Flat letting - what to

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    Flat letting - what to

    I will be letting my flat in the next few months and will be doing it privately.

    What are the things I should be mindful of?

    #2
    Read everything on these pages - there is too much to put into one answer.



    Freedom at the point of zero............

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      #3
      The link below is a guide for new landlords, make sure that you cover everything listed.

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

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        #4
        That's very useful, thank you.

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          #5
          Careful of tenants that will take on your property then get you to evict them (a time consuming and potentially expensive procedure) so that they become homeless and the local council is then obligated to re house them. Put simply they use you to get a council house fast track.
          Any advice I give is my opinion and experience, I am as you also learning.

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            #6
            sunnyp,

            Correct, but be very careful of family, and in particular, so called friends references for potential tenants .......

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              #7
              Be careful of your generous and sympathetic traits leading you to 'help someone out' etc. Treat it as a business, assess the risks and don't be a soft touch. Give an inch and a mile will be taken. If the house is empty and you're paying out for it then so be it, although you might think that's expensive there is nothing more expensive than bad tenants.
              "I'm afraid I didn't do enough background checks apart from checking her identity on Facebook" - ANON

              What I say is based on my own experience and research - Please don't take as gospel without first checking the gospel yourself.

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                #8
                Thanks guys,

                I'm planning to be strict but fair and I've decided not to let my flat to friends.
                I'm not that generous or sympathetic and see it as a business venture with many risks I must cover.

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                  #9
                  Avoid using an agent if you possibly can.
                  Do your own referencing.
                  Always meet the tenants before agreeing to let to them. (Aside from you getting a feel for them, it also allows them to meet you and see you as a real person. In my experience this makes it more likely that they look after your property.)
                  IANAL (I am not a lawyer). Anything I say here is just an opinion, so should not be relied upon! Always check your facts with a professional who really knows their onions.

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                    #10
                    Thanks Grrr,

                    I'm not going through an agent and intend to interview potential tenants and do the referencing myself.
                    About the inventory, do you recommend getting an agent to do it?

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                      #11
                      It's a bit of a balancing act for me that one. The RIGHT answer is probably yes - pay for an inventory company to do an independent inspection for you. If it's properly done it will give you the advantage if any dispute ever arises.

                      HOWEVER, what I actually do is my own very detailed inventory, including comments about the condition. Ideally with photos too. I then go through everything with the tenant at the beginning and get them to sign to agree the condition (adding and initialling any comments they wish to make). I then do the exit inventory and make fair deductions. I've only ever had minor disputes which we've either sorted privately or occasionally I've swallowed the cost. Overall I'm up on the deal having saved a lot on inventory fees. But it's a bit of a risk and is probably largely depends on the 'type' of tenants you're letting to, and the value of the contents.

                      A couple of tips: do an inspection a couple of weeks before the end of the tenancy and discuss anything which you are likely to be charging for. It gives them a chance to put it right or to decide to take the hit. Also, pre warn at the beginning of the tenancy if you are likely to be charging for cleaning, rubbish removal, etc etc.
                      IANAL (I am not a lawyer). Anything I say here is just an opinion, so should not be relied upon! Always check your facts with a professional who really knows their onions.

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