A year off

Discussion in 'Motorhome Chat' started by bailey, Sep 12, 2013.

  1. bailey

    bailey

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    We are thinking about taking of for a year in the MH we have a very small mortgage on our house and our intension was to rent it out for the time we are away.We know we have to inform the mortgage lender of our intensions and take out landlord insurance is ther anything else and further hoops we have to go through

    Bill
     
  2. estcres

    estcres Read Only Funster

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    Are you planning on staying in the UK or abroad?
     
  3. bailey

    bailey

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    We are staying in the uk our plan is if we like it,we will down size and go full time or at least for a few years

    Bill
     
  4. BwB

    BwB Funster Life Member

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    If you're intending to use an Agent then they will sort out the short term tenancy agreement for you. If you don't intend using an agent then you may find it useful to join a landlords association during the period of rental so you can make use of their forms and cheaper vetting services.

    It may be better to let a house unfurnished. You know about the insurance and you may have to pay tax on income earned from the letting (less ALL your letting expenses).
     
  5. Allanm

    Allanm Funster

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    All I can think of is to look for a property maintenance company in case anything breaks while you are away. If you let the house through an agency, this is usually something they can supply, but check what they will be charging.
    Whatever you do, good luck. Sounds like a great idea
    Allan
     
  6. SomeoneElse

    SomeoneElse Funster

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    If you have gas you need to have it inspected/tested annually and hold a certificate to show all is well.
    You must ensure that any deposit taken from the tenant is protected, and notify the tenant in the proscribed way.
    You must "keep the property in repair" so you might need to make arrangements with some local tradesmen. So if the tenant calls on Christmas eve and says "I've no hot water" what are going to do? or less urgent "The fence has blown down".

    You could put it in the hands of an agent, but expect a few extras.

    Renting is not for the faint hearted. Get some good legal insurance, evicting a tenant isn't easy. Remember non-payment of rent isn't grounds for eviction. A lot of landlords insist on a property owning guarantor.

    Gordon
     
  7. estcres

    estcres Read Only Funster

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    I should think the only real thing you need to worry about is collecting/forwarding your mail.

    The more you can do online the better, less "snail mail"

    One thing I would be concerned about is letting the property, ensure you get good management agents.
     
  8. Coolbeanz

    Coolbeanz Funster

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    Remember non-payment of rent isn't grounds for eviction. A lot of landlords insist on a property owning guarantor.

    That's not quite right however the easiest route is to have a 6 month assured shorthold tenancy and let it become periodic at the end of the fixed term, that way if you have a difficult tenant you can serve a Section 21 notice if you want them out and as it is a mandatory ground you will be awarded possession if you are at the end of the fixed term. That's a very simplified account and it is rarely that simple. If you get a good tenant you are laughing, if not you will regret ever renting it out. A guarantor is an excellent idea and gives you some protection. They are talking of introducing tenants payment history into credit reports from this year so you will be able to see if someone is a good payer but that hasn't happened yet. I deal with these issues on a daily basis and it isn't always just a case of having a bad tenant as a previously good tenant can fall on hard times so ideally you need to make yourself familiar with the Local Housing Allowance and "bedroom tax" so you are aware of what Housing Benefit your tenant would be entitled to if they were to become unemployed. The more knowledge the better! :thumb:
     
    Last edited: Sep 12, 2013
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  9. estcres

    estcres Read Only Funster

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    Can you please clarify a point mentioned in your post.

    I thought the so called Bedroom Tax only applied to tenants living in the public sector and not in the private sector.
     
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  10. Coolbeanz

    Coolbeanz Funster

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    You are absolutely right, LHA is for private rented and bedroom tax for council and housing association, it has been a long day!! :BigGrin:
     
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  11. Chris

    Chris Funster Life Member

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    There was a post above that said rent arrears isn't a ground for posession.

    If it isn't I have repossessed hundreds of properties improperly:Doh:
     
  12. bailey

    bailey

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    This is what is concerning me in a quandary just might leave it empty
     
  13. Coolbeanz

    Coolbeanz Funster

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    I was surprised by that comment too, a lot of landlords would stop renting if rent arrears wasn't a ground for possession
     
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  14. Coolbeanz

    Coolbeanz Funster

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    Do you have anyone you know you can rent it to? Or a tenant who can happily provide a guarantor is a fairy safe bet. The income you could generate could fund an even longer trip in the motorhome!! :thumb:
     
  15. The Wino

    The Wino Funster

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    You will have to decide whether to use an agent to find a tennant and if you want them to manage the letting (collect the rent arrange repairs etc).

    We have rented out property for a number of years and don't bother with an agent for management in the past ....a long time ago.....we did but they were hopeless when the rent was late and wanted a big chunk of the rent. It might be worth asking your friends locally if any rent out property and get some recommendations or they might even manage it for you for a smaller payment. If you are in a good area to let out property advertise it yourself first...get an idea of the market rent or a few agents to view it and give an idea of the market rent.


    If you have any queries send me a message

    David
     
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  16. bailey

    bailey

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    David thanks for that and I will send pm as the weeks go on .if you don't mind

    Bill
     
  17. Chris

    Chris Funster Life Member

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    You can get rent insurance.

    It's not cheap but if you need certainty ...
     
  18. SomeoneElse

    SomeoneElse Funster

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    It was me that said "non-payment of rent isn't grounds for eviction"

    Of course things are more complex than that but for a little more detail.
    Eviction must be ordered by a judge. The grounds for evictions are set up in the legistration.
    Ground 10, some rent arrears, and ground 11, persistent rent arrears, are only discretionary. The Judge doesn't have to order eviction.
    Ground 8 however, serious rent arrears, where the tenant is at least 2 month in arrears is mandatory. The judge MUST order the tenant out.

    For the landlord the problem is one of timing:
    At least 2 months to get into arrears
    Time to prepare the court application, say a couple of weeks at best.
    The court gives the tenant a month to reply to the application.
    The the time until a court slot to become available let's be optimistic and say another month.
    The court is most likely to give the tenant a month to vacate the house.
    Then if the tenant doesn't leave there will be say another month to fire up the bailiffs.
    The the landlord will have to put the house back into a habitable condition before reletting.

    Anyone been counting the months?
    All that without the tenant playing games and making partial payment on the court steps meaning the procure needs to be re-started.

    This isn't a landlord forum, Its a Motorhome Forum and I was therefore only giving the OP a heads up on what could be instore, not a answer to a landlord's accreditation exam question.
    Gordon
     
  19. bailey

    bailey

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    Me thinks i will leave it empty
     
  20. Chris

    Chris Funster Life Member

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    I was merely making a point.

    Not provoking a sulk:Doh:
     
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