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Advice for a novice


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Hello, my family has recetly been given the option of moving to a deceased relatives house so I am considering renting out my own property as the market hee is pretty stagnant and it will give us security for the future. Where do I go to find out about competitive rents, leases, saftey checks etc. Also how do I find out about tax payable on rent income?

I live in a small village and everyone else seems to be very lapsidaisyical about renting properties so I can't seem to get lcal advice from local loandlords - What should my first step be? B)

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Hi Doolaly

First step is to access the many internet sites which provide information for Landlords. This being an expectional one! Others are: www.landlordzone.co.uk and www.buytolet4sale.com. All good general information and tip providers.

I've listed below some pointers which I hope you find useful. If you have any further questions, this site is good for answering the specifics especially on taxation issues.

For tax information - www.direct.gov.uk provides comprehensive government guidance on tax levies on rental properties and timetable for completing self assessment forms. The Self-Assessment Forms can be found on www.hmrc.gov.uk alongside information of how to complete and when. Very useful.

For competitive rents - find out what your local neighbourhood is charging for rent for properties similar to yours. Look at the local newspaper or ask your local estate agent -though be careful of the sales patter! This should build a picture of what Landlords typically charge. You don't want to overprice or underprice your property.

For safety checks - You will need a Gas Safety Certificate which is mandatory and must be renewed each year. You can contact your local Corgi gas service provider for further information. Electrical checks as I understand it should be done every 5 years (correct me if I'm wrong anyone!) As you will be starting off your rental period I recommend an electrical and safety check is done in conjunction. There are firms which provide this specialist service such as:www.gas-elec.co.uk.

You need to also decide what type of tenants you prefer (e.g professionals only) and how you will find them (use a Letting/Estate agent or do-it-yourself). You can read previous postings on this site to form an opinion.

Before you take the plunge, have you researched the local market for tenants and are confident there is demand for your property? There is a danger the area may be saturated with Landlords but not enough tenants. If you are happy there is a healthy demand for your property then you have a good platform to start.

Good Luck!!


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