Anitaqq12 Posted March 17 Report Share Posted March 17 Hello, I have one rental property which will be empty for the first time at the end of this month. What is best practice whilst waiting to sell the property? Do I have water, gas, electric turned off? If I keep the utilities on are there any tariffs that will be cost effective? I've read different approaches regarding utilities, some people have their central heating system drained and turn the water off. I'm hoping for a quick sale and if I can't sell within six months I will let it out again. Any advice with experienced landlords would be greatly appreciated. Best regards Anita Quote Link to comment Share on other sites More sharing options...
kanrent Posted March 21 Report Share Posted March 21 On 3/17/2024 at 3:03 PM, Anitaqq12 said: Hello, I have one rental property which will be empty for the first time at the end of this month. What is best practice whilst waiting to sell the property? Do I have water, gas, electric turned off? If I keep the utilities on are there any tariffs that will be cost effective? I've read different approaches regarding utilities, some people have their central heating system drained and turn the water off. I'm hoping for a quick sale and if I can't sell within six months I will let it out again. Any advice with experienced landlords would be greatly appreciated. Best regards Anita If it was me I'd change the utility suppliers to ones don't have a standing charge, also drain down the central heating if it's winter. Quote Link to comment Share on other sites More sharing options...
Anitaqq12 Posted March 21 Author Report Share Posted March 21 Thanks for your reply. I live in the Isle of Man so wasn't sure if I could join other providers but I will certainly try this. It's currently under British Gas and they do have a standing charge. Trying to ring them is impossible, I managed to chat online to an advisor but they were basically copying and pasting stuff I had read on the internet! If the house isn't sold by October I will possibly put it back for rent but if not I'll get the CH system drained. Quote Link to comment Share on other sites More sharing options...
Melboy Posted March 21 Report Share Posted March 21 Gas off Water off. Electric off...... if nothing electric is going to be affected within the property. No need to drain down CH systems in Summer. If you do, it can produce troublesome pipe / system airlocks when you come to the refill and system test. You will need to inform your insurance company as it will be vacant for more than 30 days. Essential to do this IMO. Quote Link to comment Share on other sites More sharing options...
Richlist Posted March 21 Report Share Posted March 21 * I always left the electric switched on so I could set up a couple of table lamps on timers in the evenings, the last thing you need is a break in. It's also an advantage to be able to switch lights on when people are viewing the property on dark, overcast days. * Contact all the utilities and get the bills transferred into your name. * Don't forget to check your council tax situation and pay it if necessary. * Make sure you take all the meter readings. * I'd turn the central heating off as it's the end of March.....unlikely to get any very low temperatures now we are in spring. * Make sure the hot water controls are off. * Inform your insurers it's now empty. * Don't forget to lock all doors & windows. * I always made sure I visited the property every 2 or 3 days to check all is ok. Good idea to have a next door neighbour keep an eye on it for you.......give your contact details in case of emergencies. * Above all else NEVER ASSUME your agents will keep an eye on things for you......they wont.....they just want their sales commission. Good luck. Quote Link to comment Share on other sites More sharing options...
Anitaqq12 Posted March 21 Author Report Share Posted March 21 Thanks so much for taking the time to write all the above. Some great tips there that I hadn't considered and will definitely act upon. I live in the Isle of Man so can't check on the property but will definitely ask a couple of the neighbours to keep an eye on it. Quote Link to comment Share on other sites More sharing options...
Richlist Posted March 21 Report Share Posted March 21 If it sells......don't forget to pay your taxes. CGT would be due in England & Wales, payable within 60 days of sale....I don't know what the set up is in IOM. Quote Link to comment Share on other sites More sharing options...
Anitaqq12 Posted March 21 Author Report Share Posted March 21 Thanks for this. I've been reading up on CGT, to be honest I find it all quite confusing but I know someone here who can help me with the form thankfully. Quote Link to comment Share on other sites More sharing options...
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