Advice for letting out our house

Jade-clothing

Jade-clothing

Well-Known Forumite
We are going to be renting out our house in a few weeks and would welcome any advice on this. I know all about the gas safety check and our responsibilities as landlords but we're wondering what sort of work to do on the house to get it fit for renting. Whether to rent to a family or to turn it into a shared house (the house is big). Whether to use a letting agent or do it ourselves. The tax implications.
Also if anyone is interested in renting a large 3 bed semi with garage, carport, downstairs shower room and upstairs bathroom and massive living room please let me know! Rent is going to be around £650 pcm
 
Withnail

Withnail

Well-Known Forumite
Jade-clothing said:
We are going to be renting out our house in a few weeks and would welcome any advice on this.
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This is a job for...
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Andreas Rex

Andreas Rex

Banned for smiling
Some friends have just re-let their house up the road from me. Last time I found them someone before they had to think about advertising. The best thing they reckon they did was to advertise on Gumtree.
 
Jade-clothing

Jade-clothing

Well-Known Forumite
Andreas Rex said:
Some friends have just re-let their house up the road from me. Last time I found them someone before they had to think about advertising. The best thing they reckon they did was to advertise on Gumtree.
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yes, will be putting it on Gumtree and a proper ad on here with photos and room sizes but it's looking a tad messy at the moment as re-tiling the shower room and kitchen and will be a few weeks yet anyway
 
hop

hop

Well-Known Forumite
Jade-clothing said:
We are going to be renting out our house in a few weeks and would welcome any advice on this. I know all about the gas safety check and our responsibilities as landlords but we're wondering what sort of work to do on the house to get it fit for renting. Whether to rent to a family or to turn it into a shared house (the house is big). Whether to use a letting agent or do it ourselves. The tax implications.
Click to expand...

I notice you are also in the process of buying a house. Do you have a mortgage on the existing place and will you be taking one out on the new place ?

If so make sure you ask the bank for permission to let the house, or convert the mortgage to a buy to let first. Otherwise this will probably be uncovered when you apply for the mortgage on the new place which will likely result in you being refused.

Applications are scrutinised a lot more in the current day and age. By gaining letting permission or a buy to let loan the bank will probably take the opportunity to increase the rate by a good few bips, so you may find the rate increased by anywhere between 50 and 200 basis points.

If you rent a shared house then it will be classed a HMO (home of multiple occupation) and you will be bound by lots of regulations. You might potentially have to replace all ceilings and make them 60 minute fire resistant, upgrade the stairs and make them 60 minute fire resistant, fit mains wired interlinked alarms in every room as well as fire doors on every room and ensure there is a point of egress from every room. You might have to register with the council and agree to annual inspections - the list gone on.
 
Jade-clothing

Jade-clothing

Well-Known Forumite
hop said:
I notice you are also in the process of buying a house. Do you have a mortgage on the existing place and will you be taking one out on the new place ?

If so make sure you ask the bank for permission to let the house, or convert the mortgage to a buy to let first. Otherwise this will probably be uncovered when you apply for the mortgage on the new place which will likely result in you being refused.

Applications are scrutinised a lot more in the current day and age. By gaining letting permission or a buy to let loan the bank will probably take the opportunity to increase the rate by a good few bips, so you may find the rate increased by anywhere between 50 and 200 basis points.

If you rent a shared house then it will be classed a HMO (home of multiple occupation) and you will be bound by lots of regulations. You might potentially have to replace all ceilings and make them 60 minute fire resistant, upgrade the stairs and make them 60 minute fire resistant, fit mains wired interlinked alarms in every room as well as fire doors on every room and ensure there is a point of egress from every room. You might have to register with the council and agree to annual inspections - the list gone on.
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Hi Hop
yes we have already sorted out the mortgages, converting current one to buy to let and new mortgage sorted too.
we have since decided not to let as a HMO because of all the rules and regs, would be a shame anyway as its such a lovely family home.
 
littleme

littleme

250,000th poster!
Do you still have to have Property owners liability insurance (landlord insurance)...just in case...
 
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