17:23 PM, 12th May 2015, About 7 years ago 6
I have been browsing Property118 for a while before taking my first steps into Landlord-dom, and find the information here invaluable – thanks.
I am considering buying a 2 bedroom flat in an ex-council block in Romford, Essex. The block is well maintained and secure with door entry phones.
The property is currently let to a tenant who has been living there for quite a while and who is reliable in his payments and happy with the property.
A separate buildings management company looks after the entire block, including the grounds, public areas, etc.
The service charge is about £110 pcm, but that also includes ground rent, general block maintenance and buildings insurance which covers the entire block (does that seem high?).
I am also intending to use the same letting agent already in place.
As this is my first foray into BTL, I would appreciate some advice on what I need to look out for in order to satisfy my due diligence.
1) If the tenant is simply continuing his long-term rent, what do I do about a new contract or tenancy agreement. If he already has one, would this suffice?
2) The letting agent handled the tenant’s original deposit. Is that good enough, or should the agent refund the deposit and then collect it again? I assume this would already be with a protected-depost scheme.
3) Since the tenant is in situ, what legal certificates, etc. should I insist on, or get re-tested – gas safety, electrics, ECP, etc.
4) I’m sure I have forgotten something (probably many things), so your advice and experience would be greatly appreciated.
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