First time landlord help please.

[towerofjelly]

We have bought and renovated a terrace property. We are a week away from putting it onto the rental market and were going to go through a letting agency/estate agent to find us a tenant and basically hand hold through the process of tenancy agreements, bonds ect as we have no experience.

Today a friend asked if her friend could come and see the house as she and DH are looking for something in the area, they loved it and want to rent. Great. But, I have no clue as a landlord what to do next. Is there a all knowing website (obviously other than MN) for an idiots guide to landlording?

Landlordzone.

You owe your friend a posh meal out, shes just saved you ££££ in ongoing commission oh to have a tenant fall into one's lap so easily!!
Sure its all on that website but you need to take up references, employer and credit check, get assured leasehold agreement sorted, agree terms, dates, inventory, sort deposit. Also need electrical/gas safety certs done and notify utilities of change if name, plus your mortgage company.

Thanks so much I will go and have a look on the website now. I may be back with more questions. I will reward my friend, she is a star.

Watching with interest. I am about to become a first-time landlord too, and a friend has asked to rent from me...
(I think that's a :) )!

you still need a contract. What if you fall out? What if she loses a job and stops paying? What if they split up and one of them won't go?

you should still take a deposit and protect it. You should still get a gas safety certificate. (Electrical safety a good idea but not a legal requirement) You should still define when the rent is paid, how much, what the notice periods are on both sides.

renting to friends can work -or can be an utter disaster. Same as anyone else. Do it properly and put it in writing. You don't have to pay anyone to do that but you MUST treat it like a business transaction.

Landlord one is good. This is a good read too www.propertyinvestmentproject.co.uk/blog/
If there is gas in the property you Must be aware of this:
www.hse.gov.uk/gas/domestic/index.htm
My book The Landlords Guide to Gas Safety is good too!

If you know anyone who rents, ask to see their contract and use it as your template. The free downloads online are very basic. Make sure you get an inventory done independently (google it for companies near you) and include costs of it in contract agreement; typically landlord pays at start of tenancy and tenant pays at end. When there is any dispute about damage etc, courts/mediation will rule in favour of tenant if it's he said/she said and burden of proof is on landlord. Deposits can be protected by putting the actual deposit in a scheme or insuring it and keeping the deposit in your own bank account.

Smiths used to sell assured tenancy agreements (or whatever they're called), worth buying.

join the National landlords Association, about £100 a year. They have all the forms you need on there, members discounts for EPCs, gas safety checks etc and a free legal helpine (you can call as often as you want to!)