Letting a property out?

[Doug99]

If the property is close to a university, only let to students on short term contracts. At least then you know they are likely to leave without fuss at the end of the academic year.
Landlords can register their property with the university for letting.

 

[The Samaritan]

If the property is close to a university, only let to students on short term contracts. At least then you know they are likely to leave without fuss at the end of the academic year.
Landlords can register their property with the university for letting.

We, ie me, family on both sides and our children only buy something that they would be prepared to live in push come shove. As they are in London we all ensure they are close to rail/tube/bus stops and shops. As I said we only rent to working people and avoid the self employed as well as those not working at all costs.

One of my OH children has an apartment to rent out they bought it in a small, private block, close to a station, have their own OSP, no lift or concessionaire as this keeps costs of service charges down and importantly, you cannot rent out to the unemployed ie they have to be employed initially at leaset to get the rental agreed via the building management. it is a gated area and several blocks of 2 or three floors high.


At guy at work when I work for a coucil he'd bought a 'but to let' apartment on a mortgage remortgaged his property in part and the services charges rose rapidly and then he had a tenant that he chose that stopped paying rent after about a year it took him almost 2 years to get him out as as this co-worker was paying the service charges, repairs, the mortgages and no rental income, he lost alsomost 50k I think. The rental for the 2 bed was around the 1500 a month. The guy at my place almost had a nervous breakdown and his wife left him during the process. When he eventually got the T out he sold up

Best to go via decent letting agents if you re new and get landlords insurace to cover legal fees and letting agents almost always ensure you have a good letting agreements.

 

[johnny2007]

I wouldn't do that it can put tenants off, but it depends on the type of property you are renting. Its not difficult to change the names over and its really the landlords responsibility (or his/her agent).

No electric/gas company will let the landlord change name on a contract because of data protection b@llox.
And the tenant will be in no rush to do so.
Even if you make them call during the contract signing meeting, they have 14 days to cancel, so they could do that.
Instead if you have a pre-pay meter loaded with complimentary £10, they'll be rushing to get on a direct debit and you'll only lose £10.
If they don't do that, they'll be forced to top up or live without electricity/gas.

 

[Mottie]

When I let out my workshop years ago, I made the tenants take over the electricity in their name. When I moved back in 15 years later, they had had a key meter fitted. Presumably they got behind and had to go PAYG. I had to put it back in my name and get a new key.

 

[HERTS P&D]

My uncle let his house out and the tenant stopped paying. He got no rent for 18 months and cost him £24k to get it back and put in order so that he could sell it.

Should of sent the boys round!

Would of saved £20k.

Andy

 

[The Samaritan]

As I said before best to get a good letting agent saves a lot of problems if you got a half-decent LA and no hidden costs you may have not read been aware of as you are new-ish to the game.

https://www.kentonline.co.uk/canter...aids-as-he-jabbed-syringe-at-landlord-263071/


PS: Please be very careful here as some posts advocate breaking the law - Awlays take out proper LL insurance as most have cover in there for liability ins, check it out.

 

[Mottie]

Should of sent the boys round!

Would of saved £20k.

Andy

He has a pub and a few of the rough regulars offered to get them out but he had already started proceedings so it would have looked a bit dodgy.

 

[Mottie]

After a few months when he started to get a bit insistent on payment, they actually said "you won't get us out until a year and a day has passed". He said it was exactly a year and a day before he got them out. They knew all the tricks apparently.

 

[motorbiking]

I've never had any problems transferring payee.
https://www.britishgas.co.uk/help-and-support/third-party/

 

[The Samaritan]

NB

Those reading this thread and hoping to be LL or newish LL's - Beware, it is a CRIMMINAL offence to illeagal evict a T and most who try that end up in jail even those LL's that pay someone else to act on their behalf.

As I see it the law is massively in favour of the T and anyone that has rented out a property/s will be aware of the risks of going bankrupt, massively out of pocket, stress, anxiety, dangers, nervous breakdowns, divorces, etc etc as the laws appear to favour the T's.

Never, never ever forget that there are great LL's like me and my family, average LL's and nasty LL's. Don't forget there are very decent T's and a minority of really awful T's and andother miniorty who are fraudsters ie out to get you. Having said that, T's can also be victims of subletters/LL/Frauds.

Do what I and my family do - buy in a nice area close to train/transport links, good schools but mainly good transport links and a nice area and only rent out to working professionals that are not self-employed, dont smoke or have pets - touch wood it has not yet gon wrong for us, our children, siblings/family.

intially at least, get a good LA to fully manage your property and get yourself insured re legal cover.

Thank you.