Rental costs

[toptop]

Looking to rent out my flat. I want to know what cost are and are not to be included into the rental PCM price?

Does Council tax normally get included in the rental price or is that separate for the person renting to pay or should the vendor (me) pay that?

Thanks
John

[Twenty20]

No, don't include council tax in the rent. The council tax is payable by the tenants and will depend on the number of people, age etc. It's their responsibility.

If I were you I'd exclude all bills, it makes it much easier. If you include bills you might find the tenants leaving the heating on full blast day and night.

[Velvetee]

I rent properties out and no untilities are included in the rent. The only deduction is the first month and a half, which goes to the letting agent for finding the tenant. Basically, the tenant is responsible for all their bills.

[Ice.Maiden]

We have cottages which're let out at a nominal rent, but as IaP says, all the things he listed are payable by the tenants. In fact, I don't think I can add any more to that at the moment.

[toptop]

Thanks for the answers, all very helpfull.

With the bills, how are they given to the tennant? are their names changed with the utility companies, or are they still addressed to the owner (me) then passed onto the tennant? Also.. is there a legal period of time you could rent your property out for while not on a buy to let mortgage?

John

[Velvetee]

You can either advise the various utility companies of the new tenant or leave it up to them to make contact themselves. However, if you were previously living at the property, then it's probably sensible to contact the companies yourself, to let them know you no longer live there and give them the name of the new occupant.

If your new tenant moves out at some point, check all utilities are paid up to date, before returning their deposit, otherwise, you will have Bailiffs visiting alot. If bills are not paid up to date, then those costs can be deducted from the deposit.

Also, you should really inform your mortgage provider that you are renting the property out and also your insurers. If you don't let them know, then it could cause problems in the future. However, many people rent their properties for years, without informing anyone.

[toptop]

Thanks again,

Just to let you know Ive since called my mortgage company, and they allow you to "consent to rent" on your normal residential mortgage, paying just a one of fee of �250. This allows you to rent for the duration of your mortgage, without changing to a buy to let mortgage. This seems to me like a great loophole in the buy to let system!!

John