www.landlordaction.co.uk Posted November 14, 2007 Report Share Posted November 14, 2007 10 Golden Rules 1. Before you let a tenant into your property ask to see their last 6 months bank statements.This will give you a very clear picture on their finances.If they dont agree to let you have this information..dont take them on as tenants.(this one is a must) 2.Speak to the tenants employers.Dont just rely on the paperwork. 3.Speak to the current landlords as to how they have been during their stay. 4.Only give a six months agreement to start with. 5. Try and get a guarantor. 6.If you want DSS tenants get a BIG deposit. 7.Take out a credit reference. 8.Arrange at first to go and collect the rent personally for the first few months,this will let you view the state of your property. 9. If you are using a letting agent ask them to provide you with other landlords who are currently using their services.to make sure all is above board. 10. Serve a section 21 notice at the start of the tenancy. Good Luck Johnathan www.landlordaction.co.uk Link to comment Share on other sites More sharing options...
SPEEDTWIN Posted November 14, 2007 Report Share Posted November 14, 2007 Protect the deposit before serving s21 or it will be invalid Link to comment Share on other sites More sharing options...
Simon Dewsberry Posted November 14, 2007 Report Share Posted November 14, 2007 10 Golden Rules 1. Before you let a tenant into your property ask to see their last 6 months bank statements.This will give you a very clear picture on their finances.If they dont agree to let you have this information..dont take them on as tenants.(this one is a must) Great idea .....Most people will object very strongly to this and does NOT give clear overview..just pic of that acc ...what about cc loans etc (Most Lenders dont even ask for this !!!) 2.Speak to the tenants employers.Dont just rely on the paperwork. Easy for "mates" no to be given. 3.Speak to the current landlords as to how they have been during their stay. Yes good idea but see above 4.Only give a six months agreement to start with. "usually" a good idea... (SEE NEXT POST AS FORUM WONT LET ME QUOTE THEM ALL IN ONE GO !!!) Link to comment Share on other sites More sharing options...
Simon Dewsberry Posted November 14, 2007 Report Share Posted November 14, 2007 5. Try and get a guarantor. If A1 referenced , can cause serious offence to prospective T .. 6.If you want DSS tenants get a BIG deposit. These guys generally have very little cash ....Guarantor far more important.. 7.Take out a credit reference. Most come up as moderate or high risk ...far better to get a professional reference agency to credit score and give a suggested credit limit based on overall financial position... 8.Arrange at first to go and collect the rent personally for the first few months,this will let you view the state of your property. Yep good idea ....but sets precedent for "forgetting" to set up SO and being expected to do this every month ...also no good if prop any distance or like me you have in excess of 100 tenants then few =3 is 300 visits so visit nearly every day ...I dont think so !!!! 9. If you are using a letting agent ask them to provide you with other landlords who are currently using their services.to make sure all is above board. They will only give you "happy" ones to phone !!!! 10. Serve a section 21 notice at the start of the tenancy. There are an awful lot of LL LA and legal bods that would disagree in a big way !! ( and tenants ...what if T is looking for a long term home and you are serving notice to quit after 6months ?..you are going to loose all of your potential long term Tenants by doing this !??? Good Luck You may need it if you follow this lot !!!! Jonathon ..... Not impressed with your 10 Golden Rules at all ............ Have you got an accurate 10 point plan for recovering o/s rent ? and another for explaining how to regain possession ? as rumour has it that people can pay third parties, upto and over £1000 for filling in half a dozen forms ???? Simon Link to comment Share on other sites More sharing options...
GPEL Posted November 14, 2007 Report Share Posted November 14, 2007 Further to Rodents points: Point 1 Yep, bank statements pretty meaningless 2 Get a written employer reference on headed paper but again could be forged by a mate in the business or marked up by a mate owning the business 3 A good reference will do proof of previous address checks which will help validate a written landlords reference 4 Could be some benefits from longer let but use discretion 5 Don't get a guarantor unless relatively low credit score on a tenant reference, low income or student. Two of my tenants earn £100k between them. No way would I ask them for a guarantor. If guarantor taken look for them earning at least 3 times annual rent and reference them also. 6 What's a big deposit? A referenced G is more important 7 Always ref using proper tenancy referencing co. 8 Complete the SO yourself and get them to provide their details and signature on the SO when signing the TA. You can then send it to their bank making sure you know it's gone off 9 Word of mouth referals much better 10 OK to serve S21 at start but make sure tenant understands that it would not be enforced if the tenancy went well and both parties were happy to stay. As soon as another rent is taken after expiry, the S21 expires anyway. Link to comment Share on other sites More sharing options...
pugsy Posted November 14, 2007 Report Share Posted November 14, 2007 Ah bless.... gotta love him for making the effort. If we followed all that phone a friend advice, I fear we'd all soon be needing his services! Hold on, I've got one... wait for it: New Golden Rule No.1: DON'T USE MY LETTING AGENT! Link to comment Share on other sites More sharing options...
Simon Dewsberry Posted November 14, 2007 Report Share Posted November 14, 2007 Rule 2.. Visit www.residentiallandlord.co.uk regularly ...especially the forum !!! Rule 3.. Don't waste your money on unneccesary services... Simon Link to comment Share on other sites More sharing options...
J4L Posted November 15, 2007 Report Share Posted November 15, 2007 OP - Your charges appear very expensive compared to say a good letting agent who would do this anyway at no or very little cost to the LL!!!! Link to comment Share on other sites More sharing options...
Simon Dewsberry Posted November 18, 2007 Report Share Posted November 18, 2007 Jonathan Various Q's and issues raised but no reply ???? this could be a very informative and helpful thread to many are you in ?..! or was it just an ad for more business (no offence intended) S Link to comment Share on other sites More sharing options...
Simon Dewsberry Posted November 22, 2007 Report Share Posted November 22, 2007 Helloooooooooooooooooooooooooooooooooooo................................................... Jonathon where did you get to ? S Link to comment Share on other sites More sharing options...
pugsy Posted November 23, 2007 Report Share Posted November 23, 2007 J4L, I do not know 1 agent in my town who would do this for no or little cost. Just out of interest, what would you charge? Link to comment Share on other sites More sharing options...
Simon Dewsberry Posted November 28, 2007 Report Share Posted November 28, 2007 So many unanswered questions on this thread ......... Link to comment Share on other sites More sharing options...
heebs Posted February 16, 2008 Report Share Posted February 16, 2008 Protect the deposit before serving s21 or it will be invalid Hello..sorry for the silly question...am a new landlord..but what is a section21 and the benefits of serving it thanks Link to comment Share on other sites More sharing options...
Simon Dewsberry Posted February 16, 2008 Report Share Posted February 16, 2008 Hello..sorry for the silly question...am a new landlord..but what is a section21 and the benefits of serving it thanks Click here !! Lots of info http://residentiallandlord.ipbhost.com/ind...lite=Section+21 Link to comment Share on other sites More sharing options...
heebs Posted February 17, 2008 Report Share Posted February 17, 2008 Click here !! Lots of info http://residentiallandlord.ipbhost.com/ind...lite=Section+21 thanks rodent...but i still dont know what section 21 is...just know lots of people issuing it... can anyone enlighten me in simple terms,,,please many thanks in advance Link to comment Share on other sites More sharing options...
Simon Dewsberry Posted February 17, 2008 Report Share Posted February 17, 2008 Put simply s21 is a notice to regain possession of your property which gives T 2 months notice .....there are however, as you would expect several important things you need to know about how and when you are able to serve one .... which you will find by reading the above posts on the search string ...! The Rodent Link to comment Share on other sites More sharing options...
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