Hi everyone, a noobie landlord here

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    Hi everyone, a noobie landlord here

    Hi everyone as you can see i am new to this site and will hopefully become a landlord within the next few months. I have a few questions that hopefully you will be able to help me with. Firstly i will tell you my situation

    Firstly i would like to say that i have never done anything like this before and plan on becoming a DIY landlord without using a letting agency or estate agent. I bought a 2 bedroom house late last year which i have had rewired, new kitchen installed and modernised throughout, i have replaced both fires with electric ones meaning the only gas supply is from the boiler. Gas, electric and water are all on meters to avoid any nasty bills from bad tennants.

    Within the next 2 weeks i plan to get a valuation on the property so i can work out my LTV and start to look around the banks to remortgage onto a buy to let scheme. I will also be getting the gas safety certificate and rewiring certificate ready for renting.

    Now i have a few questions to ask about being a landlord, firsty i have seen some tennacy agreements for sale at whsmith, are these any good or is it best to go to a solicitor to get one written up? Also when myself and the tennant sign the contracts how do i make it legally binding? Secondly i have read that you need an EPC rating certificate and was wondering weather i would be able to use the one that i was given when i purchased the house, or would i need to order a new one (i haven't done anything to the house that would effect the epc). Also any hints and tips from your past experiences would be a massive help.

    Sorry i have written so much, but like i said i am stepping into this as a newbie and it looks a little intimidating to do the first time around. Thanks again and i hope to meet some good people on here. N

    #2
    Invest ~£100 joining NLA/RLA for a year. Easily paid for by the free-to-members acceptable ASTs, members helpline, distant learning modules and service provider discounts.
    You will make several potentially expensive mistakes in first few years, unless a quick study, but the distance learning modules should steer you clear of many.
    EPC is valid for 10 yrs GSC is annual essential.
    (NLA = National LLs Association) Their free regional annual symposia are also useful. No money was received for this recommendation.
    I assume the electric fires are portable, so do they have a PAT Cert?
    Does the boiler provide both hot water & central heating?
    Ts can change gas/elec supplier and meters, without ref to LL

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      #3
      Join NLA. Do their accreditation bit so you are clear what is expected of you as a landlord. Their free legal service very helpful. They also stock all required forms. Good luck

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        #4
        See the link below, which is a good guide for new landlords. Make sure you have covered everything listed.

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

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          #5
          Good on you for asking before the event. Quite refreshing.

          Being a landlord is very easy, as long as you have good tenants. It's more about people management than property management, bricks and mortar don't need managing. Don't jump at the first tenant you find, don't do people 'favours' or to 'help them out of a situation', don't rent to friends/people you know and forego deposits etc, it always ends in tears. If your gut says they're not right, go with your gut. It's a business and you've got to do everything you can to reduce risks posed.

          You're going to struggle to remortgage the property in a few weeks time as alot of lenders require a minimum of 6 months ownership.
          "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.

          Comment


            #6
            Originally posted by nissan91 View Post
            Firstly i would like to say that i have never done anything like this before and plan on becoming a DIY landlord without using a letting agency or estate agent. I bought a 2 bedroom house late last year which i have had rewired, new kitchen installed and modernised throughout, i have replaced both fires with electric ones meaning the only gas supply is from the boiler. Gas, electric and water are all on meters to avoid any nasty bills from bad tennants.
            I would question your decision to install what I assume you mean are preypayment meters for gas and electric. Apart from the hassle factor to residents of having to use these, they will pay considerably more for their energy than if they were on standard credit meters, and it is likely to be a major turn-off for what are likely to be your 'best' applicants. Certainly, some tenants do prefer them - usually those on a very tight week-to-week budget - do you want to target these? I'm guessing not, judging by all the work you've had done on the house. You shouldn't be afraid of being stuck with a tenant's utility bills - if you do things properly, including having the accounts in the tenants' names, you can't be liable for their bills.

            Within the next 2 weeks i plan to get a valuation on the property so i can work out my LTV and start to look around the banks to remortgage onto a buy to let scheme.
            What's your thinking behind remortgaging? You realise that you can't simply remortgage and then deduct the interest payments as a business expense, unless you use the cash to fund the purchase of another BTL?

            On to your specific questions which everyone else is ignoring!
            i have seen some tennacy agreements for sale at whsmith, are these any good or is it best to go to a solicitor to get one written up?
            I don't know the WHS one, but I use provided by the Residential Landlord's Association (similar to the NLA). Personally I think getting a bespoke one prepared by a solicitor is over the top and unnecessary unless you are doing something unusual. But if you do use a solicitor, choose one who's a specialist in tenancy law. They certainly all aren't.
            Also when myself and the tennant sign the contracts how do i make it legally binding?
            You just sign it - job done!
            Secondly i have read that you need an EPC rating certificate and was wondering weather i would be able to use the one that i was given when i purchased the house
            Yes that's fine.

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              #7
              Protect the deposit. Make sure you know, and do everything right, in regards the deposit.

              Im not a Landlord, but as a regular reader of this forum, its a common, and expensive cock up to make getting this wrong.

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                #8
                Originally posted by vandamme View Post
                Protect the deposit. Make sure you know, and do everything right, in regards the deposit.

                Im not a Landlord, but as a regular reader of this forum, its a common, and expensive cock up to make getting this wrong.
                Echo this - and find out what PI is and what you need to do with it.
                "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.

                Comment


                  #9
                  Thanks everyone for there great advice. Mrsmug, that link you have shared is very useful and i will be using that for future reference. Wannadonnadoodah (great name) i never thought about it like that, but it certainly makes it easier seeing it as people management. Also ericthelobest thankyou for your reply, you pretty much summed up everything i needed to know.

                  what i forgot to mention is that i am currently on a first time buyer mortgage and i have had it for almost 5 months now. The mortgage i am on allows me to remortgage with another bank without any charge and i can remortgage at any time during the mortgage term (even before 6 months of starting it) i will now be applying for a fixed term buy to let mortgage with another bank, hence allowing me to rent my house out.

                  Judging from all of your replies, it would be wise of me to join the NLA, which service would you suggest is best from them and also is it best to join after the mortgage is sorted out? i have the estate agents coming around next week to value the property and i will be seeing a financial advisor about my remortgage aswell. Is it best to get the gas and electric certificates now? Also i bought one of the electric fires new and the other one was from a local newspaper ad and was second hand, i need to get my electrics tested so the rewiring can be passed off, im gussing i shoild get the fire checked to? Sorry about the long post again.

                  Comment


                    #10
                    The NLA ind full mebership (£89 pa) offers free member advice line unlike basic membership. Try it for1yr
                    The re-wiring Co should be able to provide NICEEC 10 yr Cert at nominal cost, if qualified, but your 2nd hand electric fire will need PAT test Cert

                    Comment


                      #11
                      Originally posted by nissan91 View Post
                      Is it best to get the gas and electric certificates now? Also i bought one of the electric fires new and the other one was from a local newspaper ad and was second hand, i need to get my electrics tested so the rewiring can be passed off, im gussing i shoild get the fire checked to?
                      It is a legal requirement to have a gas certificate from the moment a tenant moves in, and they last a year; so with that in mind it's up to you when you organise it.

                      As for electrical testing - there is no legal requirement to have this done at all, although it's a damned good idea to do so as you are definitely responsible for your tenants' "electrical safety". If you've just been fully rewired by a properly qualified electrician who is a member of one of the officially recognised bodies, then his paperwork should cover you fine; however I'd watch out for that second-hand electric fire - definitely a good idea to get it officially PAT tested.

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                        #12
                        ASUI a valid EPC10yr is req'd before a rental property is advertised.
                        Simiilarly T can expect valid GSC on move in date

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                          #13
                          Throw (or give ..) away 2nd hand electric fire & buy a new one (unless very attached to it..). Simply not worth running the risk & possibly cheaper than getting it tested.

                          Think of the local paper headlines "Landlord's penny-pinching fire kills tenant..."
                          I am legally unqualified: If you need to rely on advice check it with a suitable authority - eg a solicitor specialising in landlord/tenant law...

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