I'm thinking about renting out my flat. What advice can you give me?

I need to know everything! Will i still have to pay any of the utility bills or insurance etc? Should i use a letting agency who supposedly take the hassle away? How much of a cut would they take? Do i need to tell my mortgage provider? do i need a different type of mortgage? Thanks in advance.I'm thinking about renting out my flat. What advice can you give me?
If you have a mortgage on the property then the first thing you have to do is to contact your lender and ask their permission to rent the flat out. They have the right to refuse or to charge you business rates. You also need to check the terms of your deed or leasehold agreement to make sure that the property can be rented out. Then you need a landlord's insurance policy: check what cover you get and read the terms %26amp; conditions and exclusions. You will have to declare any profit on the rent and so you have to contact the revenue and advise them. You need contracts for tenants and I suggest that you open a separate bank account just to use for the rental income - your tenants can then pay by dd/so or bank transfer without having your own personal bank details. A letting agency will charge a percentage but will sort out contracts etc for you and explain your rights as a landlord. Be careful though, as not all letting agencies will chase unpaid rent for you - they will just advise you if the rent has not been paid, so find out exactly what you are paying for before you sign up. Work out all the finances before you go ahead and decide if it is financially viable. The tenant is responsible for electricity bills but you have to make sure that the bill has been changed into their name. Any bad debt that a tenant incurs at the address could cause problems for you if you go back to live in the property at a future date. I would suggest that you pay the Council Tax, just add the cost of it to the monthly rent. Same with water rates, unless there is a meter in which case the tenant will need to be responsible. You are responsible for maintaining the property and ensuring that all necessary safety certificates and service documents are up to date. There's a hell of a lot to think about, so be very careful.I'm thinking about renting out my flat. What advice can you give me?
You do need to tell your mortgage provider, but I don't know if you'd need a different type of mortgage because of it - I wouldn't have thought so.





You'll need gas and electrical safety certificates, smoke/carbon monoxide detectors. Proof that any boilers you have, have been serviced.





The letting agents take about 10% I think - they did when I rented my house out.





The tenants generally pay the utility bills and they would need their own contents insurance, but you may have to take out some Landlords Insurance to cover any damage that the tenants may cause. You'll need to speak to your insurance provider about this - your Buildings Insurance should remain the same.





The lettings agents will tell you everything you need to know - If you don't intend to use agents, then make sure that you do a LOT of research about letting your house out otherwise you could get into difficulties.
when there is no one living in the flat you will have to pay the coucil tax on it but nothing else i do not think. A letting agency I am not sure about, if you are a trustworthy person and fair about giving your tenents deposit back and fair about charges for damages then fair enough if you can deal with it.





I am renting at the moment and the agency I am with are useless they do not do anything... but then again nor does the landlord. If you are prepared to do the things your tenants want you to do with in moderation then you do no need an agency to keep passing this on to you.








But for legal reasons agency's are usually good as they are the peace maker and try and keep things even on both sides. But from my experiences my landlords always tell me they try and take over the persons property and do not like the Landlord getting too involved.





Its up to you with getting an agency there is lots of pros and cons i think you need to way them up. I believe they take about 15% of the rent each month but that may just depend on the agency.





And yes I would tell your morgage provider and they will advise you on a different type of morgage.
you will need to tel your mortgage provider, also if you are living close to the property you could manage it your self and let it privately. if not some agents take a different amount depending on the amount of management you want from them. you will also need to get renters insurance which covers all manner of things ie. i trip on loose carpet and sue your *** cos i broke my foot. your insurance covers this. also if you are renting it furnished you will have to have the electrical apps PAC tested (i think that's what its called0 also you will have to have an up to date gas certificate for them.





cant think of any thing else off hand?
The first thing you read is property law so that you are doing all the things you are required to do by law. Then get a good lease. I assume you are not in the US so just be very careful. It isn't easy being a landlord because there are so many tenants out there that will abuse you and your property.
';Do i need to tell my mortgage provider?';


Yes





Read about tenants and landlords rights.





I know you need the boiler serviced annually by a CORGI registered engineer (they are not called CORGI anymore it's something else, but can't remember the name).