Letting or sale?

[BERGS2]

We've had our property on the market for a month or so now, generated a reasonable number of viewings (according to the agent) but no offers as yet.

Before we drop the price, i was wondering of the logistics of letting the house instead.

Are there any simple guides on what needs to be done (from a health & safety perspective) to let the place?

I understand that student lets are more difficult - but what sort of electrical/plumbing/gas certificates are necessary to let a place?

for reference - we're wanting to move into rental and will be looking for about £1000 pcm for a three bed semi commutable in 25 mind to London Waterloo. seem reasonable?

here is our sale ad:

[Swoxy]

You'll need a Energy Performance Certificate which is valid for ten years and a Gas Safety Certificate which is valid for one year. You can use the Energy Performance Certificate from your Home Information Pack. With regards to price, although I'm unfamiliar with your area, I think you should be looking for roughly £1200 PCM since your house appears to be in better condition than this one on the same road. Call Reynolds and find out how long it's been on the market.

Edited by Swoxy on Sunday 12th April 19:24

[BERGS2]

thanks for the feedback.

am thinking of sacking off our (sale) agent - they repeatably leave the place unlocked after viewings and i've already warned them previously.

am i correct in assuming that rental income (net of interest & wear & tear) is taxed as per usual?

if i were to employ my (retired) old man for three hundred quid a month or so to manage the let - would the revenue frown upon me?

[fido]

BERGS2 said:

am i correct in assuming that rental income (net of interest & wear & tear) is taxed as per usual?

http://www.direct.gov.uk/en/MoneyTaxAndBenefits/Taxes/TaxOnPropertyAndRentalIncome/DG_4017814

see 'allowable expenses'.

P.S. i may be renting in KT3 quite soon, and your property fits the bill.

Edited by fido on Tuesday 14th April 12:45

[neilsie]

as above, the law requires an energy survey, and a gas safety certificate issued for each gas appliance.

you may also wish to get an electrical survey done, to protect yourself from any unknowns.

other than that, just decorate the place to an A1 standard, sort out any niggles. Get the garden sorted - rip out any part of it that is hard to maintain. keep it all that whilst sourcing a tenant. then come tenancy, the inventory list will have no negatives which post tenancy check you just refer to (minus general wear/tear) when negotiating on deposit refund.

all of the above is tax deductible too, including mortgage interest payments. capital repayments are not.