# Renting Out A Property



## camerashy (Feb 9, 2014)

Looking to rent out a Bungalow, hopefully, long term and I'm after some general advice please plus I need to get a Landlords/Tenancy Agreement.
Any advice gratefully accepted.
Dave


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## the-selkie (May 10, 2014)

Are you going to still be in the area or moving away?


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## camerashy (Feb 9, 2014)

still in the area about 5 mins away.


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## matt-rudd (Jan 4, 2015)

Have a look on google, should be some templates on there you Can adjust to suit your needs. If not there will be major bullet points which should be mentioned which sound like daft things (who's responsibilities are who's)


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## nbray67 (Mar 22, 2012)

Let a letting agency take the strain Dave as they'll do all the background checks and you can stipulate your terms, no pets, FT Employed, no DSS etc etc......

They'll take a slice but it's for your peace of mind.


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## Will_G (Jan 23, 2012)

Is there an outstanding mortgage on the bungalow? Have you checked your paperwork to see if it can be sub let?


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## matt-rudd (Jan 4, 2015)

Will_G said:


> Is there an outstanding mortgage on the bungalow? Have you checked your paperwork to see if it can be sub let?


If not, prepare to pay an extra £100 or so a month for a buy to let mortgage


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## camerashy (Feb 9, 2014)

Thanks guys, appreciate your help.
No outstanding mortgage. I know I need things like Electrical and Gas Certificates, smoke alarms, fire blanket, CO2 alarm etc.etc


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## matt-rudd (Jan 4, 2015)

camerashy said:


> Thanks guys, appreciate your help.
> No outstanding mortgage. I know I need things like Electrical and Gas Certificates, smoke alarms, fire blanket, CO2 alarm etc.etc


You don't need an electrical one by requirements only gas, supply the smoke alarm and CO2 detector near to the boiler with it being the tenants responsibility to check them. Not sure on fire blankets though, just make it clear in the contract who's responsible for what, such as aerials, Windows, roofing etc


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## justina3 (Jan 11, 2008)

If your new to the rental game i would use an agent myself, even more so if there is no monies outstanding on the property what ever the agent charges you can offset that against your tax bill, once you have found you feet and got to grips with how it all works then maybe you can try running the property yourself.


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## WHIZZER (Oct 25, 2005)

I would use an agent in the first instance - and yep you are right you need certs + insurance


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## Arvi (Apr 11, 2007)

You'll also need to deposit the Tenants initial deposit under the TDS:

https://www.gov.uk/tenancy-deposit-protection/overview

Expect to pay an agent around 10% of the rent to manage the property. Or if you manage yourself be prepared for calls all times of day and night and have some recommended tradesman in your phone directory.


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## MEH4N (Mar 15, 2012)

Make sure you get the right insurance i.e Landlords just to be safe. If its your first property let an agent take the hassle for a year and the do your own tenancy etc.


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## Rebel007 (May 7, 2013)

One more thing to consider, if you use an agent you can usually get your rent guaranteed so no matter what happens you get paid, if you do it yourself and the tenant gets into difficulty then you lose out and end up having to go to court to evict etc which costs money and you don't get the back rent paid even if the deposit covers the cost of the legal action, let the agent take the strain for you. (I was a landlord for about 8 years and had some real horror tenants trust me you don't need the aggro)


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## Kap01 (Aug 12, 2007)

camerashy said:


> Looking to rent out a Bungalow, hopefully, long term and I'm after some general advice please plus I need to get a Landlords/Tenancy Agreement.
> Any advice gratefully accepted.
> Dave


If you feel the need to ask the questions I would stick with an agent, as a first time landlord (last year) I decided to contact the 3 most popular agents (locally) and tender the business to them, they seem to start at 10% In Manchester. I managed to negotiate this to 7%, whilst the monthly cost still pretty high it saves on the hassle of arranging viewings, collecting rent, dealing with minor issues as well as the possibility of getting nightmare tenants. Agents usually have a strict criteria of who they accept including pets etc.

Another suggestion is to take out some kind of Home emergency cover, mine is with More than insurance (couldn't recommend it enough), tenants have been advised to contact the agent during business hours (who will contact me with the emergency) and to contact me out of hours. Strictly this is only relating to major issues, during the first month the bath waste pipe leaked… plumber was there within 4 hours (no additional cost to me), damage was fixed within 2 weeks (£100 excess). Fairly pain free.

In future if I am lucky enough to have further properties and I have more time I may decide to manage them myself, as a new dad and busy work life I just don't have the time. I guess it's down to your personal circumstances and the price you put on your free time?


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