M2RTY
Member
Registered: 25th May 01
User status: Offline
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Went to look at new houses in feb, seen one, bought it, moved in on march 23rd
Spent last 3 weeks getting old house bomb proof for renting out
Advertised it 4.05pm last friday, made a viewing 5 minutes later, no need for nefotiating on price either, italian chemical engineer moved in yesterday, paid for by his company, as hes working here for 2 years. Hired a van and drove from italy to germany to darlington and his mate drove back last night!
Anyone wanting to know the ins/outs of renting out, let me know. Looking at 2 more to buy next week so ill let you know how ot goes
Martyn
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RichR
Premium Member
Registered: 17th Oct 01
Location: Waterhouses, Staffordshire
User status: Offline
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We've got the same, waiting list for the flats we have (2 x 3 storey townhouses split into 2 flats each). One has been rented by a local pub/restaurant for their two senior chefs on a long term rent of 5 years, the other we have two individual tenants in.
Had a girl move out in the middle of the night owing us £500 in back rent and bills and having smashed a wardrobe up and left the place a real dirty hole. Found out she'd done a runner at 6am from the other tenant in the flat below, had 4 people interested by 10am and someone moved in at 12, she even cleaned it and didn't want the wardrobe as she had her own furniture.Girl who moved out is now paying £50 a month to pay off what she owes us.
We're looking at another one soon and hoping for another converted townhouse-1 mortgage but 2 sources of income that add up to more than if it was only a house
[Edited on 08-06-2012 by LiVe LeE]
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BYRON
Member
Registered: 1st Jun 04
User status: Offline
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I rented my house in February. Again, first viewing and no negotiation on rental figure. Long term is an option but I only committed to a year with them.
Direct line landlord insurance is good value at £20 per month and covers damage, no rental and building insurance etc.
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mattk
Member
Registered: 27th Feb 06
Location: St. Helens
User status: Offline
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Im after another to rent out, cant wait to get the one finished Im doing at the moment. its taking aaaaaages!
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AndyKent
Member
Registered: 3rd Sep 05
User status: Offline
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quote:
Originally posted by BYRON
I rented my house in February. Again, first viewing and no negotiation on rental figure. Long term is an option but I only committed to a year with them.
Direct line landlord insurance is good value at £20 per month and covers damage, no rental and building insurance etc.
No rental? You mean they pay out for void periods without a tenant?
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M2RTY
Member
Registered: 25th May 01
User status: Offline
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Im paying 50p a day to cover none paying tenants, seperate policy to my landlord insurance
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BYRON
Member
Registered: 1st Jun 04
User status: Offline
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quote:
Originally posted by M2RTY
Im paying 50p a day to cover none paying tenants, seperate policy to my landlord insurance
Pretty sure my cover does extend to this, but to be honest the girlfriend sorted it all out so...
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neoquip
Member
Registered: 12th Aug 02
Location: Nottm
User status: Offline
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quote:
Originally posted by M2RTY
Im paying 50p a day to cover none paying tenants, seperate policy to my landlord insurance
how long before you can ckaim on the policy?
does they have to be two months without paying?
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M2RTY
Member
Registered: 25th May 01
User status: Offline
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Yeah 2 months. Its peice of mind really as its all new to me. Covers legal expenses etc too
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neoquip
Member
Registered: 12th Aug 02
Location: Nottm
User status: Offline
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quote:
Originally posted by M2RTY
Yeah 2 months. Its peice of mind really as its all new to me. Covers legal expenses etc too
what happens if they do a runner after not paying the last months rent.. and they've trashed the place too?
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AndyKent
Member
Registered: 3rd Sep 05
User status: Offline
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That's why you take a worthwhile deposit at the start of a tenancy
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neoquip
Member
Registered: 12th Aug 02
Location: Nottm
User status: Offline
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quote:
Originally posted by AndyKent
That's why you take a worthwhile deposit at the start of a tenancy
but you're not allowed by law now to take a deposit off a tenant, it has to be put into Tenancy Deposit Scheme,
http://www.direct.gov.uk/en/homeandcommunity/privaterenting/tenancies/index.htm
That's why I don't take deposits anymore.
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RichR
Premium Member
Registered: 17th Oct 01
Location: Waterhouses, Staffordshire
User status: Offline
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We're the same, no deposit but pay up front, Our tenant's monthly rent is due 2 weeks before the start of the month so February's rent is paid in the second week of January. If they abscond in the middle of the night, we always have a minimum of 2 weeks rent in hand which is between £150 and £200 for the properites we have.
To be honest, I think you have to accept that at some point you'll have a tenant screw you over and its just not worth the hassle chasing them. The girl who owes us £500 and has done since December has so far given us £50 and its just not worth chasing the rest for the time, hassle and ultimately costs of small claims courts etc. We'll write it off and if we get paid then bonus.
I'm a bit stricter than the missus though; she'll let people slide on paying rent or pay cash etc. The one's I'm involved with (she has 2 and we have another 2 between us) are set up as direct debits only and unfurnished; less to break, less to replace.
I've also found unfurnished flats are better as the young(ish) professionals we have in want to make the place nice for themselves so buy decent furniture and look after them
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neoquip
Member
Registered: 12th Aug 02
Location: Nottm
User status: Offline
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true it's not worth chasing.
We don't take deposits now it's Advance rent + £100
so if rent is £300 a month, to move in they need
One months rent up front (£300)
+ advance rent of (£400)
so to hand keys over they need £700
Don't furnish properties either as when you have them empty the council want council tax off you.
Also you find you have ppl who wantto put their own stuff in.
As well, if a tenant has put their own 'big' stuff in, it's less likely they do a mid night flit.
[Edited on 14-06-2012 by neoquip]
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AndyKent
Member
Registered: 3rd Sep 05
User status: Offline
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quote:
Originally posted by neoquip
quote:
Originally posted by AndyKent
That's why you take a worthwhile deposit at the start of a tenancy
but you're not allowed by law now to take a deposit off a tenant, it has to be put into Tenancy Deposit Scheme,
http://www.direct.gov.uk/en/homeandcommunity/privaterenting/tenancies/index.htm
That's why I don't take deposits anymore.
I know, but the only way to guarantee a lump of cash is set aside.
Plus side is any worthwhile tenant with that amount to set aside can be (slightly) more trusted not to fuck the place over.
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M2RTY
Member
Registered: 25th May 01
User status: Offline
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ill learn from my mistakes, thats life, not expecting to get it right first time
guy is a doctor in science, new site manager for chemial site 10 miles away, digs paid for by work. Hes already but new kitchen units in and a few extra bits. My dadhas the house next door which helps and is doing the maintenance work. Has a brand spanker focus ST on Italian plates and is into his cars too lol, not showed him my abarth yet lol
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Kenni
Member
Registered: 29th Jan 01
Location: Worcester(sauce) Drives: VX220 & Zaffy GSi
User status: Offline
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Putting money onto DSP is free but can be a pain when submitted loads of tenants at once. Also the Inland revenue is linked to the DSP so they know who has rented their properties out and not declaring income. Pay your taxes 
You have up till 14 days after the deposit is paid to submitted it to DSP. But really you can submitted it anytime aslong as the tenancy hasnt(!!) expired, and even when the tenant asks where is the deposit gone. Though i wouldnt risk it. If the tenants tenture has finished and complains that you havent put the deposit in a scheme, you are truely fucked, and you will be fined 4x rent.
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neoquip
Member
Registered: 12th Aug 02
Location: Nottm
User status: Offline
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Hence why I don't take a deposit anymore
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baza31
Member
Registered: 19th Apr 03
Location: yorkshire
User status: Offline
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Am sorry but IMO there's alot that are trying to be landlords but trying to avoid policy's you have/need to . First bit of advice is a proper contract, wrote up by your solicitor . As far as upfront rent goes you can't force nor apply this in a contract and enforce it. If you charge someone 3 months upfront and they don't pay you for 3 months there's nothing you could do legally to get them out.
If you want to be a landlord you need to do it properly. You can't cut corners . Also you can't avoid tax .
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neoquip
Member
Registered: 12th Aug 02
Location: Nottm
User status: Offline
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buy your contracts from Oyez, here....
http://www.oyezstore.co.uk/legal_form_4643/Agreement_for_Letting_an_Unfurnished_Dwellinghouse_on_an_Assured_Shorthold_Tenancy_-_[AGR2U]_[AGR2UD]_.htm
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M2RTY
Member
Registered: 25th May 01
User status: Offline
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First year is one big lesson for me, once happy i will change a few things
Looking at 2nd one now that we are moved in new house ok and sorted new car out etc
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