Jump to content

agent or no agent


Recommended Posts


hi me again, decided to go it alone at this renting game, havent moved out yet, down loaded tenacy agreements, sorted out house insurance, and mortgage agreed to me renting. BUT i have received a letter from my mortgage saying one of the rules is i should go through an egency :angry: do i have too? will they check up. any ideas folks. and if i ask for say £400.00 per calender month rent for a 2 bedroom semi, how much deposit should i ask for, and does the tenant on moving in pay 1 month rent + deposit. any advice is greatly received. another thing how the hell do i even start or when do i start getting the tax man involved

Link to comment
Share on other sites

Hi Windsorjen,

Regarding a security deposit - I always ask for 1 months rent + £100, so if the rent is £400 a month then the security deposit is set at £500. This means that your tenant will need to pay £900 before they get the keys to the property and move in.

Make sure that any money you receive is in CLEARED FUNDS. ie: Cash or Bankers draft - if your tenant wants to pay by cheque then they will need to give you the money upto 5 working days BEFORE they move in so that you have time to clear the cheque.

Regarding the tax man - you need to complete the "Land and Property Section" of the self assessment tax return. If you have just started buy-to-let then you will need to keep detailed records of income and expenditure (a separate bank account can make this easier) and report this information on the 2006 / 2007 tax return (that you will need to complete during mid -2007ish).

I'm not sure hoow to advise you re: "should go through an agency". Does it say you MUST or you SHOULD. If it says you MUST then - I guess - you MUST !! Even though I was one of the contributors suggesting you avoid agents like the plague !

If you need anymore help / advice - feel free to email me at mark.trenfield@btopenworld.com

Good Luck


Link to comment
Share on other sites

I have a buy-to-let mortgage and I'm not required to use a letting agency, i manage my own property. I'll assume that you have a residentail mortgage, that's why you've asked the mortgage company permission to let. Anyway, if you got verbal permission from your mortgage company, i would advise NOT use an agency. But if they got you to sign a declaration stating that you must use an agency then you should. When it comes down to it, the mortgage company aren't too bothered who lives in the property, as long as the keep receiving their mortgage payments. However, it is vital that your house insurance is changed, otherwise if some bad ###### happened when your tenant/s were living there you would be uninsured.

Deposit wise, i'd ask for 6 weeks (£1,000 total b4 they sign the tenancy agreement), like Mark said, make sure the funds are cleared b4 you tenancy agreements are signed and you hand over the keys.

The reason i wouldn't use an agency is:

1. They are very expensive

2. They might be in no particular rush to let your property out, after all they are not losing money when it is not let out, you are!

3. Some agencies don't bother checking references properly, you can: www.letsure.co.uk will charge about £14 for a full financial check (ccjs) it is instantanious

4. Basically, you can take full control, if you want a job done properly do it yourself

Be Lucky!

Link to comment
Share on other sites


thanks Trenners again, and nugget, your advise is as always very welcome and helpful, there's a thousand and one questions us newbies want to ask, and this is a fantasic site. hopefully all will go well in the future and i will be able to advise people, I'm sure i will be back again soon, when i think of something else. jenny

Link to comment
Share on other sites


This topic is now archived and is closed to further replies.

  • Create New...