Accidental landlords

[winersrollingin]

What is the rental situation like now in London if we were to rent out our one bedroom flat? We need to move for work but probably be back in two years so don't want to sell

You'll probably be able to rent it out really quickly. Are you planning to manage it yourself or hire an agent? If you're doing it yourself, OpenRent is a great option. If you want a quicker process without handling viewings, Foxtons can be a good choice. I used Foxtons and left a key for them to conduct viewings while I was at work. They did initially price it a bit high, but after dropping it by £200, it rented out immediately

If you don't do the proper paperwork (gas and electricity certs, council rental licence etc.) in London the council can fine up to GBP 30k.

Yes make sure you are up on the paperwork and on the latest legislation, especially with the new bill on tenant rights coming up. I'm pretty sure there are supposed to be allowances in the anti 'no-fault evictions' part if the owner wants to move back into or sell the property, but I would be very clear on what they are before you let. Also do remember that if your tenant doesn't want to or is having difficulty leaving (the market is horrible and it's possible for a tenant to genuinely have a really hard time finding somewhere to move to and the money for a deposit) it may take time to get it back.

This is not "accidentally" becoming a landlord.

It is very much "planning to be a landlord because it is convenient for me".