Getting ducks in a row

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    Getting ducks in a row

    OK, so the Bank of Mum and Dad has confirmed their offer to hubs and I to help us onto the property ladder and to loan us money to get a BTL (basically bumping up my settlement from my ex-employer to an amount where we can afford something (a) decent and (b) freehold).

    We are at the point now where an offer is about to be made regarding a house-to-live-in so I'm turning my attention to finding the right BTL property. I know the type of property I'm after and my "target market" and the yields are acceptable, even based on 10 months a year!

    Obviously I'm aware of most of the "usual" screw ups first-time landlords make (and some not-first-time-landlords), mainly because I found you guys when I needed help years ago with a deposit-non-repayment issue (just before protection came in) and have stuck around. I am aware of the requirements for gas certification, deposit protection, inventories (specifying exactly how long the grass should be ) etc and the whole "tax" situation. I will probably use an agent for tenant find/referencing only (but will definitely meet the tenant before ANYTHING is signed) and not management because I know I can handle that myself. I have read G_M's thread over on MSE...

    My question is this: Is there any tangible difference between the NLA and the RLA or are they pretty much of a muchness? Obviously I know that I can offset the expense against tax but if people have any preferences/reasons for choosing one over the other, I'd love to hear them.

    #2
    Can't answer your last para as I don't belong to either but I recommend you do the viewings or are at least present to get an idea on the tenants. Just a quick meet before signing may not be enough.

    Here is one of many experiences:-
    A while back a 'jack the lad type' and GF presented for viewing at a nice 2 bed 2 bath flat in a conservation area but I had seen him park his Range Rover on the pavement and arrive at 40mph - that was a warning - he didn't get the property.



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

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      #3
      My question is this: Is there any tangible difference between the NLA and the RLA or are they pretty much of a muchness?

      I would be interested in this question raised, I welcome some views..

      Comment


        #4
        Originally posted by josh123 View Post
        My question is this: Is there any tangible difference between the NLA and the RLA or are they pretty much of a muchness?

        I would be interested in this question raised, I welcome some views..
        I'm with NLA x 6 years. Only ever phoned them twice for advice. Once they promised to get back to me and didn't. The second time they gave good advice albeit fairly abruptly. They offer reasonable (although slightly flawed) ASTs and some useful discounts with mydeposits and UPAD. To be honest my main reason for belonging (as a family membership deal) is in case I die and my wife has to take over various tenancies.

        If you are just starting off (and avoiding an agent) you may find the hand-holding worthwhile, and the AST too.

        The other issue is their advocacy on behalf of landlords and about bonkers legislation that damages both T and L (apart from rogue Ts). Here I think they are fairly limp to say the least.

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          #5
          I thank you for your reply and welcome more

          No, not just starting off, been a LL for over 10yrs, agreed agents I steer well clear of....

          Had my fingers burned a couple of times by T's, learned good lessons the hard way.!

          I am with RLA, most certainly cannot complain as I have not had a reason to contact them

          Perhaps my question should read:-

          Why should I choose NLA over and above RLA.?
          Last edited by josh123; 11-11-2014, 21:24 PM. Reason: typo

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            #6
            You know, that's pretty much my question. Is one clearly better than the other or is it a bit like the AA and the RAC? (Hubs was with AA for years cos his parents were. I was with RAC for a couple of years, then AA for a couple cos it was cheaper and (IMHO) there's no real difference between the two. Last year we were (jointly) with AA cos we got it free with home insurance, this year we've gone to the RAC because it was better cashback!)

            I'm not sure I'd need much "handholding" - been researching this for c 2 years, and grew up with a Dad who was a landlord (albeit one of the shonky ones...basically, if Dad did it, do the opposite), and have rented for nearly 20 years now, mostly in the PRS. I know what tenants (the ones like me/my friends anyway) want in terms of a landlord!

            I have had legal drafting training (the joy of my then-employer wanting me to become a paralegal so I'd take a 5k paycut from being a legal secretary) so would probably take all the ASTs I have in my "box of important papers" (which covers the past 8 years because I'm slack and haven't archived lately) plus the new govt approved one and make one tailored to the property (and get a legally qualified friend to check it for me, for beer and a roast dinner).

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