renting my flat, help required please :)
Discussion
guys and gals,
i am currently converting my house into 2 flats. the top floor is 100 % finished at last.
i have just placed it with an estate agent who does lettings. i did this around 3 months ago with no sucess, and they advised me to drop the price, even though they valued it in the beginning.
i am thinking of advertising it privatly but need some pointers on the following:
vetting/credit checking applicants.
making a legal tenancy agreement.
taking out rental insurance against non payment etc.
why do people always state no dss?
regards, mark
i am currently converting my house into 2 flats. the top floor is 100 % finished at last.
i have just placed it with an estate agent who does lettings. i did this around 3 months ago with no sucess, and they advised me to drop the price, even though they valued it in the beginning.
i am thinking of advertising it privatly but need some pointers on the following:
vetting/credit checking applicants.
making a legal tenancy agreement.
taking out rental insurance against non payment etc.
why do people always state no dss?
regards, mark
I'm letting through an agency, but I did have a friend who was going to rent it originally. You can pick up Assured Shorthold Tenancy Agreements from WHSmiths. As for the other bits, try advertising at your work perhaps? Not sure about the insurance to guarantee payments as I don't have any. However I do seem to remember it wasn't really worth it as I only have the one property to let.
I have all the documents that you would require to draw up a Tenancy Agreement, including a Deed of Garantee, a Tenancy Application form and of course a Shorthold Tenancy Agreement.
The above might not surprise you to know that I am a Landlord myself, with numerous properties in the Bristol area.
In Bristol there are Letting Agents that charge the potential tenant, and not the Landlord, I tend to use these together with the local newspaper, Bristol Evening, Western Daily Express and the Tradeit.
Before starting out to advertise your property, you will need to have in your possession a Landlord's Gas Safety Certificate and an Energy Performance Certificate. Once these are obtained, then you need to carry out a market research on what the rentable market rate is for your property. I tend to go below market rates in order to keep a tenant for long term, being better to have tenant for 3 years, rather than re-letting, re-decorating and re-advertising every 6 months.
DSS, for tenants in Bristol I stir well clear from them, since the local housing department send the rents direct to the tenant/claimant, so the attraction can be too great for the tenant to hang on to the monies, so withholding payment to the landlord.
The above might not surprise you to know that I am a Landlord myself, with numerous properties in the Bristol area.
In Bristol there are Letting Agents that charge the potential tenant, and not the Landlord, I tend to use these together with the local newspaper, Bristol Evening, Western Daily Express and the Tradeit.
Before starting out to advertise your property, you will need to have in your possession a Landlord's Gas Safety Certificate and an Energy Performance Certificate. Once these are obtained, then you need to carry out a market research on what the rentable market rate is for your property. I tend to go below market rates in order to keep a tenant for long term, being better to have tenant for 3 years, rather than re-letting, re-decorating and re-advertising every 6 months.
DSS, for tenants in Bristol I stir well clear from them, since the local housing department send the rents direct to the tenant/claimant, so the attraction can be too great for the tenant to hang on to the monies, so withholding payment to the landlord.
I let out a flat and organised all the paperwork etc myself.
I'm sure non payment of rent is covered by my landlords insurance policy but I'd need to check to be sure.
I've never vetted/credit checked anyone. Might seem a bit silly but I meet them and go on gut feeling, so far I've always had great tenants. Everyone I've let to has been from overseas oddly enough.
Don't know where your flat is located but mine is in a city and last time I needed a tenant I advertised free on gumtree. Astonished by the amount of emails I had in 2 days! This is where I found my last tenant and she's been brilliant, treats the place as her own.
I'm sure non payment of rent is covered by my landlords insurance policy but I'd need to check to be sure.
I've never vetted/credit checked anyone. Might seem a bit silly but I meet them and go on gut feeling, so far I've always had great tenants. Everyone I've let to has been from overseas oddly enough.
Don't know where your flat is located but mine is in a city and last time I needed a tenant I advertised free on gumtree. Astonished by the amount of emails I had in 2 days! This is where I found my last tenant and she's been brilliant, treats the place as her own.
I wouldn't normally reply to these threads, but with so many good honest working people been thrown out of work at the moment I would not totally discount DSS or whatever it is called.
I am sure the system of paying has recently changed, they get more £££ but bizarrely its handed to the tenant rather than a DD to the Landlord.
Meet the tenant first, and go with refs and gut feeling.
IMOH
I am sure the system of paying has recently changed, they get more £££ but bizarrely its handed to the tenant rather than a DD to the Landlord.
Meet the tenant first, and go with refs and gut feeling.
IMOH
69 coupe said:
I wouldn't normally reply to these threads, but with so many good honest working people been thrown out of work at the moment I would not totally discount DSS or whatever it is called.
I am sure the system of paying has recently changed, they get more £££ but bizarrely its handed to the tenant rather than a DD to the Landlord.
Meet the tenant first, and go with refs and gut feeling.
IMOH
You make a fair point, and like you say one has to meet the potential tenant first, and then go by gut feeling.I am sure the system of paying has recently changed, they get more £££ but bizarrely its handed to the tenant rather than a DD to the Landlord.
Meet the tenant first, and go with refs and gut feeling.
IMOH
However, after 15 years of letting properties, the bad tenants/payers have always been those on DSS, in fact my latest repossession through the Courts, not only gave back to me a totally vandalised property, but also gave clear signs of fraudster, with many services to the property being in multiple of names.
Whilst I accept there may be exemptions to the general rule, with DSS tenants, when local housing departments support the non paying tenant/claimant, it is little wonder landlords fall shy of letting their properties to those on DSS.
Wings said:
I have all the documents that you would require to draw up a Tenancy Agreement, including a Deed of Garantee, a Tenancy Application form and of course a Shorthold Tenancy Agreement.
The above might not surprise you to know that I am a Landlord myself, with numerous properties in the Bristol area.
In Bristol there are Letting Agents that charge the potential tenant, and not the Landlord, I tend to use these together with the local newspaper, Bristol Evening, Western Daily Express and the Tradeit.
Before starting out to advertise your property, you will need to have in your possession a Landlord's Gas Safety Certificate and an Energy Performance Certificate. Once these are obtained, then you need to carry out a market research on what the rentable market rate is for your property. I tend to go below market rates in order to keep a tenant for long term, being better to have tenant for 3 years, rather than re-letting, re-decorating and re-advertising every 6 months.
DSS, for tenants in Bristol I stir well clear from them, since the local housing department send the rents direct to the tenant/claimant, so the attraction can be too great for the tenant to hang on to the monies, so withholding payment to the landlord.
hi wings The above might not surprise you to know that I am a Landlord myself, with numerous properties in the Bristol area.
In Bristol there are Letting Agents that charge the potential tenant, and not the Landlord, I tend to use these together with the local newspaper, Bristol Evening, Western Daily Express and the Tradeit.
Before starting out to advertise your property, you will need to have in your possession a Landlord's Gas Safety Certificate and an Energy Performance Certificate. Once these are obtained, then you need to carry out a market research on what the rentable market rate is for your property. I tend to go below market rates in order to keep a tenant for long term, being better to have tenant for 3 years, rather than re-letting, re-decorating and re-advertising every 6 months.
DSS, for tenants in Bristol I stir well clear from them, since the local housing department send the rents direct to the tenant/claimant, so the attraction can be too great for the tenant to hang on to the monies, so withholding payment to the landlord.
well im not far away from you , im in weston-super-mare
firstly (saxons) have chaged me £75 for the engergy certifacte, but i have yet to get the gas safety one. i was going to do this once i have found a tenant.
secondly i have asked them to find the tenant and do the relevant paperwork only. for this they want £211+vat. surprisingly this is the best quote i have had. bear in mind they also charge each applicant £125 to rent the flat. so im suprised in bristol there is no charge to the landlord for this service. must be either because you use them alot or there is alot of competition.
specifically i need to know if i deal with it all myself how to reference the applicant.
i believe most agents use a company called homelet?
i dont want someone with a poor credit history/ccjs/been repossed who will quickly default on their payments.
i agree with going slighley below the market value. i have another btl around the corner and charge slighley below market value, and have a reliable tenant, which i belive will be reluctant to move due to price (and i good landlord i hope!)
im suprised dss get the money direct. as you say this puts me off big time.
Eric Mc said:
Have you taken on board the CGT implications of your plans?
eric please eloborate!i have spoken to my accountant recently, and we discussed the following:
i am hopefully moving to canada in the next 18 months max, hopefully sooner.
i will keep my 3 properties in the uk.
he tells me that after i have been a resident in canada for >5 years i can sell my uk propertys free of cgt but am liable to whatever the tax law is in canada.
why do you ask if i am aware of the cgt law if i am not planning to sell ?
mark
69 coupe said:
I've often wondered what a Landlord would do if tenant offered and paid cleared in you pocket funds upfront.
i.e for 6m or a 1y.
Would you take it?
I do loads of deals like that.. usually corporates but often just people who've sold up and looking to ride out the storm a bit.. often the landlord will knock a bit off too i.e for 6m or a 1y.
Would you take it?
for the chap above who wondered why his letting agent wants £211 or so presumably as their fee, if that is all they charge think yourself very lucky
with all the crap that goes with letting places, you'd not get less than 8% upfront let-only from me.. or anyone else that I can think of 15% + VAT is the norm for fully managed, although obviously for portfolios (or mates-rates 
) it varies.. mates rates often come free actually. i'm a kind hearted soul 
minimax said:
69 coupe said:
I've often wondered what a Landlord would do if tenant offered and paid cleared in you pocket funds upfront.
i.e for 6m or a 1y.
Would you take it?
I do loads of deals like that.. usually corporates but often just people who've sold up and looking to ride out the storm a bit.. often the landlord will knock a bit off too i.e for 6m or a 1y.
Would you take it?
for the chap above who wondered why his letting agent wants £211 or so presumably as their fee, if that is all they charge think yourself very lucky
with all the crap that goes with letting places, you'd not get less than 8% upfront let-only from me.. or anyone else that I can think of 15% + VAT is the norm for fully managed, although obviously for portfolios (or mates-rates ) it varies.. mates rates often come free actually. i'm a kind hearted soul unclemark123 said:
Wings said:
I have all the documents that you would require to draw up a Tenancy Agreement, including a Deed of Garantee, a Tenancy Application form and of course a Shorthold Tenancy Agreement.
The above might not surprise you to know that I am a Landlord myself, with numerous properties in the Bristol area.
In Bristol there are Letting Agents that charge the potential tenant, and not the Landlord, I tend to use these together with the local newspaper, Bristol Evening, Western Daily Express and the Tradeit.
Before starting out to advertise your property, you will need to have in your possession a Landlord's Gas Safety Certificate and an Energy Performance Certificate. Once these are obtained, then you need to carry out a market research on what the rentable market rate is for your property. I tend to go below market rates in order to keep a tenant for long term, being better to have tenant for 3 years, rather than re-letting, re-decorating and re-advertising every 6 months.
DSS, for tenants in Bristol I stir well clear from them, since the local housing department send the rents direct to the tenant/claimant, so the attraction can be too great for the tenant to hang on to the monies, so withholding payment to the landlord.
hi wings The above might not surprise you to know that I am a Landlord myself, with numerous properties in the Bristol area.
In Bristol there are Letting Agents that charge the potential tenant, and not the Landlord, I tend to use these together with the local newspaper, Bristol Evening, Western Daily Express and the Tradeit.
Before starting out to advertise your property, you will need to have in your possession a Landlord's Gas Safety Certificate and an Energy Performance Certificate. Once these are obtained, then you need to carry out a market research on what the rentable market rate is for your property. I tend to go below market rates in order to keep a tenant for long term, being better to have tenant for 3 years, rather than re-letting, re-decorating and re-advertising every 6 months.
DSS, for tenants in Bristol I stir well clear from them, since the local housing department send the rents direct to the tenant/claimant, so the attraction can be too great for the tenant to hang on to the monies, so withholding payment to the landlord.
well im not far away from you , im in weston-super-mare
firstly (saxons) have chaged me £75 for the engergy certifacte, but i have yet to get the gas safety one. i was going to do this once i have found a tenant.
secondly i have asked them to find the tenant and do the relevant paperwork only. for this they want £211+vat. surprisingly this is the best quote i have had. bear in mind they also charge each applicant £125 to rent the flat. so im suprised in bristol there is no charge to the landlord for this service. must be either because you use them alot or there is alot of competition.
specifically i need to know if i deal with it all myself how to reference the applicant.
i believe most agents use a company called homelet?
i dont want someone with a poor credit history/ccjs/been repossed who will quickly default on their payments.
i agree with going slighley below the market value. i have another btl around the corner and charge slighley below market value, and have a reliable tenant, which i belive will be reluctant to move due to price (and i good landlord i hope!)
im suprised dss get the money direct. as you say this puts me off big time.
This link is one company I use http://aul.org.uk/
since I show potential tenants around, there is no charge to me, just to the tenant.
Lastly, you can of course PM if you need any documents, advice etc., but for a £30 per year registration fee you could get all the advice, documents and insurance discount by joining the South West Landlords http://www.landlordssouthwest.co.uk/
unclemark123 said:
trooperiziz said:
unclemark123 said:
15% !! wtf !! ive negotiated 8% + vat fully managed (once i move to canada)
Are you sure that is for fully managed?If so, that is staggeringly cheap!
Although my experience is that they will try to make up their earnings in other ways, perhaps via the tenants contributing more, or higher maintenance/repair charges. The OP might be better using a trusted relation or family friend to manage or even "look in" on the properties
unclemark123 said:
Eric Mc said:
Have you taken on board the CGT implications of your plans?
eric please eloborate!i have spoken to my accountant recently, and we discussed the following:
i am hopefully moving to canada in the next 18 months max, hopefully sooner.
i will keep my 3 properties in the uk.
he tells me that after i have been a resident in canada for >5 years i can sell my uk propertys free of cgt but am liable to whatever the tax law is in canada.
why do you ask if i am aware of the cgt law if i am not planning to sell ?
mark
Wings said:
unclemark123 said:
trooperiziz said:
unclemark123 said:
15% !! wtf !! ive negotiated 8% + vat fully managed (once i move to canada)
Are you sure that is for fully managed?If so, that is staggeringly cheap!
Although my experience is that they will try to make up their earnings in other ways, perhaps via the tenants contributing more, or higher maintenance/repair charges. The OP might be better using a trusted relation or family friend to manage or even "look in" on the properties
there'll be a reason why the agent allowed themselves to get negged like that - amongst them may be that they're desperate for stock (ie not known/trusted well enough in the area to have people refer to them as a first port of call) either way, the best agents charge more than that. i've said it lots of times before, but a property on 8% fully managed (so even on a 50%/50% that's what, 4% upfront commission and the management fee paid on a monthly drip) is frankly going to be overlooked by most negs in favour of the higher earning stuff.. this may not work in your favour
for example, a 1 bed at 1k PCM @ 10% let only typically is £120 in a negs' wage... or there's that one with @ 4/4% that'll earn them £48 and £4 per month - which (rightly or wrongly) is how they will think. all i'm really saying is that mostly cheapest is not best, and that the ones that charge more wouldn't be able to do that consistently unless they could justify it through adding value in other areas. it's not just about finding a tenant, it's the checks, the bespoke contracts, the management, the check in, the inventories etc.. if you employ an agent to just let-only then you're almost always better off doing the whole lot yourself
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