Any landlords out there?

[franch]

We've just decided to keep our flat when we move to our new house, and let it out. Any tips on sources of info, good books, where to start, pitfalls etc much appreciated.

Budget for times without tenants
Get 2 months deposit if you can, it's a real deterrent - depends on market in your area though
Get boiler cover
You have certain legal obligations re gas safety and furnishings, if furnished
You will have to tell your mortgage co and consider insurance
Don't forget to consider service charges and est agt fees in your calculations
Good luck.

Thanks www, good tips

There is information outlining your obligations as landlord from here and specific leaflets available from several govt departments relating to annual Gas Safety Certificate, Fire Safety standards(including any soft furnishings) and Electrical inspection. You'd need to decide whether to use an agency (who can charge up to 15% gross rent in fees)for which they'll market the property, do the vetting of prospective tenants , draw up the Tenancy agreement, collect deposit and rent, and authorise and arrange repairs up to a specified amount, or do that yourselves.

There are also tax implications, specifically Capital Gains Tax as it won't be your principal residence, were you to sell in the future, and Income Tax liability on the income (although some fees, repairs, costs can be offset and you can split the income between the legal owners). You may need to do a Self Assessment return if you don't already. You should notify your mortgage lender and adjust the insurance policy to cover buildings and any contents/fittings you include. If you may have time between tenants you need to ensure you can cover not only the mortgage but Council tax (charged at 90% fro non occupancy) and utility bills. Agree boiler service contract is a good idea, and they will do the Gas certificate at the annual service if you can time it right.

hth

Thanks lizs that's really useful