New landlord help/tips

[jtc]

Hi all,can I ask for some help/tips/suggestions as I am about to become a landlord.My situation is as follows:

I would like to rent my house out,its in a pristine condition and furnished 2 bed,2 storey terraced.I will be moving abroad as my job is taking me there and want to rent it out for the duration of my contract. I have had a couple of appointments with letting agencies and they seem to want to sell various things on top like electrical certificates which they say are not regulatory but are our company policy to have,inventory certificates etc and it doesnt seem to make a huge price difference if it is furnished.It has new carpets,leather sofas,complete for someone to just move in and live.Is this usual?I am a bit lost and I would appreciate any help that can be suggested.Also any agencies that you might have good experience with.The property is in Biggleswade Beds.

Thank you all in advance

[baznsarah]

hi there sorry to add on to this post but im in the same boat. im renting out my house in doncaster and any and all advice will be helpful and most welcome

[Trenners]

Hi,

There are loads of rules and regulations that you need to ensure are followed to a) ensure the safety of your tenant and comply with the law. There are also tax rules that you must follow if you are planning to live abroad for more than 6 months (and thereby become a non-UK resident landlord).

My advice - find a good, local agent via personal recommendation (from other landlords in your area) who is a member of - at least - the UK ALA, NALS or ARLA. Smaller firms tend to give better service and better value than the larger estate agency firms ...... but recommendation is a much better measure than the size of their offices or advertising etc

Don't be tempted to flout the law. Ignorance is not a defence. Renting a property is a business ..... get the help of a professional letting agent.

Good Luck,

Mark

[plym77]

If you are mocing abroad then you will need to complete a few forms for HMRC.

Firstly a form P85 to inform them that you are leaving.

You should also consider completing a form NRL1 to enable you to receive rent without the deduction of tax.

You may wish to consider preparing a repayment claim if you are leaving a job part way through the tax year as you may be due a tax repayment.

You will need to register for annual self assessment tax returns to declare your rental income and expenses (and other UK source income, for example banmk interest). The tax year runs to 5 April each year and submission deadline is 31 October following (for paper submission) or 31 January following (for online submissions)

You should also ensure that you have maximised any tax benefits before you leave, for example ensuring that IT/CGT is set up in the most beneficial way.

If you need any assistance with forms or advice, feel free to contact me on sherena.glanton@bdo.co.uk for a competative quote. In the meantime, I hope the above helps

Regards

Sherena

[jtc]

Thank you all your help is much appreciated.

[web2dude]

For info, you can probably find some useful info on this forum about checklists to follow when renting out your property. Be very wary about all the rules and follow them to the letter. I remember the thing I found most difficult about renting out my property to start with was the fact that it is no longer your home, but an asset, so remove all your personal items and place them in storage. The tenants will not treat the house as you would your home!

[juliebristol]

There is a Landlord Manual that is produced by Bristol City Council, you can see it on the website at www.privatehousinginformation.co.uk

[dezbroatch]

Hi, I totally agree with web2dude "The tenants will not treat the house as you would your home!" as I found out to my cost.

I would advise a good insurance company especially one who specialises in landlord insurance. It also can depend on what

kind of tenants you have wether they are students or professional etc.

[partrim]

If you're living abroad a good management agency is essential and the key here is to go with personal recommendation.

Keep complete and accurate financial records as you go. There's nothing worse than scrambling around in shoe boxes for the plumbers invoice as the tax return deadline looms!

Familiarise yourselves with the basics. A good agent will look after the detail, but make sure you understand tenants rights as this could affect you when you want your house back.

Be prepared - most lets are relatively 'event free', but it is a business venture and, as such, there are risks.

Best of luck.

[LadyLea]

It may seem like the agents are trying to make money out of you - and really - they are - but also they are obliged to warn you about risks.

but they are aslo the people that cut out all the hassel for you - finding tenants with their advertising and client base, arranging viewings (often attending), and they know what you need to do and what - you can do - to protect yourself.

You can't over protect yourself - but you can assess the risk factor you are prepared to take.

If you are not worried about not having rent for 6 months - dont' take out landlords insurance.

If you are not worried that your tenant could electricute himself - dont do the electrical tests

its all about risk taking or piece of mind.

I am an agent - so I see all the problems that happen when people don't protect themselves, however I also see the savings people have made when they take a risk and nothing goes wrong.