Should I sell or risk tenants buying at undervalue price?9:08 AM, 25th September 2019
About 3 weeks ago 48
Firstly I must state I am not a BLT landlord and nor do I see myself making my millions from letting properties. My girlfriend and I live in separate properties and she has recently fallen pregnant so I’ve decided to move into her property to help support her during the pregnancy and bring up our baby.
I have written to my mortgage lender who have granted me consent to let my property.
I have also contacted a local letting agent who has been out and seen my property and confirmed a possible rental figure.
As I’ve never let out a property I’m a little unsure on a few things and I was hoping I could get some guidance from the many helpful and knowledgeable people on this site;
* Do I charge rent per calendar month or every 4 weeks after the move in date?
*There is a stove in one of the rooms but I’m not sure I want the tenants to use it due to the obvious health and safety risks. The stove is in full working order with chimney swept periodically and carbon monoxide alarms throughout. Can I request them not to use it?
* What should I do with the bond? I hear I need to put it in a safe holding account?
* Can I request access to the property for inspection and maintenance purposes?
* What do I do if the rent is late or isn’t paid at all? Is there a protocol you should follow?
* What do I do if something is broken or damaged during tenancy?
* And the golden question – How do I find good tenants and safeguard myself from potential troublesome tenants?
As you can probably tell from my somewhat elementary questions, I’m very new to this so any help is much appreciated.
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