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renting to a friend...what should we do/not do?

(7 Posts)
slippix Mon 08-Aug-11 17:03:20

We have a house which is now ready for rental...we were going to sell it and buy a bigger house but unfortunately a mobile phone default has meant that my dp cannot currently get approved for a mortgage so we are going to rent out our old home for a year (to continue his mortgage loan and help build credit score). we are now living in our new home, with a 5 yr interest only mortars in my name and my dad's name - nightmare!
My partner called me today and said his friend wants to rent it from us. as we won't be going through an agency I am a bit concerned something could go horribly wrong, ie. Dog destroying garden, carpets etc, or tenant defaulting on the rent. any advice please?!

nocake Mon 08-Aug-11 17:10:10

You should treat it as if you're letting to a stranger, not a friend. That means a proper tenancy agreement, deposit and inventory. Have a look on Landlordzone for information.

CristinaTheAstonishing Mon 08-Aug-11 19:54:01

TBH I wouldn't do it. We did similar (kind of house-sitting arrangement) with a friend we'd known for 10 years. You think you know someone but they can turn out to be completely different as tenants. We are no longer friends sad

herhonesty Mon 08-Aug-11 20:16:44

You shouldn't do it. Mixing business with pleasure is never a good idea.

slippix Tue 09-Aug-11 10:26:02

can I just clarify there are no mortars in my name, just the mortgage! damn predictive text!!

it looks like my dp has jumped in there without talking it all through with me and weighing it up, as his friend collected a house key last night. So annoying! He gets carried away with the quick solution all the time, such a pain.

Nocake looks like yours is the advice I will have to take
now as the decision has been made (without me as bloody usual)

cheers ladies

HattiFattner Tue 09-Aug-11 10:31:45

march around there with a tenancy agreement. TODAY. Let him know you want 1.5 months deposit. do an inventory while you are there. Make sure that this "friend" knows this is a professional let and you will have all this stuff in place.

Also ensure that he is not planning to sublet to all HIS mates.

Make sure they are non smokers. If you havent already notified your mortgage and insurance companies, do so NOW.

Transfer Council tax, electricity, water, gas to this blokes name. TODAY.

Ask your DP what his plan is if the bloke defaults - because without an agreement on paper, you could end up wth a squatter, paying two mortgages. WHat an idiot he is.

Hope this is a really good friend, not someone he knows from the pub...

HattiFattner Tue 09-Aug-11 10:33:58

oh and has your DP agreed the rent amount and how it will be paid?

Id be very tempted to tell the friend he can stay until the end of the month and thereafter, he must go as you will have professional tenants moving in. If the property is both of yours, you DO have a say in this, you DONT have to accet what your DP has done as a fait accompli.

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