buy to let advice needed

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    buy to let advice needed

    i have a buy to let mortgage being arranged on my home at the moment,depending on the rental valuation (due on Monday), our remortgage we be for either £105,000 or £120,000, mortgage payments being £550 or £750 a month. our property has been valued at £170,000, present mortgage is £60,000, we shall be using equilty to purchase new home. we have 6 bedrooms, 2 bathrooms, kitchen, large dining room & lounge. we are 5mins from a college so are considering letting to students. i estimate a monthly rental of £1,340. Depending on valuation i work out a profit of £500-£300 a month. i know these are only rough estimates, i have taken into account tax & insurances. i have spoken to my local council and have been informed we won't need a HMO liecence, they know it will be used as a 6 way let. i really need advice about rent guarntee, credit checks, whether to use a letting agent, i know this will cost £180 or more a month. basically any advice would be appriciated. How hard is it to manage your own property?

    #2
    Start looking at the tenancy deposit scheme for starters www.tds.gb.com.
    Read as much as you can from the home page of this site which is stacked with articles, legal stuff, forms, documents referencing etc. etc. There's too much to mention.
    The advice I give should not be construed as a definitive answer, and is without prejudice or liability. You are advised to consult a specialist solicitor or other person of equal legal standing.

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      #3
      Just to go back one step, have you spoken to the local authorities planning department about a possible change of use?

      Also dont just take the authorities word that it wont need a HMO licence, get it in writing and confirmed.

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