Jump to content

What to tell my insurer?


holisticat

Recommended Posts

You must be stark raving bonker's if you go ahead with what you have just outlined in your question to the forum.

Never the less do come back to the forum and let us all know how it went so badly wrong for you.

Oh! and to answer your question. Yes, tell your insurance company whatever you plan to do as because if you do have a problem like fire, flood, damage or a Cannibis factory from your tenant's then they will not pay you a penny in compensation.

Link to comment
Share on other sites

That's a wise decision. My answer to original question would be - Yes, you do need to tell insurer.

Insurers need to know that your professional tenant would be sub-letting, running a business (letting) etc. Check your building insurance conditions carefully - the answer was probably in there somewhere.

Link to comment
Share on other sites

Is it very obvious that this was going to be my first letting? I'm not experienced or knowledgeable in this sector.

I've decided not to go ahead with the agreement. Thank you for all your replies.

This will be probably the best decision you will ever make as a novice landlord.

You can and will gain knowledge and experience especially referring to landlord/letting/tenant matters you may have on a forum such as this.

In the meantime my advice to you is to purchase a quality book on being a landlord and read up on the very basics of what you are entering into. Everyone has to start somewhere but better to start with knowledge then up to your neck in a World of brown stuff !

Link to comment
Share on other sites

Thank you Melboy, you're absolutely right, I should do some home work. Any suggestions on books?

There are a lot of good books around in the book shops and online.

This is a good start for you to learn the basics I would say and inexpensive.

http://www.ebay.co.uk/itm/Landlord-and-Tenant-Law-McQueen-John-New-Book-/311136300391?pt=Non_Fiction&hash=item48712b2d67

Link to comment
Share on other sites

Holisticat - I also suggest you go on the forums at www.landlordzone.co.uk and read the main post by Welshboy (search the members list) who was conned into letting 'a professional' let his property to several others and he never saw a penny. In fact he had to evict these people to get his own property back.

Link to comment
Share on other sites

Archived

This topic is now archived and is closed to further replies.

×
×
  • Create New...