New Landlord

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    New Landlord

    Me and my husband currently live in a 2 bed maisonette. We remortgaged as a buy to let and are buying a 3 bed house about a mile away which we are going to live in. We're going to rent the flat out.

    We've had a prospective tenant round on Tuesday (Solicitor said to advertise now as we should be completing on the house at the start of May). She emailed me today and said that she liked the flat and would be interested if we would reduce the rent by £25 per month as she said it was too high for the area. We had an agent round a month ago who advised us what the rent should be which is what we advertised at. Anyway, I have sent her an email back saying we would be willing to reduce the rent by £25 so am now waiting her reply.

    I've never let out a property before and I'm planning to do all the paperwork myself and have printed off AST and also the paragraphs that need to be inserted following the new tenancy deposit legislation. I know that I need to do all the credit checks, etc as well - I have got all my info off this site (very useful). I understand that I need to get the tenant to complete a tenancy application form that would give consent to me running a credit check. Is it hard to do all the paperwork yourself??

    Credit check - do I go for the cheap one £20 or the one with the references (around £30)?

    I note that the tenancy agreement needs to be witnessed - who would witness? do we arrange for an independant or does the tenant?

    Sorry for the long post - I'm sure I'm gonna have loads of questions - hopefully you will all be willing to help me.

    #2
    Originally posted by stick2000 View Post
    Credit check - do I go for the cheap one £20 or the one with the references (around £30)?
    Well you really need to get references, but it's up to you whether you do that part yourself or pay someone else to do it. Personally I DIY - usually end up on the phone as well as writing which can often really help.

    I note that the tenancy agreement needs to be witnessed - who would witness? do we arrange for an independant or does the tenant?
    Well, actually an ordinary AST doesn't need witnessing at all, so from that standpoint, you could get the tenant's cat to do it! However, many landlords (myself included) still get ASTs witnessed because it impresses upon the tenant that it's a legal document they are signing, and gives it a bit of gravitas. I don't bother getting my own signature witnessed though - no tenant's ever commented upon that oddity!

    Good luck

    Comment


      #3
      Thanks

      Here's another question - if the tenant signs the AST before moving in which they actually will - can I get them to sign the inventory say the day before they move in as I want to include meter readings and we are moving out of the property a couple of days before they move.

      Comment


        #4
        Originally posted by stick2000 View Post
        Thanks

        Here's another question - if the tenant signs the AST before moving in which they actually will - can I get them to sign the inventory say the day before they move in as I want to include meter readings and we are moving out of the property a couple of days before they move.
        Can't see any reason why not.

        Comment


          #5
          Originally posted by stick2000 View Post
          Here's another question - if the tenant signs the AST before moving in which they actually will - can I get them to sign the inventory say the day before they move in as I want to include meter readings and we are moving out of the property a couple of days before they move.
          They might object - it makes it potentially awkward for them as theoretically they'll want to check everything again when they actually move in, to make sure nothing's been changed or removed since they went round the house with you doing the inventory.

          I normally do the inventory when I meet the tenant at the house to hand over the keys... there's a blank space on the inventory where I write in the meter readings there and then, when the tenant and I have agreed them.

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