DIY Letting

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    DIY Letting

    I was wondering if I am doing the right thing by attempting to go it alone with letting.

    We have done the viewings and I need to be clear on the process from this point on, (I think that the T is a suitable)

    1) Put in writing what we discussed during the viewing.
    2) Get the T to fill out and T application form
    3) Credit check and reference using tenantVerify
    4) Inventory (do it myself)
    5) Signing of AST (witnessed by 3rd party) - long term T starting with a 12mth
    6) Handover (do it myself)

    I know its quite simple, but I need to get moving quite quickly and dont have a lot of time to go on a course, reading letting books.

    Can someone help ?

    K

    #2
    Originally posted by kfarmah View Post
    I was wondering if I am doing the right thing by attempting to go it alone with letting.

    We have done the viewings and I need to be clear on the process from this point on, (I think that the T is a suitable)

    1) Put in writing what we discussed during the viewing.
    2) Get the T to fill out and T application form
    3) Credit check and reference using tenantVerify
    4) Inventory (do it myself)
    5) Signing of AST (witnessed by 3rd party) - long term T starting with a 12mth
    6) Handover (do it myself)

    I know its quite simple, but I need to get moving quite quickly and dont have a lot of time to go on a course, reading letting books.

    Can someone help ?

    K
    I would advise a 3rd party inventory:

    a/ so that it is comprehensive and covers everything.
    b/ anecdotally, independent inventories carry much more weight as proof.

    It's cheap insurance.
    Now signature free.

    Comment


      #3
      From looking around i think I agree, as it makes it independant.
      Is there anything else regarding the process ?

      Comment


        #4
        Originally posted by kfarmah View Post
        I was wondering if I am doing the right thing by attempting to go it alone with letting.
        Yes I think you are. Agents, in my experience, are a waste of time/money if you have a brain and have the time/ability to handle it yourself.

        You don't mention a deposit. If you take one it needs to be protected in a TDS and you need to give details of the TDS to the T within 14 days. Otherwise T can obtain a court order forcing you to compensate T to the value of 3 x deposit. Ouch!

        Peter

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          #5
          Yes sorry I am already aware of this, and the two types of schemes that are available.
          So is my process correct ? Am I missing a vitial step?

          Comment


            #6
            Are there any legal gotcha's I need to be aware of other than an appropriate AST?

            Comment


              #7
              Originally posted by kfarmah View Post
              Are there any legal gotcha's I need to be aware of other than an appropriate AST?
              Do two copies of AST, so that there are:
              a. top copy, executed by L (for T to retain);
              BUT hand over that one only when T has handed over
              b. counterpart copy, executed by T (for L to retain).
              JEFFREY SHAW, solicitor [and Topic Expert], Nether Edge Law*
              1. Public advice is believed accurate, but I accept no legal responsibility except to direct-paying private clients.
              2. Telephone advice: see http://www.landlordzone.co.uk/forums/showthread.php?t=34638.
              3. For paid advice about conveyancing/leaseholds/L&T, contact me* and become a private client.
              4. *- Contact info: click on my name (blue-highlight link).

              Comment


                #8
                Jeffery - should the AST's be witnessed as well by a 3rd party ?

                Comment


                  #9
                  Originally posted by kfarmah View Post
                  Jeffery - should the AST's be witnessed as well by a 3rd party ?
                  Ideally yes, to avoid later arguments- but would be valid even if not.
                  JEFFREY SHAW, solicitor [and Topic Expert], Nether Edge Law*
                  1. Public advice is believed accurate, but I accept no legal responsibility except to direct-paying private clients.
                  2. Telephone advice: see http://www.landlordzone.co.uk/forums/showthread.php?t=34638.
                  3. For paid advice about conveyancing/leaseholds/L&T, contact me* and become a private client.
                  4. *- Contact info: click on my name (blue-highlight link).

                  Comment


                    #10
                    Thanks Jeffery. Do you also think that it is disadvantagous to do the inventory yourself (as long as both parties agree), or it is better via a 3rd party.
                    I can see the benefit of a 3rd party on checkout but I would have thought that on check in I could do this myself ?

                    Comment


                      #11
                      I do the inventory myself and get tenant to sign but can see the wisdom of having a 3rd party do it if you wish. Do not sign a 12 month tenancy under any circumstances. I made that mistake once. 6 months max. If all is well and both sides are happy no problems with letting the tenancy continue. If not you have the ability to remove a bad tenant after 6 months not 12!
                      Unshackled by the chains of idle vanity, A modest manatee, that's me

                      Comment


                        #12
                        Re inventories:

                        Here is a story I heard. T had damaged a wall which was duly noted on the checkout. However the walls were not mentioned on the initial inventory and as they were not mentioned, there was no proof of the original condition of the walls.

                        T challenged and got deductions back from LL. A professional inventory clerk notes everything.

                        A note of caution however. I have perused some examples of IC's work via their website "examples". Many are not up to scratch. Check their examples and make sure they note everything. It is better to cough up a bit more for a thorough inventory IMO.
                        Now signature free.

                        Comment


                          #13
                          Originally posted by kfarmah View Post
                          Jeffery - should the AST's be witnessed as well by a 3rd party ?
                          My understanding is it's not legally necessary to have a witness, but I always do insist on the tenant having their signature witnessed as it reinforces the point that they are signing an Important Legal Document: it just gives a bit of gravitas. I don't get my own signature witnessed as frankly it's a pain in the butt to have to chase up friends or neighbours to do it... no tenant has ever yet commented on the apparent disparity!

                          Comment


                            #14
                            Lorenzo: walls aren't a fixture/fitting/contents item, though.
                            Buildings with no walls aren't a good purchase, usually.
                            JEFFREY SHAW, solicitor [and Topic Expert], Nether Edge Law*
                            1. Public advice is believed accurate, but I accept no legal responsibility except to direct-paying private clients.
                            2. Telephone advice: see http://www.landlordzone.co.uk/forums/showthread.php?t=34638.
                            3. For paid advice about conveyancing/leaseholds/L&T, contact me* and become a private client.
                            4. *- Contact info: click on my name (blue-highlight link).

                            Comment


                              #15
                              Originally posted by jeffrey View Post
                              Lorenzo: walls aren't a fixture/fitting/contents item, though.
                              Buildings with no walls aren't a good purchase, usually.
                              The purpose of the inventory is to prove the condition of the building and fixtures at the initiation of the tenancy, it is not to just list fixtures and fittings.

                              Walls, ceilings, skirting boards etc are all subject to tenant damage and should be mentioned.

                              e.g. Suppose the tenant rips down wallpaper and paints the walls magenta? Without mention of walls and a description of the wallpaper, there is no proof they weren't painted magenta in the first place.
                              Now signature free.

                              Comment

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