I am becoming a Landlord....

[timetosmile]

when I relocate to Ethiopia next month!

We have some very responsible friends who will be renting our house for a year. I have a Gas Cert, Landlord insurance for buildings and liability and am leaving them a list of reliable tradesmen etc.

The house is mortgage-free and the income will go on my usual self-assessment tax return anyway.

What else do I need to do e.g. is there an electricity cert, do I need a fire blanket in the kitchen...

Thanks!

you don't need the latter things but there are other things you need.

• is their deposit in a proper protected scheme and have you given them the prescribed information? (once you have the deposit, of course)
• are your contents insured? Yes, you have contents - carpets, curtains, and anything you are leaving in the property.
• have you set an expenditure limit with your responsible friends for those tradesmen?
• do you have malicious damage insurance, legal expenses insurance and rent guarantee insurance? Yes, I know they are your responsible friends but this has gone wrong for too many people.
• do they have instructions on how things work in the house?

You must have a specie landlord insurance, it will cover your build and any contents (even if just white goods) and any costs associated with renting. If your tenant fell down the stairs and claimed it was because the carpet was faulty the insurance would cover you.

You also need an EPC.

You must protect the deposit or your tenant can Calais three times that amount back.
you must get and independent inventory Clark to do the inventory - this is what's used to determine any deposit deductions at the end of the tenancy and protects both parties, but the LL more.

I know you're renting to friends but things can change and it's best to do things by the book.

Also I look out cover for the central heating etc specifically for Ll's with British Gas so that if there were any breakdowns the tenant just calls BG, saves money and is easier for you to deal with even if you're managing through and Estate Agent who'll add a mark up.

Goodness lots of typos/autocorrects hope you can decipher all that.

oh yes, forgot the EPC - pointless but legally required. Shop around, it should cost less than £50.

British Gas? only if you are made of money...but an emergency callout insurance is a good idea.

Thanks all, I have an EPC as we only moved in recently.
Protecting the deposit just means that it's in a dedicated bank account doesn't it?
I forgot about the tenancy agreement but we have that, and an inventory we will both sign.
I asked them about emergency callout as they weren't too bothered as they haven't had one at their current property.
I know the tradesmen quite well and have set a limit,and they can easily call me if they have a query.

You have to put the deposit in a government backed scheme, not just a bank account. I only work with TDS and for that you have to give the tts a certificate, prescribed info and leaflet on what the TDS is. The website should give u full info. Hth.

dizzy can you send me a link please

www.gov.uk/tenancy-deposit-protection/overview

as noted your plan for the deposit would break the law.

there are 3 schemes and you must use one of them.

please also consider the other insurances I mentioned.

ps no offence to your friends, 99% of people are lovely and honest. But there have been many threads on here where it has all gone seriously wrong in just your situation.

protect yourself, and them.

thanks special that's why I want to do it all 'above board' and get things right so we are all clear when we stand. I am getting landlord insurance that covers buildings and a few contents and then legal liability, we don't have a mortgage so that makes things a bit easier.

Have you had a solicitor draw up the tenancy agreement? (otherwise risk the tenants might claim security of tenure). Don't use the ones you can get on the internet. If the house is furnished, have an inventory of contents. Also, a schedule of condition is a good idea.

good plan. :-)

reminder that you must include malicious damage cover (again casting no aspersions on your friends - but who knows who they might invite to stay?). Some of the popular policies (e.g Direct Line) exclude this.

your legal cover must also include cover for proceedings to evict, should this become necessary.