So your circumstances have changed and you have to move out of your house or flat.
But you don't want to sell up so you're considering getting a tenant in.
Must be pretty simple, right? Well, sort of.
Securing the correct rental price, finding a reliable tenant who is going to pay the bills on time and wading through all of the paperwork can be a gruelling process.
The first step is to talk to your mortgage lender as this is a legal requirement and failure to disclose this information could break the legal terms of your contract.
Your lender will have to give you a consent for you to lease the property before you can proceed.
Here are some other factors to consider:
Can you list properties on Rightmove and Zoopla?
In short, no.
Rightmove and Zoopla, the two largest property search engines, do not allow private landlords to list properties themselves.
Landlords will have to instruct an estate agent to list the properties for them and this can be an expensive, if necessary, procedure.
Using services such as uPad may help.
It offers to list properties on Rightmove and Zoopla as well as manage viewings and other aspects of the process for a fee of £120.
Using services such as uPad may help. It offers to list properties on Rightmove and Zoopla, as well as manage viewings and other aspects of the process for a fee of £120.
Once you have found suitable tenants you will need to find landlord insurance using tools such as GoCompare.
This is a legal requirement of being a landlord.
It is also important to remember you will be responsible for:
- Repairs and maintenance
- Smoke alarms and carbon monoxide detectors
- A gas safety certificate for any gas appliances
It is also important to register for a tenancy deposit scheme. The Housing Act 2004 requires landlords and letting agents to protect deposits on assured shorthold tenancies in a scheme.
How much rent will you get?
The most expensive place to rent a home in the UK is London where landlords can expect to get £1,495 per month on average.
The highest rents can be found in places such as Kensington and Chelsea where rent is £2,611 on average.
Landlords renting properties in Yorkshire and Humber however, will get just £520 on average, with the highest rent coming in York (£725) and Harrogate (£710).
In the North West, the average rental price for a one-bedroom apartment is below £500 although places such as Manchester will see higher rents the closer you are to the city centre.
The cost of renting depends on several things.
The area the property is located and its average prices will determine the value of rent.
The size of the property, number of bedrooms and other aspects such as bathrooms, outdoor space and proximity to amenities such as supermarkets and transport links will also impact the price.