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Going it alone - ADVICE PLEASE


SMILE

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:angry:

I have finally found myself a tenant that I am happy with.....they have been very honest with me and told me up front that they had a couple of small ccj's outstanding due to a business debt they had.....but they have offered to give me six months rent UP FRONT plus A month's deposit. They seem like a really nice couple and I will be protecting my house with an insurance to cover me for maliscious damage by tenant, theft by tenant etc.....as well as the usual insurance requirements....As they are paying up front and I want to manage any repairs, visits to the property myself...it seems a waste of time using a letting agent as they won't really be doing anything ! so I've decided to pay the finders fee and go it alone myself.... Does anyone know if I need to serve any notices before the tenant and his wife go into the property ? or should the letting agent do this as part of the finders fee ? If I need to serve any notices, do you know where I can find one from and the correct procedure that I need to follow ? Do you have any advice about the six month's rent up front...what type of payment should I accept from the client ? obviously I want to make sure the funds are in my account before I let them into the property ... I guess I'm just asking for ANY advice you more experienced landlords have so that I can cover as many angles as possible to avoid any potential nightmares....THANKS I look forward to hearing from you....

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Well, the 6 Months rent up front plus deposit is OK nothing wrong with that angle at all......just done the same on my rented property.

Good watertight contract ?.....I use the free down load available here....no different to what the Letting Agents use.....more or less.

I guess it is check and check and check again that your Tenants are going to give you minimal risk and hassle before occupying your property.

Both in full time employment? Salaries to cover the rent and outgoings? Nice people ? the list is endless really so just do the very best to cover and protect your back from problems....even then there is no such thing as a 100% guarantee.

I see it quite often where Landlords don't follow a few basic rules and then end up with a lot of problems.....mainly non-payment of rent etc.

I am usually fairly good at spotting the problem people and now I don't mess about I just politely decline their offer of renting my property....it is easier at that stage then trying to sort out a mess later when it all gets nasty.

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Go with your instincts picking tenants - gut feelings are seldom wrong when it comes to people.

Recently purchased a property that would have come with tenants. I met them a couple of times and just got a feeling about them. When they didn't return my phone call to discuss contract that was it no second chance. They got notice on the Monday that the sale of the flat was now conditional to it being empty on the Friday of the same week.

They did move out on the Thursday night and the sale went ahead. Better an empty flat than a bad tenant :angry:

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Yes. In my experience Letting Agents can't offer much help when things go wrong unless you pay them big fees. Best to DIY if you can.

Be sure to get references (e.g. employers), and signed letters from guarantors (e.g. relations) if you can.

1.1/2 months is norm for deposit. As notice either way is 2 months, it helps to cover part of what you might lose at end of tenancy if they stop paying when they give notice. Cash or Building Society cheque is better than ordinary cheque, which can bounce.

Within first FOUR months you should seriously consider whether to give them your notice and anyway it's right the time to ask them if they wish to stay longer than 6. That way you minimise a loss within the 6 month term should YOU not wish to renew, and have some grounds in hand to get court eviction if they outstay.

In summary, always prepare for worst scenario for END of tenancy, even or especially if you don't know when that will be. However nice the tenants are now, the worst can happen.........

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