First time landlord - any tips from the seasoned pros?!

[Dantux]

Hi all,

I am just dipping my foot in the water of becoming a landlord and have just finished renovating a nice little one bedroom flat in a purpose built block.

I am a complete novice to this, I have landlord insurance so far and just wondering if any of you seasoned landlords could offer any tips / advice / pit falls to avoid etc.

For example is an off the shelf tenancy agreement acceptable or should I have a bespoke one drawn up?

Any advice gratefully received.

Regards
Dan

[AM366]

If you're after tips related specifically to drawing up tenancy agreements, then it's always better to go for a bespoke one. You can always use a standard TA as a template but add/remove clauses to suit your requirements. Especially in a block where you'll need to study your lease carefully and make sure you put any relevant clauses (eg not keeping pets, not hanging washing outside etc) in the TA to cover yourself.

Other things to watch out for is very careful vetting of tenants and having a proper inventory. Each of these areas should be discussed under a separate thread.

[Wannadonnadoodah]

Protect the deposit.

[mariner]

There are plenty of similar posts and replies offering newbie LL advice, so search the Forum to avoid repetition.

As a newbie, join RLA/NLA for free distance learning and LL offers. They even provide a reasonable off the peg AST online, free to members.

[Ericthelobster]

There are plenty of similar posts and replies offering newbie LL advice, so search the Forum to avoid repetition.

Indeed - start with "Similar threads" at the bottom of this page.

There's a very good newbie guide here.

[Interlaken]

Protect the deposit.

......... and make sure you issue the tenant(S) with the 'prescribed information' or PI.

Don't know what it is? Then read up on it in detail.

[Mrs Mug]

Other things to watch out for is very careful vetting of tenants and having a proper inventory. Each of these areas should be discussed under a separate thread.

Keep all your queries on this subject on this one thread. That way the same questions and advice won't have to be repeated.

[theartfullodger]

If you're after tips related specifically to drawing up tenancy agreements, then it's always better to go for a bespoke one..... .,

Always? Why / how would you justify that assertion? I'd propose "usually". 8can think of several circumstances when always wouldn't be true - but thanks for the suggestion.

Cheers!

[Dantux]

Thanks for all the tips guys - certainly given me a few things to think about.

[Wannadonnadoodah]

Treat it as a business. Make tough decisions and stick to them. I've seen numerous threads where a LL's kindness and willingness to help someone out of a situation has totally backfired on them and their generosity and kindness has cost them time, money and been emotionally draining. The most important thing to do is find good tenants, the rest just follows. Give some people an inch and they take a mile.

[flexy]

About 2 years ago I was a brand new landlord (accidentally, as I inherited my family home).... It can be a bit scary at first,but I am determined not to be put off!

This last point is gold. I have been a victim of my own kindness and have been taken advantage of. Never again..., be firm but fair, don't be a walk over. Join the NLA and study all of their library reference material, this will give you a really good grounding.

You need to be quite 'rugged', so prepare yourself psychologically! It is a business, treat it as such otherwise you will find yourself feeling very drained. I found this quite hard at first, particularly as it was my family home with some emotional attachment.

Whatever you do, do not skimp on vetting your tenants!