Anyone a Landlord?

[ferlaytio]

I'm going to be renting out my 1 bedroom flat in the city centre (Aberdeen) shortly and just wanted some advice from anyone with any experience doing similar.

 

What do I need to do before advertising the property for lease?

Do i need to tell my mortgage provider that I'm now leasing the property? If so do they charge a fee?

 

I presume I'm still liable for the buildings insurance and if so do I need to inform them that the flat is now rented out.

 

Also what do I need to do in the flat? All electrical appliances need to be PAT tested? What's the deal with smoke alarms - do they need to be hard wired? Fire blanket in the kitchen needed?

 

Should I leave my decent Smart LG tv (don't need it as going abroad)? Leave my wifi? Or just cancel everything and let the tenant sort it out?

 

Now for the main question..... use a letting agent or do it myself? If i'm out the country I still have friends and family who could do certain things to help out. A lot of people advise if it is your first ever let to use an agent.

 

I plan on getting around £850 a month as it's quite a swanky flat and the rental market is crazy in Aberdeen. If you don't ask, you don't get right?

 

Any advice greatly appreciated!

[daytripping]

I used to rent a flat out, my mistake was just taking the first offer of cash, best take your time and interview plenty people before you select someone, some cunt didn't pay any bills in my place for over a year, did a runner when everything was cut off. Do quarterly checks on the property, check all bills are being paid and the place is in good nick, get it written into the lease agreement, even go for a years minimum lease just now as good properties are so scarce.

 

Such is the demand I'd do it myself but the agent would take the hassle out of it, as you're away that's probably the best bet, some tenants can be pain in the arses reporting even the smallest of things, If you're not on hand it could turn into a hassle for someone else.

 

Don't leave your tv, if it breaks down they'll expect a replacement. Also don't leave wifi, the phone line is their problem. As for the regulations I have no idea, I never bothered with any of that.

[dasm]

I use a letting agent, they do take about 10-11% of your rent, but do your quarterly checks for you plus references checks for potential tenants which will be a weight of your back. My flat is just outside Edinburgh though, not lived in Aberdeen for about 10 years so can't really recommend anybody but if your wanting things looked after with minimal involvement that is the way to go. They will answer all your questions regarding smoke detectors, fire blankets, and PAT testing. I don't remember having to organize PAT testing, and also my smoke detectors are battery powered in my flat and nobody has mentioned anything about that although I was requested to put in a fire blanket.

 

Also don't leave your TV, if you rent a flat with a TV then the you as the landlord are responsible for the TV licence (as well as maintenance as mentioned above). All bills are responsibility of the renter so just cancel everything you can and they can organize it. Things like Electricity and Gas you can't cancel, basically you tell them you will be leasing and you are responsible for all of the costs up to the date of lease and the tenants then take over after that.

 

You need to let building insurers know that it will be leased and you are still responsible for that, I don't think you need to tell your mortgage provider but you might be able to negotiate a better deal as they do offer buy to let mortgages.

[robbojunior]

If you inform your mortgage company they might charge you a fee (in my case an extra £100 a month) or worse they will convert your mortgage to a buy-to-let mortgage with a worse interest rate - I'd not bother telling them to be honest. If you do, just tell them you're only intending renting out for a year to save some cash and you'd like to keep it as a residential mortgage, even if that's not your intention, it will be fine. I did that and they didn't charge me anything extra for the first 2 years, it was only on year 3 they added the extra.

 

You still need buildings insurance - landlord's building insurance specifically. Doesn't cost much.

 

Don't need anything to be PAT tested or worry about smoke alarms etc - that shit only applies if you're renting out several rooms as separate tenancies. If you're renting the whole flat as one, then no need to worry about that stuff.

Take your TV away, and tell your electric, gas, broadband, water suppliers you're moving out so the new tenants have to sort out their own accounts and bills totally separately.

 

I don't use a letting agent but if you get pain in the ass tenants you might wish you had. Mine generally are no bother so it's worked out well - but get a proper tenancy agreement drawn up with them - you can download templates of the internet for a couple of quid.

[robbojunior]

I use a letting agent, they do take about 10-11% of your rent, but do your quarterly checks for you plus references checks for potential tenants which will be a weight of your back. My flat is just outside Edinburgh though, not lived in Aberdeen for about 10 years so can't really recommend anybody but if your wanting things looked after with minimal involvement that is the way to go. They will answer all your questions regarding smoke detectors, fire blankets, and PAT testing. I don't remember having to organize PAT testing, and also my smoke detectors are battery powered in my flat and nobody has mentioned anything about that although I was requested to put in a fire blanket.

 

Also don't leave your TV, if you rent a flat with a TV then the you as the landlord are responsible for the TV licence (as well as maintenance as mentioned above). All bills are responsibility of the renter so just cancel everything you can and they can organize it. Things like Electricity and Gas you can't cancel, basically you tell them you will be leasing and you are responsible for all of the costs up to the date of lease and the tenants then take over after that.

 

You need to let building insurers know that it will be leased and you are still responsible for that, I don't think you need to tell your mortgage provider but you might be able to negotiate a better deal as they do offer buy to let mortgages.

 

You need to have at least 25% equity in the house to change to a buy to let mortgage and even then its likely to be on higher interest than a residential mortgage.

[Bluto10]

Speak to a rental monkey min.

 

Try Margaret duffus.

[Henry]

This is the 'Anyone a Landlord?' thread Bluto, not 'Anyone a Gaylord?', GTF!

[DD1903]

I rented my old flat for a year.

 

I went with a letting agent as I thought it would save grief, but they were horrific. Know folk who rent flats out with and without them and have had mixed results. Also, I told my mortgage provider. They charged me 100 quid over the year or something for it.

 

I would get a PAT test done. My mate's flat went on fire due to a faulty appliance and the insurers weren't going to pay out until she was able to produce the PAT test certificate proving it had been done.

 

Buildings insurance didn't care for re renting, but I had to get specific contents. Make sure it covers everything as well.

[spamspamspam]

I'm going to be renting out my 1 bedroom flat in the city centre (Aberdeen) shortly and just wanted some advice from anyone with any experience doing similar.

 

What do I need to do before advertising the property for lease?

Do i need to tell my mortgage provider that I'm now leasing the property? If so do they charge a fee?

 

You are meant to, you could get a buy to let mortgage. As said though max they will lend on those is 75%

 

 

I presume I'm still liable for the buildings insurance and if so do I need to inform them that the flat is now rented out.

 

Yes, get landlord insurance. Can cover just the building or B&C

 

Also what do I need to do in the flat? All electrical appliances need to be PAT tested? What's the deal with smoke alarms - do they need to be hard wired? Fire blanket in the kitchen needed?

 

Best thing to do, remove everything electrical that can be removed. Only leave essential appliances. Anything you leave you are responsible for and aye, you need to PAT test them regularly

 

 

Should I leave my decent Smart LG tv (don't need it as going abroad)? Leave my wifi? Or just cancel everything and let the tenant sort it out?

 

Leave nothing. NO TV (you'd have to replace it if it broke) no wifi, noda.

 

Now for the main question..... use a letting agent or do it myself? If i'm out the country I still have friends and family who could do certain things to help out. A lot of people advise if it is your first ever let to use an agent.

 

Agents charge between 10-15% on top of your rental. Easiest way to do it. Try one of those ones that do everything for you and that will pay even if your tenant doesnt. Makes life so much easier. Failing that try a few oil comps.

 

I plan on getting around £850 a month as it's quite a swanky flat and the rental market is crazy in Aberdeen. If you don't ask, you don't get right?

 

Any advice greatly appreciated!

[The Lighthouse]

^{Use a Letting Agent....every time.}

 

^{It avoids the hassle of dealing with tenants and they will keep you right on almost every aspect concerning your obligations.}

 

^{I have a number of flats and the only time I didn`y use a Letting Agent I ended up in Aberdeen Sheriff Court pursuing a tenant who took the piss. Cost me a lot of time and cash. Letting Agents will vet all applicants and obtain references as well as carrying out credit checks.}

 

^{Definitely worth the 10-12% (it can vary).}

[Magicbru]

Got a bit of experience letting properties so i'll have a go with your questions, the answers are by the book but obviously you can cut corners.

 

You need to register as a landlord with the local council now in order to let your property. There is a charge for this not sure what the cost is in Aberdeen. A quick search for Aberdeenshire Council Private Landlord Registration Should Help.

 

You now also need to get an Energy Performance Certificate for the property prior to advertising. The rating must appear in the advert. Once again not sure on the cost of this.

 

Strictly speaking you should tell your mortgage company that the property is now going to be let. In doing this it is likely that you will be moved to a different rate (they may charge a flat fee) and in an extreme case the bank could refuse permission in which case you would need to look for another provider.

 

With regards to insurance you need to tell the insurance company that the property is going to be let as having a tenant in the property changes the risk. Ideally you should take out a landlord insurance policy as they will offer additional public liability cover and cover for loss of rent. In a block of flats where the buildings insurance is paid within a factoring fee it is not necessary to tell the insurance company.

 

Safety wise all electrical and gas appliances need to be tested annually and certificates should be provided on request to tenants. Unsure on the smoke alarm question but I would suggest that you would have a duty of care to have these fitted.

 

I would ensure that as far as possible your flat is empty of any expensive goods. I would even consider storing furniture and letting the property unfurnished, this may attract a different type of tenant and as they have their own furnishings they tend to treat the place better overall. This however may reduce the rental you can charge.

 

A couple of extras not mentioned:

 

With regards to deposits these now have to be held with an independent third party such as Safe Deposits Scotland. They act as a middle man and resolve any disputes over returns of deposit. I would take photos prior to let of all rooms and appliances preferably dated in case of any disputes. Make the tenant aware that you are doing this to avoid future claims of 'that's how it was when I moved in'.

 

All new tenants now have to be issued with a Tenants Information Pack. This can be found a www.scotland.gov.uk this pack also has other info in it that you may find useful.

 

Tax is an important one on this. As you now have to register with the local authority, keep deposits with independent third parties......etc. Its more likely that if you choose not to declare your rent on a tax return they will catch up with you. Big Brother is watching from all angles!

 

Ensure you have a proper Tenancy Agreement drawn up by someone that is qualified to do so. Normally properties are let on a short assured tenancy of either 6 months or 1 year. This means that at the end of the term either owner or tenant can serve notice (the notice period is normally two calendar months). If neither party serves notice the tenancy simply continues again for the same period.

 

I have always let my properties myself but I do have access to proper tenancy agreements etc through a family member that works in the Legal profession. For a first timer there is a lot to do and paying a small fee for someone else to do all these things may be worthwhile. Agents however can vary in quality so do your homework picking a decent one.

 

Finally I really would spend time picking the right tenant. The market in Aberdeen is good so you can be choosey with who you let to. No offence intended but avoid the obvious, students, pets, smokers etc. Try and get professional people and if you are unsure don't be afraid to ask for a larger deposit 2 -3 months rent if necessary.

 

Hope that helps.

 

Re Tenancy Agreements - I would suggest any of you that have downloaded your own templates from online or made up your own agreements read the Tenants Information Pack available at www.scotland.gov.uk . Short assured really is the way to go, puts far more power in you the landlords hands should you need to end the lease.

[Dandyesque]

I'm going to be renting out my 1 bedroom flat in the city centre (Aberdeen) shortly and just wanted some advice from anyone with any experience doing similar.

 

What do I need to do before advertising the property for lease?

 

A - Get it cleaned and looking spruce - will help it move faster and possibly for a little more. Also get an inventory and quotes in from 3 or 4 letting agents before picking one - lots of deals out there just now as the market is moving so fast. Agents will generally prepare the inventory. You can also register with the landlord schemes through council/government gateway - you get free classes on being a good landlord if you want them - may help keep you abreast of potential issues you might sleepwalk into if not using an agent

 

 

 

 

Do i need to tell my mortgage provider that I'm now leasing the property? If so do they charge a fee?

 

A - You should. It cost me an extra £20 pcm and I didn't need to change to a buy to let.

 

 

 

 

I presume I'm still liable for the buildings insurance and if so do I need to inform them that the flat is now rented out.

 

A- Yes to both. If you're leaving it furnished (which I presume you are with the TV possibly staying) get contents too - applies to carpets, curtains the lot.

 

 

 

 

Also what do I need to do in the flat? All electrical appliances need to be PAT tested? What's the deal with smoke alarms - do they need to be hard wired? Fire blanket in the kitchen needed?

 

A - Better to. Not that I know of - make sure live batteries though and check during inspections. Don't think so - can't hurt though - get it on the inventory

 

 

 

Should I leave my decent Smart LG tv (don't need it as going abroad)?

 

A - If you want - makes flat more attractive but you will need to replace if it goes faulty - not new for old though.

 

 

 

Leave my wifi? Or just cancel everything and let the tenant sort it out?

 

A - Cancel everything. E-v-e-r-y thing. Take final meter readings.

 

 

 

Now for the main question..... use a letting agent or do it myself? If i'm out the country I still have friends and family who could do certain things to help out. A lot of people advise if it is your first ever let to use an agent.

 

A- got someone to live in it? If so, do it private. If not, I'd use a letting agent. See if you can get advice on good ones though

 

 

 

 

I plan on getting around £850 a month as it's quite a swanky flat and the rental market is crazy in Aberdeen. If you don't ask, you don't get right?

 

A - correct.

 

 

 

Any advice greatly appreciated!

[ferlaytio]

Thanks very much Magicbru & Dandyesque for taking some time to answer all that. Top Dons

[Jonty]

Only thing to add ft is that it costs about £50 for landlord registration, and that you should get Landlord specific insurance, costs a couple o hundred a year, try "Simple Landlord Insurance".

 

If you are out the country use an agent, will cost about 10% of rental.

 

And if you have a good mortgage deal i wudnt tell the provider of the change in status or they will force you onto worse terms.

[ferlaytio]

Anyone recommend a letting agent? Don't want to part with more than 10%.

[Tommy]

Anyone recommend a letting agent? Don't want to part with more than 10%.

 

Virtue, 13 Bon Accord Square start at 8%

[Jocky Balboa]

Good luck to you, but for every good landlord, there is an absolute cunt... the biggest winners since Right to Buy came in have been those who want a nice little earner for doing next to fuck-all (ie. absentee landlords) while the biggest losers are middle-earners who aspire to be first-time buyers, but can't get on the ladder and pay through the nose to line the pockets of people in your position.

 

Not that I'm bitter per se, it's just frustrating for many of us professional people with good jobs and good credit and a young family, but pay the equivalent of a double mortgage (and often for landlords who are utter cunts).

 

As I said though, good luck to you. Hope you turn out to be one of the better landlords.

[Hewitt1983]

Nae wonder rent costs are so high, it sounds like a pain in the arse!

[Henry]

 

 

Not that I'm bitter per se, it's just frustrating for many of us professional people with good jobs and good credit

 

[tinyweelad]

 

Tell me about it!

 

[/tinyweelad]

[Bluto10]

Good luck to you, but for every good landlord, there is an absolute cunt... the biggest winners since Right to Buy came in have been those who want a nice little earner for doing next to fuck-all (ie. absentee landlords) while the biggest losers are middle-earners who aspire to be first-time buyers, but can't get on the ladder and pay through the nose to line the pockets of people in your position.

 

Not that I'm bitter per se, it's just frustrating for many of us professional people with good jobs and good credit and a young family, but pay the equivalent of a double mortgage (and often for landlords who are utter cunts).

 

As I said though, good luck to you. Hope you turn out to be one of the better landlords.

Eh. What are you on about?

[Bluto10]

Anyone recommend a letting agent? Don't want to part with more than 10%.

Er....... Google?

[ferlaytio]

Er....... Google?

 

Google gives me agencies in Aberdeen but it doesn't give testimonials or recommendations, hence why I asked. It does however sometimes give reviews but the majority of these reviews are from disgruntled tenants so difficult to gauge from a landlords perspective. Thanks for your input anyway.

[Bluto10]

Thanks for the input?

You ungrateful cock.

 

I recommended one in about post fuckin four for fuck sake.

[ferlaytio]

Good luck to you, but for every good landlord, there is an absolute cunt... the biggest winners since Right to Buy came in have been those who want a nice little earner for doing next to fuck-all (ie. absentee landlords) while the biggest losers are middle-earners who aspire to be first-time buyers, but can't get on the ladder and pay through the nose to line the pockets of people in your position.

 

Not that I'm bitter per se, it's just frustrating for many of us professional people with good jobs and good credit and a young family, but pay the equivalent of a double mortgage (and often for landlords who are utter cunts).

 

As I said though, good luck to you. Hope you turn out to be one of the better landlords.

I understand your frustration but I'm no property tycoon. I'm 31 and own a 1 bedroom flat in town that I bought in early 2006 when I earned under £16k a year. It's my only property and as I plan on moving abroad I'm going to rent it out. I don't dictate the rental market in Aberdeen. If you should be bitter at anyone it is the contractors earning up to a grand a day coming from down south Mon to Fri whose employers pay ridiculous rents for them.

 

I also imagine there are far more cunt tenants than landlords going about. If anything the law actually favours the tenant more. Other than messing you about with the deposit how can a landlord be that much of a twat?

[ferlaytio]

Thanks for the input?

You ungrateful cock.

 

I recommended one in about post fuckin four for fuck sake.

Post 6 actually and who would want a woman to look after their property, especially one named Margaret!?

[Bluto10]

Found me two view I g within a day.

And tenant signed straight away.you dinna go wrong min.

[ferlaytio]

Found me two view I g within a day.

And tenant signed straight away.you dinna go wrong min.

What % do they charge pcm?

[Bluto10]

I factor it myself.

 

They just handle the ins and outs.

[The Boofon]

Good luck to you, but for every good landlord, there is an absolute cunt... the biggest winners since Right to Buy came in have been those who want a nice little earner for doing next to fuck-all (ie. absentee landlords) while the biggest losers are middle-earners who aspire to be first-time buyers, but can't get on the ladder and pay through the nose to line the pockets of people in your position.

 

Not that I'm bitter per se, it's just frustrating for many of us professional people with good jobs and good credit and a young family, but pay the equivalent of a double mortgage (and often for landlords who are utter cunts).

 

As I said though, good luck to you. Hope you turn out to be one of the better landlords.

 

 

Well more fool you.

 

Mortgages with low deposits are and have been available for yonks. Yes you may pay more than the going rate of interest but it'd still be way cheaper than paying a double mortgage to rent a place.

 

 

http://www.money.co.uk/mortgages/no-deposit-mortgages.htm

[Henry]

I'm surprised your folks don't rent out the bedsit above their garage themselves Bluto min.

 

They were probably delighted to get rid of you.