First time landlord needs advice on requirements for first rental

by Readers Question

13:29 PM, 1st December 2014
About 5 years ago

First time landlord needs advice on requirements for first rental

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First time landlord needs advice on requirements for first rental

I am getting my first property ready to rent out. I am wanting to manage it myself in conjunction with the local council who apparently has a very good scheme that will do some of the leg work for me. I am just needing a little advice on where to start with the legal side of things. So far I understand that I need:

Tenancy agreement
Gas/electrical safety certificates
Adequate landlord insurance
Access to rent bond scheme

My other concern at this point is that there are no pre-payment meters fitted at the property. The utility bills are currently in my name. Would it be wise to switch them to pre-payment meters? Any help/pointers much appreciated.

Dangas



Comments

Kulasmiley

21:15 PM, 1st December 2014
About 5 years ago

Hi Dan, take all the advice here seriously no matter who you think is right..or wrong.

"HEY...I'M A LANDLORD...WHOOPPEE"

WITHOUT the assistance of Cardiff Council Housing Options Centre staff I would be up the creek without a paddle! THEY do have the databases for all hb tenants, the agents do not. IF you are deciding by choice to house hb tenants PLEASE do not do it by trust and instinct. DO it by SECURITY and SUPPORT. THINK about maximizing your rental by the number of rooms/children/adults using Local Housing Allowance rates (it is lower than market rent but can be higher due to the number of rooms etc). Take advice from your Landlord Liaison Officer at the council in regards to this EXPLAINING that you are taking a big risk with hb tenants, including higher insurance rates, therefore you need maximum rent. This is the truth, it is 24/7, it is not part time, PLUS, your tenants treat you (Landlord) like you are the council, like you are their plumber, like you are their best friend, and their worst enemy. PLUS when they are on hb when things go wrong - they blame YOU FOR EVERYTHING going on in their lives. If is goes terribly wrong...and you are repossessed - other LANDLORDS will buy your property at an auction!!

cheers and good luck -Kev - AA Props

Recardo Knights

10:51 AM, 3rd December 2014
About 5 years ago

HI Daniel, the tenant supplies their own guarantor, usually a family member, although I have had a tenant boss as guarantor as they tenant had move to fill a job vacancy.

If a tenant defaults on the tenancy agreement the guarantor can be held liable for the tenants debt.

You may still have to take court action but with a better chance of recovering your losses than from a tenant with no income or job.

Daniel Chow

14:50 PM, 3rd December 2014
About 5 years ago

Reply to the comment left by "AA Properties Wales " at "01/12/2014 - 21:15":

Hi Kev, thanks for your input. In your case, the council was beneficial then?

Daniel Chow

14:51 PM, 3rd December 2014
About 5 years ago

Reply to the comment left by "Recardo Knights" at "03/12/2014 - 10:51":

Thanks for the heads up, I will look into it.

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