Letting
Your home in their hands....

LANDLORD'S CONSIDERATIONS
Can I let my property? 
Before you think of letting your property at all you must make sure that you can!  If the property is mortgaged or has other finance owing on it, the lenders will need to know. This may be your first stumbling block, some will not agree to you letting your main home at all, others only if certain conditions are met, such as you having accommodation provided with a new job. If you already rent your home it is highly unlikely that you can 'sub-let' it again. Remember the terms of your buildings and contents insurance will also be affected.   
The recent introduction of Buy To Let Mortgages has enabled a significant number of people to invest in second homes for this reason.  These 'tailor-made' mortgages expect you to let your property and your borrowing power is worked out altogether differently from the mortgage on your main home, e.g.  the predicted rental income will be taken into account.

How Do I Let?
Remember you may seek estimates on the property's likely rental value from lettings agents without obligation. Consider letting the property unfurnished, partly furnished or fully furnished and what you expect to realise as income.  Normally you will achieve the same sort of rental figure no matter whether the property is furnished or not. If you let your property furnished, various goods must comply with Fire and Gas Regulations. Unlike selling property through an agent, you can normally instruct as many letting agents as you like to market your home without fear of them increasing their commission. This is partly explained by lesser costs in marketing a property for let than for sale.  Simpler advertising is needed where properties often only need to be listed with others.

Early on you must come to terms with the fact that someone else will be in your home and that wear and tear will occur, if not other accidental damage (or worse). Unlike selling and making a clean break, when letting your home it will remain your responsibility.  These risks must be minimised with the best preparation by you (and your agent) with the most appropriate tenancy agreement being agreed to the best tenant. All this is easily said!  In every case, insist on seeing a number of references concerning your potential tenant's character and financial status.  The advantage of using a recognised letting agent is particularly valuable now when credit reference checks can also be carried out by them.

If you choose a reputable letting agent, their experience and familiarity with the proceedings should negate you having to take independent legal advice - they normally draw up the necessary documentation and generally help you through the proceedings. 

Allowances against Income
Mortgage Interest and dilapidations are deductible expenses against income, an accountant will advise you further.

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