Rental Properties Discussion - HotUKDeals
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Rental Properties Discussion

Abz Avatar
6y, 2w agoPosted 6 years, 2 weeks ago
Afternoon All,

As im in the process of getting my first rental property i though i'd ask the HUKD landlords/tennants/community for and hints or tips...or just have a thread for general discussion where we can learn from other people's experiences or knowledge!
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Abz Avatar
6y, 2w agoPosted 6 years, 2 weeks ago
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#1
Some of the stuff i've been looking into is:
building and contents insurance.
Fire regulations (fire alarms, fire door etc)

the thing im not sure about is:

how much deposit should i be asking for? (heard some people say 1 month other say 2)
as i will be renting by the room, would it be best to have a weekly rate that includes bills and council tax?
#2
Visit a properties lettings agency and ask them. If you don't think you can do it yourself, get them to do it all for you until you see how it works then take over yourself.
#3
You are renting a property to someone or you are renting off of someone?

My mum is a letting agent so I'll try to help, all i have to listen to is her work!!
#4
I am going to be renting rooms within a property to people....

basically the property i am buying has 4 rooms, kitchen, WC downstairs and then 2 flats above....so just trying to figure out the best way to do it all!

I reckon i could do it on my own but just need to research everything carefully!
#5
I always held a 1 month rent as a bond, which they got back after final inspection as they were leaving.
If you're renting by the room then it probably is easier to work it on a weekly rate including water and council tax and possibly even tv licence?
banned#6
Get a tenancy agreement drawn up by a letting agent, ours was 16 A4 pages long and covered everything.........the agent said the tennants can't sneeze without asking permission first. Also we were told to fill the oil tank and put it down on the inventory to stop any arguments in the future.
#7
You need to cover yourself legally here, or things will go wrong. Tenants deposits need to be put in a proper TDS for example - you can't just old them yourself. You need proper insurance and need to meet LL regulations. Gas safety is a big one.

Think there's a site called Landlord Zone.
#8
We use a rental company called PWR for our properties. Most mortgages actually have a condition that you must let through a agency. They take 10% but they look after everything you need them to ^^
#9
Abz
Some of the stuff i've been looking into is:
building and contents insurance.
Fire regulations (fire alarms, fire door etc)

the thing im not sure about is:

how much deposit should i be asking for? (heard some people say 1 month other say 2)
as i will be renting by the room, would it be best to have a weekly rate that includes bills and council tax?


You will need an annual gas safety certificate
5 yearly electricity safety certificate
If renting by the room - you need to pay council tax
I personally wouldnt include bill - some people might take the mick - but up to you
Get them to pay rent on the 1st of each month but also take a minimum of 1 months deposit - incase they leg it or break something or don't pay bills ets

Edited By: MANJ_007 on Nov 19, 2010 17:27
#10
TUSSFC
You need to cover yourself legally here, or things will go wrong. Tenants deposits need to be put in a proper TDS for example - you can't just old them yourself. You need proper insurance and need to meet LL regulations. Gas safety is a big one.

Think there's a site called Landlord Zone.


LLZ is a good website, but the system is still played by landlords as there is constant talk of cases where a LL hasnt protected deposit till a few days before court and people lose the 3x amount, and of course many LL take advantage anyway.

Landlords need to be careful about who they rent to but every precaution also affects genuine potential tenants i.e asking 2 months deposit means if people are in a low income job they cant afford to rent place even if they can cover rent quite easily, or a low deposit means you get people in who like to take advantage.

In the bigger picture its down to the area you are in, no point asking in a small town for 2-3 months rent in advance and deposit if its a area with low wages that should be an area like London.

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