Mike dB Posted June 22, 2004 Share Posted June 22, 2004 Hello, My brother is just about to start renting/letting his home & I was just wondering if anyone knew of any good resources/websites that he can look into, being a 'landlord' as it were. What sort of things should he have in place like a rent boook, etc. As you can tell I have absolutely no idea & any help info, as ever, is greatfully received! Quote Link to comment Share on other sites More sharing options...
adhawkins Posted June 22, 2004 Share Posted June 22, 2004 I would have thought it would be simpler to go through some sort of letting agency. Ok, he won't get all the dosh that comes in from the rent, but at least they'll deal with finding people to go in, doing the checks on them etc.? Andy Quote Link to comment Share on other sites More sharing options...
Mike dB Posted June 22, 2004 Author Share Posted June 22, 2004 Oops, sorry. At the moment he already has people to rent it some colleagues from work, this sin't going to be a major busniess venture btw he's just found some lady he likes & they both have houses so if needs be he will have to be able to get back in. Personally, I thought the letting agency but with people he knows willing to rent, well, why pay the vultures! Plus he doesn't have much cash to 'throw' at letting agents...... Quote Link to comment Share on other sites More sharing options...
DickieB Posted June 22, 2004 Share Posted June 22, 2004 And take out "anti-tennant" insurance so you can afford the legal fees to boot them out if you have to. Any local letting agent will advise. Best talk to 3 or 4 local ones, and get as much free advice as you can. Quote Link to comment Share on other sites More sharing options...
chrisbin Posted June 22, 2004 Share Posted June 22, 2004 Thought you meant the other type of landlord and you needed some help moving some stock......... Quote Link to comment Share on other sites More sharing options...
neilwillis Posted June 22, 2004 Share Posted June 22, 2004 You'll need to get the central heating/wiring checked over annually, plus liability insurance too. I would recommend you declare the income to Mr Taxman too. All the insurance/servicing costs can of course be offset against tax though. Quote Link to comment Share on other sites More sharing options...
hilux Posted June 22, 2004 Share Posted June 22, 2004 Use a letting agent if you want your house back in one piece. They vet tenants so you have a comeback. Even mates/people recommended etc hit hard times and wont pay or leave without paying You must have corgi check on gas and leccy certificate on systems etc and must have short term let insurance. None of the above and your on your own believe me......... Quote Link to comment Share on other sites More sharing options...
markh1970 Posted June 22, 2004 Share Posted June 22, 2004 use a letting agent myself, one other thing to comment on is that if you supply it furnished and it includes a TV you and the tenants are liable for the £1000 fine. If the tenants bring the TV they are. Just thought you should know. Quote Link to comment Share on other sites More sharing options...
Monkeylegend Posted June 22, 2004 Share Posted June 22, 2004 He should also let his Building Society know as well. They get upset if you don't. They might increase his interest rate on the mortgage as well. Quote Link to comment Share on other sites More sharing options...
hilux Posted June 22, 2004 Share Posted June 22, 2004 Dont supply it as furnished............ Let them furnish it and you dont have your stuff trashed. The income difference between furnished and unfurnished is not great IMO However a new/modern kitchen/bathroom WILL let a place quicker than old dodgy fittings.......... Quote Link to comment Share on other sites More sharing options...
chalky Posted June 22, 2004 Share Posted June 22, 2004 i had a problem with getting someone out of one of my flats i had all the insurances you can have i use a good agent but the b******* still had rights so i took the bl**** front door of that gave him two choices 1.leave 2.get permision from the landlord to put a new door on at tennats expence he left within two hours Quote Link to comment Share on other sites More sharing options...
Martin Keene Posted June 23, 2004 Share Posted June 23, 2004 Class... Quote Link to comment Share on other sites More sharing options...
7SE Posted June 23, 2004 Share Posted June 23, 2004 Do some investigation around the income tax situation. I don't know the full implications yet; but, as I may well be in a similar situation to your brother soon, I did some browsing and there appears to be an obligation on tenants to pay landlord's income tax direct to Inland Revenue - unless he can get some exemption certificate. Would also be interested in a useful web info source. Quote Link to comment Share on other sites More sharing options...
Stevo Posted June 25, 2004 Share Posted June 25, 2004 If your brother lets the property, when he comes to sell the property he will be liable to pay capital gains tax on the increased value of the property since he owned it. This is because as soon as he starts letting it out it is no longer his primary principal residence (You do not have to pay capital gains tax on your PPR). There are many different rules concerning CGT but with the tax at about 40% it is worth looking into it. If he has owned the property for a long time it may be better to sell while it is his PPR and then use the profit as a deposit on another house(s) with a buy to let mortgage. Quote Link to comment Share on other sites More sharing options...
P W Posted June 25, 2004 Share Posted June 25, 2004 stevo makes a good point - I was advised to get a valuation when you start renting so that if / when you sell you can determine the 'capital gain' you will be liable to pay 40% tax on. If you dont have anything to justify it the taxman may well 'estimate' what he thinks you owe - bet your bottom dollar it'll work out more than you had thought !! Obviously the higher the valuation initially, the better - this also assumes the property market doesn't crash / dip - if so then there'll be no worries about capital gains tax !!! only negative equity Quote Link to comment Share on other sites More sharing options...
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