Jump to content
  • Malvern, Help Registration Closed
  • Malvern, Help Registration Closed
  • Malvern, Help Registration Closed

Anyone here a Landlord?


Mike dB

Recommended Posts

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! :D

Link to comment
Share on other sites

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

Link to comment
Share on other sites

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......

Link to comment
Share on other sites

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.
Link to comment
Share on other sites

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.
Link to comment
Share on other sites

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......... :down:  :down:

Link to comment
Share on other sites

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.

Link to comment
Share on other sites

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. :angry:  :angry:
Link to comment
Share on other sites

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..........  :bangshead:

Link to comment
Share on other sites

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 :p:p:p:p

Link to comment
Share on other sites

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. :)

Link to comment
Share on other sites

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.

Link to comment
Share on other sites

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

Link to comment
Share on other sites

Join the conversation

You can post now and register later. If you have an account, sign in now to post with your account.

Guest
Reply to this topic...

×   Pasted as rich text.   Restore formatting

  Only 75 emoji are allowed.

×   Your link has been automatically embedded.   Display as a link instead

×   Your previous content has been restored.   Clear editor

×   You cannot paste images directly. Upload or insert images from URL.

×
×
  • Create New...

Important Information

Please review our Terms of Use, Guidelines and Privacy Policy. We have placed cookies on your device to help make this website better. You can adjust your cookie settings, otherwise we'll assume you're okay to continue.