Any experienced landlords out there....?

[MadameGazelle]

Hi - We’ve just had an offer accepted on a house and are thinking of renting out our current house rather than selling it. I’ve had a look on the gov.uk website but just wondered if more experienced landlords could offer any tips or advice.

• is it better to rent via an leggings agency or via a website like OpenRent
• how do you organise gas and electric bills and council tax to be paid directly by the tenant
• is there a website that explains the new tax changes for rental income in simple terms - all of the sites I’ve looked at seem really complicated!
• what happens if you’re renting out your house then decide you want to sell it?

Thanks in advance :)

how do you organise gas and electric bills and council tax to be paid directly by the tenant?

that is quite literally, the least of your worries.

oh boy....

to answer the questions:

1. with your level of knowledge, you need to do a lot of reading and find a reputable agent. They are out there but take some finding.
2. bills; Trivial. You just contact the providers and give them the name of the tenant, closing your account. If the tenant doesn't pay the council tax you've got fun and games proving that they were liable. The council will go after you as the easy target and arguing isn't worth it.
3. tax on rental; not that hard, but if there's a mortgage the whole thing is probably not worth it unless it is London and you've owned it forever.
4. you can sell with a tenant in, the buyer becomes the new landlord. This assumes a) you can find a landlord buyer and b) the tenant allows viewings, you may have to enforce with court if they don't.

now: find out your EPC, get actual quotes for all the insurances you need (buildings, contents, malicious damage, legal expenses, rent guarantee, home emergency) remember you'll pay 3% extra stamp duty on the new place, factor in agents fees and voids, get the place in tip top condition with everything fixed, organise safety checks, have funding available for fixes.

still worth it?

Lol

you have to register as a landlord as well.

If you want to go ahead with this I'd suggest joining the National Landlords Association. Huge amounts of info and a free legal helpline.

Even if you decide to use an agent it is invaluable to understand what they are doing!

You do not have to register as a landlord, or at least not in England.

The only exception to this is if you are running a licensable House of Multiple Occupation.

you might have to , it depends on the area, best check with your council.
As with all new policies, they have tried it out in Wales first.
Right now i am getting rehoused and my landlord is facing a large fine , for not being a registered landlord....

Four fired chickens- really . That may depend on where you live unless the house is HMO, which I wouldn't recommend.
I would use a letting agent as they should have the expertise to do all the checks and be aware of the legal requirements and are available to delay with any problems. IME I would avoid letting agents who are linked to Estate Agents- I have had dealings with several and none have been much good and usually expensive. I would stick to local ones and read reviews on google etc if you don't know anyone who can recommend an agent. I would ask several to do an appraisal of the house's suitability for letting, what you need to do and who they see the potental tenants might be. For example you might need to decorate throughout in a neutral colour or replace the carpets. Are the white goods in good condition?

The other thing you might need to think about is whether you are emotionally attached to the house. I know someone who is upset if her garden is not maintained as she likes
Tenant is responsible for bills including council tax. Our letting agents informs Council about change of occupants and we only get a bill if there is a vacant period, which is thankfully rare

Wales are enforcing Rentsmart??? Good god.

Landlord registration is indeed area dependent. HMO is a whole different ball game and even more not for the amateur. (unless you are a slumlord, they do it a lot and rely on lack of enforcement)

yes RentSmart is now a thing in Wales.
My landlord thought he could ignore it, and give a me a contract that 'was not an AST' although he wants to use it as an AST....

yayy now i am going to get rehoused...and the fat old fucker is going to get fined ...

Why are you thinking of renting it out rather than selling it?