Thread: Uk property law - renting

We may be in a position to rent our house out in the near future, is there any thing i need to know?

In the USA renters are known to trash houses. If you can do it in the UK have a lease drawn up ....legally ... with stipulations, such as, renter is responsible for any damage and what have you. Number of individuals allowed to live in the domicle, pets, smoking or not.... you get the idea.

Unless it is long term or you need the money, don't do it.
Renting out your house for a year or so is not worth the hassle. At least in Belgium. If you have good tenants, you earn some money that way but if you get a bunch of people who don't care, you're hosed.

It would potentially be forever, and may even have a tennat lined up.

Just wondering if any one had experience or knowledge if this,

BigIan,

I would suggest as others have done, that you consult a solicitor over this matter.

As you know the Law in the UK is confusing at the best of times, and that plain statements in English often have different meanings and interpretations under the Law.

Play safe and see a solictor; they charge scalping fees, but it is always best to be cautious - particularly if you are considering a long-term rent out.

Best of luck !

Have fun !

Best regards

Russ

I think you mean let your house rather than rent your house.
The best advice is to use a reputable letting agent, your income will be lower but it can save you endless grief.
Also, set conditions, it seems harsh, but kids, smokers and pets nearly always seem to equal redecorating and other renovations.
If you have a decent garden you will need to make arrangements to get the lawn maintained etc., tenants usually either let the garden go wild or wreck the mower.
You will also need to have the electrics and any gas appliances serviced and certified as safe by an independent contractor.

+1, get some proper legal advice, get a contract drawn up and use a decent letting agent. It may cost you a little more up front, but it'll save you money in the long run!

I agree wit those saying use an agent first. Learn the issues that way. Yes, you pay a cut, but it's worth it, because if you wish to let yourself, then you will be forever inundated with calls about the broken washing machine, the heating, a dripping tap etc. Believe me, I've been there and done it, and the time it saves you is well worth the cut that an agent takes! You still have to pay for fixing things, but at least someone else does the legwork in terms of response and coordination.

If, on the other hand, you have the time and wherewithal to manage the letting yourself, then go for it.

One thing you mustn't forget... above a certain limit you will be liable for tax. Don't get caught out that way or, dare I say it, tempted to evade tax. You'll be caught.

And above all do a credit check on prospective tenants. If the wrong people move in and you wind up with the Tenants from hell you life will be hell.