Advice wanted - About to let a Flat for 1st time

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    Advice wanted - About to let a Flat for 1st time

    Hi, I am new to this forum and need some advice.

    I married over a year ago and my wife's studio flat has been left empty since she move in with me. She bought it off plan in 2007.

    We have now just round to trying to renting the Flat out. We have already told the mortgage co. about our intentions and they are ok with it provided we let them know when the tenant moves in.


    (1) Replacing the existing Gas Hub.
    I called British Gas and they said they will replace the Gas hub (with a new one I bought) for £110. I remember that I paid a Gas safe engineer ...something like £50 when I replace the one in my house and all i got was a receipt of work done... Since we will be renting this Flat out, I want to make sure we are doing things properly.....

    Will we have to make sure whoever does the replacement issue us with some sort of certificate or just simply a receipt of work done?
    What will be average price to do the job ... assuming that British Gas is charging too much for the work?


    (2) Legal requirements
    To rent the house out I am assuming that we need to meet some legal requirement in terms of gas & electrical safety.....

    Please I would like to know what things We need to get in place and maybe how to go about getting them


    (3) letting agent
    The flat is on a repayment mortgage. I have a very strong feeling that the rental will not cover the mortgage so looks like we will have to cover the shortfall. I have a feeling selling may not be cost effective solution ....

    What will be the best way of renting the property out?.
    Should I just get an Agent to find & Vet the tenant or should I have them take care of the whole thing?.



    Thanks very much

    cooa99

    #2
    1 & 2) Arrange for whomever fits the hob to provide you with a 'landlords gas safety certificate' for the whole property - it is valid for 12 months.

    You need an energy performance certificate before you advertise.

    This may be useful: http://www.communities.gov.uk/docume...df/1973738.pdf

    I also suggest you get a 'how to be a landlord' book from the library or Amazon, it will cover far more than a general query on a site like this.

    Make sure you can afford to cover up to 5 months rent, just in case your tenant doesn't pay, and any book you buy is unlikely to cover last months changes in tenant deposit protection rules.

    Comment


      #3
      The link below is a good guide for new landlords.

      http://forums.moneysavingexpert.com/...2&postcount=12

      Comment


        #4
        Originally posted by cooa99 View Post
        The flat is on a repayment mortgage. I have a very strong feeling that the rental will not cover the mortgage so looks like we will have to cover the shortfall
        Does your mortgage provider know that? I found when I considered letting out my property that mine wouldn't agree to a let that didn't cover the mortgage repayment.

        (As it was, the rental market was poor and I ended up selling - given the issues that crop up on here I think it was for the best!)

        Comment


          #5
          If is is a leasehold flat, you must check the lease to verify that you can let it, or seek permission from the freeholder. There may be a charge for this.

          Similarly, the mortgage lender needs to give consent to let. Some agree, some add extra costs and clauses, some refuse. Check this first!

          You need to delcare your rental income for tax, so must register for self-assessment.

          See the link provided above as its is a good source of info for newbie LLs. Once you have read it, if you have any specific questions on any of the info provided, come back and ask again.

          Bearing in mind you may not cover your mortgage, and will incur additional costs in running the let, maintaining the property and supporting the tenants when they stop paying or you have voids in letting, why are you bothering to let it? Could end up costing much more than you make, and you must keep a good cashflow for unforeseen repairs and maintenance under your legal obligations as a LL. Don't rush into this without adequate homework first, as could end up an expensive noose round your necks!

          Perhaps you would be better selling, even if it is at a loss ...

          Comment

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