renting out my flat

[bonscot]

Hi has anyone got experience of renting out property? im new to this and wondered if i should include the cost of council tax in the rent? i have a 1 bedroom flat with fitted kitchen and all white goods ,living room,double bedroom and bathroom with bath and shower overhead. e.g. if i rented it out for �340 plus bills in the tennants own name like phone (cost?),gas/electric(approx �60 per month) and just keep the tv licence(�11 per month) in my name,plus council tax is �80 per month approx for single person ? would that sound reasonable ?
The flat is in good decorative condition and i was going to leave 3+2 seater couches ,wide screen tv(not plasma) and sky tv is available if the person wants it,theres alarm and security entry system in place. Any tips appreciated ;-)

[Miss-taken]

Hi
I have rented a number of flats over the years and looked (with a view to renting) at literally hundreds. All of them without exception were rented EXCLUSIVE of bills. My last flat which co-incidentally sounds exactly the same as yours, was �500 per calender month. All of the bills - gas, electric, phone, council tax and TV licence should be in the tenants name - not yours - they're entirely the tenants responsibility and nothing to do with you.
I'd recommend you stay away from renting to students/unemployed and ensure you get a months deposit and a months rent in advance. Its also a good idea to set up a standing order for the rent - you stand more chance getting it every month.
When they leave make sure you charge them for any damages!

Hope this helps!

[chicklin]

My daughter rents and pays for the rental of the property plus all other bills incurred. That means council tax, gas for the central heating, coal and logs for the open fire.elec, tv licence, contents insurance, water rates(she doesn't have a phone, but used her mobile).
Can't give you any advice on how much you should be charging as that is dependent on where the property is.
Don't forget you need to get a deposit (I think it's usually equivalent to 1 months rent) payable in advance with the first months rent. Deposit is returnable at the end of the period of rental as long as the place is left in the same condition as it was when the tenant moved in - otherwise you keep it to cover your costs of returning it to that condition. Put this in the contract.
You also need a contract.

[bonscot]

thanks chicklin does the contract need to be endorsed by a solicitor do you know or is it able to be between the tenant and i if we both sign to agree the lease conditions?

[chicklin]

My daughters landlord went through a solicitor to make sure they'd covered everything. If I find out anything more I'll get back to you.

[chicklin]

Hi again! Try www.buytolet4sale.com scroll down to the green bit and you can download a legally binding solicitor prepared AST (Assured Shorthold Tenancy) agreement for �9.99 . Hope this helps.

[bonscot]

gr8 information ,brill il do that chicklin,many thanks 4 your help ;-)

[janetsflower]

there are different laws, regulations and tenancy agreements you have to follow if you are renting out furnished as opposed to unfurnished ie you must make sure all the furnishings follow current safety standards ie sofas are flame resistent, all electric applainces are pat tested, gas is corgi checked etc etc, also the more stuff you leave the more stuff the tenants will want repaired/replaced when it breaks down etc. We rent several properties but all unfurnished because its harder to boot them out if they don't pay when you supply them a furnished home and of course as others said all the bills should be in the tenants name and their responisibility not yours. �340 sounds cheap but would depend where the property is. Good luck

[bonscot]

food for thought there janetsflower !!! proving it might not always be rosy in the garden hehe
cant beat experience when it comes to these things so many thanks for the pointers,anymore tips will be gladly welcome as i have provisionally agreed with a prospective tennant so only a few weeks till its being let out and still time to make any necessary adjustments, thanks again folks x

[antiguru]

Might sound obvious, but to help work out what rent to charge look at what else is available in the local area that�s comparable or for a similar market. Use the local paper and do a web search for property through agencies.

I agree with previous posters that you should make as many bills your tenant�s responsibility as possible. Some tenants actively prefer this as it means they will be able to provide utility bills to banks etc to prove address.

You can also buy a shorthold tenancy agreement from WHSmith and an agreement does not need to be endorsed by a solicitor.

Do make sure you and your tenant agree an inventory when they move in and make sure you both keep a copy.

Hope this helps.