New Tenancy

[GrosAve]

I am seriously considering doing a Buy-to-Let on my property that I live in now and buy another property in Brighton to live.

I had a horrendous experience with a previous tenant in another property and would like to ask what would you guys require as an absolute minimum for letting out your property? Guarantor, references, deposit etc.

Many thanks

[Carryon Regardless]

I aim for a home owning G'tor. For £3 I do a Land Registry check on the G'tor. From that it's possible to see if there is equity, if I have doubt I request sight of their latest mortgage statement.

A search for CCJ's is more than reasonable but that often doesn't show an abusive financial history anyway.

With the T I am more interested in their domestic occupancy history, too many recent moves and the bells are ringing for me.

 

I take a credit check fee, they all sign approval of my checking them out. I expliain that they are better to divulge adverse history as that may save them wasting their fee. It's often at that point they stutter some and explian how it wasn't their fault. It then depends how fussy I am feeling I should be (length of void, quality of my property) as to if I consider further.

 

My applications will show employment, makes clear animals need be divulged for approval, details expected occupants / regular over night visitors.

 

[GrosAve]

Thank you CR. All sound advice.

[kerbut]

I quite honestly think there is no minimum , you have to be so careful these days , no doubt RL will be along soon with his comprensive and sensible check list. 

[Richlist]

Before any lists you do realise that by buying a 2nd home after 6th April 2016 it is going to land you with a massive stamp duty land tax bill, don't you ?

Your bad experience with a bad tenant might pale into insignificance once you discover the size of your stamp duty bill.......Which is likely to be big cos I know that Brighton property is expensive compared to the rest of the country

Good luck......you will definitely need it.

[GrosAve]

No I didn't know and I do now, thank you RL. It won't quite pale the bad tenant into insignificance unfortunately but it will be a blow. Something to seriously consider.

[Richlist]

Well I don't know how bad your bad tenant was but if he was worse than your potential stamp duty bill...... (e.g.   £10,000 stamp duty on a £250,000 property) he was indeed very BAD !