Help needed asap - we're just starting out!

[oohjamaflip]

Hi there everyone,

My hubby and I are just becoming landlords for the first time - renting out our first home after buying a second. We have refurbished the house and have tenants that have provisionally accepted the property for the rent we require. My husband is sorting out contracts etc, but has asked me to look into things like insurances and what electrical certificates etc we might require? FYI, the house was built in the 1930's. We've recently had a central heating system put in and the electricians who installed the boiler etc told us that the wiring was sound etc and that it had obviously been updated at some point but we don't know when exactly.

Really we just need some advice or some pointers as to where to look for more information as to what rules, regulations and procedures need to be followed so that we know everything is in order for the family to move in.

Any of your valuable advice would be hugely appreciated.

Thanks, Gill xxx

[plym77]

I dont know much about certificates I am afraid. I know I had to change my building insurance to a landlord one and that I had to get a gas cert.

On the paperwork side, you will need to inform the inland revenue by 6 October following the year in which your business starts - so in your case 6/10/07.

You will need to submit an annual tax return with the income and expenses (along with other income) on it. If it is a joint property, you will each need to do one.

Make sure you keep full records so that any deductions that are now repairs will be recorded so that you can claim the 'improvements' on any future sale.

If you have any queries regarding accounting and allowable expenses, let me know

Plym77

[Oliver]

Gill

The basics you will need are a gas safety certificate, to be tested every year, if there is any gas in the house, i.e. central heating or cooker. the engineer should be CORGI registered and produce a certificate on completion, which goes to the tenants, with a copy to you. This is a legal requirement. They will ususally test eveything, if the cooker is the tenants responsibility then they will have to deal with anything that arises.

As you have just started worth getting an electrical test and report by a NICEIC qualified electrician. They will test the installation and report on items which do not meet current standards and which are faulty. The items are rated 1-4 from memory 1 being highest priority, 4 ususally long term items or installations that met the requirements at the time but as the regulations have changed, they no longer do. the report should recommend when the next test is done, often 5-10yrs.

It is worth getting the boiler serviced each year at the same time the gas safety test is done.

As allways finding reputable firms or inderviuals is allways difficult, but as they have to be CORGI / NICEIC there is some control.

hope this helps

[Dailew2000]

Hi there everyone,

My hubby and I are just becoming landlords for the first time - renting out our first home after buying a second. We have refurbished the house and have tenants that have provisionally accepted the property for the rent we require. My husband is sorting out contracts etc, but has asked me to look into things like insurances and what electrical certificates etc we might require? FYI, the house was built in the 1930's. We've recently had a central heating system put in and the electricians who installed the boiler etc told us that the wiring was sound etc and that it had obviously been updated at some point but we don't know when exactly.

Really we just need some advice or some pointers as to where to look for more information as to what rules, regulations and procedures need to be followed so that we know everything is in order for the family to move in.

Any of your valuable advice would be hugely appreciated.

Thanks, Gill xxx

Please dont forget that all electricians with part P must be used for any doestic Installations. Regards Dave