benefit would I get from a membership of an association? I don't have a portfolio of properties and don't aspire to, I won't be around to attend networking meetings. Is xLA membership necessary/beneficial in my situation?


    Next - how realistic is it to hope that the managing agent will just run things for me in the background? I accept that the responsibilities are ultimately mine and I will step up to them as required, but I'm not looking to make a career out of it and most of what I read seems to suggest that this is the only option...

    Is there a 'checklist' type guide out there somewhere that gives a quick reference to the stuff that I will/might come up against and a blow-by-blow guide to how to handle them (as opposed to the bits that my managing agent will handle)?



    I've had a few letting/management agents around to look at the place (all ARLAs). Is there an accepted wisdom on whether to use estate agents
    vs dedicated management agents? They mostly seem to be asking around the 17% mark for full management (including letting, rent collection etc)
    but some of the estate agents are starting at around 13% for the same thing. Is this lower rate too good to be true/a false economy? I don't have a lot of chips to bargain with, so what are your views of a respectable price (percentage) for full management? (it's a small property, in good condition).


    Lastly (for now) - apparently I should fully appraise myself of the contents of the following documents. Does anyone have links for them?
    • Furniture and Furnishings Fire Safety regs 1988
    • General Product safety regs 1994
    • Gas Safety regs 1994
    • Gas Cooking Appliances 1989
    • Electrical Eqpt (Safety) Regs 1994 & the Plugs and Sockets (Safety) Regs 1994



    Thanks for your forbearance - I have been wanting to do better research myself, but some betterment works I had done got out of hand and
    ate up two weeks of my time, so I'm fast approaching the edge of the cliff, date-wise. Any help/tips appreciated.

    tia

    #2
    There's much too much to summarise here. Best advice: read threads on RES. FORUM, for a flavour of the problems that await 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).

    Comment


      #3
      Be aware of, as you will be "abroad"....
      http://www.hmrc.gov.uk/cnr/nr_landlords.htm
      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...

      Comment


        #4
        Whether you leave all the management to a letting agent really depends on to what extent you are comfortable with this arrangement: some landlords prefer to take a more hands-on approach, whilst others prefer to "leave it to the professionals". But make sure you use a reputable letting agent, preferably one recommended by friends or colleagues, because there are a number of letting agents and solicitors who are simply not up to scratch. Also remember that a firm that charges higher fees doesn't necessarily match that with high quality service!

        Caveat emptor!

        Comment


          #5
          thanks for responses. Does anyone have links to the full documents (or at least 'key point' summaries) to these regulations?

          TIA

          Originally posted by BringMeSunshine View Post
          ...apparently I should fully appraise myself of the contents of the following documents. Does anyone have links for them?
          • Furniture and Furnishings Fire Safety regs 1988
          • General Product safety regs 1994
          • Gas Safety regs 1994
          • Gas Cooking Appliances 1989
          • Electrical Eqpt (Safety) Regs 1994 & the Plugs and Sockets (Safety) Regs 1994

          Comment


            #6
            It's easy. Just use http://www.legislation.gov.uk/
            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).

            Comment

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