Advice on letting out house

[helptolet]

So in a couple of a months we will be moving abroad, a long haul flight away so we will be letting out our house for a year at least, possibly more. We've got some local estate agents lined up to come over and do a valuation but just wanted some advice, as we are total novices, on questions we really should ask? We've got 3 lined up so we can compare. I've had a look online at their fees and they seem comparable really. We're most likely going to go down the fully managed route, just because of how far away we will be and to remove some of that headache. So how do you decide who to choose and questions we may not have thought to ask? Thank you

Gosh if I were you I'd leave the house empty. There's every chance your tenants will refuse to move out when you want when to which will force you down the s8 route. Assuming s21 has gone by then. This could mean vast expense and delays waiting for court.

I say this as an experienced landlord who ia rapidly exiting the sector. It's far too risky for small time landlords now and many are selling up whilst the big corporates such as John Lewis take over.

Wouldn’t bother for a year
you’ll have to get everything tested and certificates change your insurance have you got a mortgage because that could be affected
youll be taxed on it and have agents fees to pay

so by the time you take off show much it will cost you to set it up as a rental then tax implications

not to mention damage with the best will in the world your not going to get it back in the condition you left it in
The risk of the new law about getting your property back

also a tenant can’t simply just pay nothing and have the legal right to remain in your home and the cost of getting them out is staggering

wouldn’t touch it with a barge pole

We don't really have an option not to go and selling up absolutely isn't an option, so I get that the reform bill will make it much harder for landlords, but it's something we will have to deal with. Ideally I never wanted to be a landlord. But life happens. We also understand there's a potentiality that the house could be wrecked in the process but we haven't done any work since we bought and had intended/saved to renovate so this will happen once we are back. We also have family that we could stay with in the worst case the tenants don't vacate the property or during time that works need to be carried out. Of course the huge costs involved isn't at all ideal but we will need to cross that bridge if we got it, as we don't have an option not to. K

Would having it set up as serviced accommodation work instead? I saw one yesterday being charged 3.6k a month for - a two bedroom cottage - that would otherwise cost circa £1200-1400 on the normal rental market (NW).

I can only see the costs of serviced accommodation sky rocketing once LLs lose the ability to issue 6 month ASTs.

I see where you're coming from, BUT

There's probably a clause in her mortgage saying it can't be left empty for x period of time and

Someone has to heat it and keep water going through the pipes, otherwise there could be trouble ahead

It might be better for the OP to have an unofficial arrangement with a friend or something.

Professional house sitters are also a thing.

Informally letting to a friend is probably the most risky of all.

Holiday let fully managed probably least risky.

@KievLoverTwo it's a good point about serviced apartments/holiday let however there just isn't the demand for it in our location. Also because of that it's a less reliable 'income' as it could be let for a week but then nothing for ages. Our move does mean we ideally need the monthly rental income (I know if tenants don't pay then this is a sticky situation to be in) to make it viable.

Interesting thread OP. I'm in a similar position but decided that the changes proposed by the gov't, the chances of getting a troublesome tenant and possible damage to the property was not worth it.

Mortgage free, and was willing to lower the rent for a good tenant, but any tenant is an unknown. My home insurance only asks that someone spends one night in the house every three months, so a relative does that.

Please examine your mortgage conditions carefully. DS one said "professional tenants only", and so house was rented to a company who agreed to only house a professional employee. Only they didn't, and when they damaged the house, insurance refused to pay up.

I’d be very wary of doing this, if it’s only a year. A good friend had a 2 year posting overseas and is due to move back next week. House managed by an agency and correct notice given to vacate. The tenant is refusing to leave and my friend and her family have nowhere to go, their stuff due to arrive from the shipping company and they have no home to go to. It’s actually quite unbelievable and will cost them thousands in solictor fees and temporary accommodation. I cannot begin to imagine the stress they are under right now.
Be very very careful

One year was minimum however I know realistically it won't be and that's wishful thinking on my behalf. I can see how it wouldn't make it worth it. I know most people would advise against it but I think when we don't have any option due to circumstances, we will have to hope for the best and put contingencies in place in case the worst case scenarios occur. Mainly saving money! Luckily trashing the place and not having a place to come back to straight away are things we could manage somewhat as I've previously mentioned.