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Landlord


Tyrant

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Any cunt on here a landlord? It's a route I'm sort of being forced to go down due to my flat not selling. Dropped the price a couple of times but to no avail. Not willing (can't afford) to drop it any further so decided to try renting the place out. I had no idea how many hoops (if you'll pardon the expression) that you have to jump through to rent out a property!

 

Energy Performance Certificate

Gas Safety Certificate

Co2 detectors

Funcy smoke alarms x 2 and heat detector x 1 (All to be hard-wired in of course)

Legionella Risk Assessment

PAT Testing

Electrical Installation and Condition Report

Landlord Registration

Permission from mortgage lender

 

The only ones that I can do myself are the permission from lender and (apparently) the legionella risk assessment and all of the rest cost money. It's a mug's game. No idea how low I'll have to go on the rent to get someone in because the rental market isn't exactly in overdrive either but if it covers 2 thirds of the mortgage I'll be lucky. (And happy!) Looking at a considerable outlay just for this before I've even thought about what the flat needs!

 

The worst part is that I'd have probably just sat tight and left the place for sale if I wasn't looking down the barrel of a 100% council tax increase on the place. 2 x mortgages and 3 x council tax as well as all utilities etc is too much even for a man of my considerable wealth.

 

Any experienced landlords on here with any tips? Seen/heard so many horror stories which I'm keen to avoid.

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I'd advise you to remember that rental income is treated the same as income from employment ie. subject to income tax.  Assuming you are employed and resident in the UK, the law states that you should declare and pay tax on any rental income (normally via self assessment).  Registering as a landlord (which you've already mentioned doing) alerts the authorities to your possible rental income, although I'm not sure how closely the local councils and HMRC work together to ensure that landlords are reporting this income. 

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2 bed in a superb location chuck an advert in the hospital may get a couple of nurses interested..

 

If the flats well done up you should get £650 if it's not done up well there's loads of competition out there and Tennant's are now more fussy.

I'd rent it until the property market becomes better as properties are now down around 10% in value .

A £550 flat now goes for £450 one bed or bed sit.

Just the way it is for now.

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Are those not the requirements if the property was going to fall under the HMO requirements? A 2 bed flat wouldn't require to fall under the HMO guidelines.

We had a 3 bedroom house in pretty much the same sounding area, which we rented out while I was working overseas. Never had any problems getting student nurses in, but it was an HMO and as such the requirements were quite a pain in the hoop.

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2 bed in a superb location chuck an advert in the hospital may get a couple of nurses interested..

 

If the flats well done up you should get £650 if it's not done up well there's loads of competition out there and Tennant's are now more fussy.

I'd rent it until the property market becomes better as properties are now down around 10% in value .

A £550 flat now goes for £450 one bed or bed sit.

Just the way it is for now.

 

You're not wrong. Rent has went down a fair bit recently. (And I think it had to. It was getting ridiculous tbh honest!) I'm happy to lower the price a bit for folk who'll pay on time and won't trash the place. It's nae done up particularly funcy but it's nae bad. Decent storage, free parking, short walk to hospitals etc. I definitely plan on getting some adverts up in ARI.  :thumbsup:

 

 

Are those not the requirements if the property was going to fall under the HMO requirements? A 2 bed flat wouldn't require to fall under the HMO guidelines.

We had a 3 bedroom house in pretty much the same sounding area, which we rented out while I was working overseas. Never had any problems getting student nurses in, but it was an HMO and as such the requirements were quite a pain in the hoop.

 

 

I think if it's an HMO you need even fucking more smoke alarms but mine isn't so just the three. Got a call from the sparky there and got the bad news.. more work needed so it's looking like a kick in the cunt off of a grand for this.  :hammer:

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