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directuk
30-09-2006, 11:35 AM
Hello, I have recently had an offer accepted on a NEW 2 bed duplex apartment in LEICS, Freemans meadow which I plan to let for a couple of years before moving in myself. I am new to buying houses and the world of renting so wanted to ask some advice.

1. I am a student, and wondered if because being a student I do not have to pay council tax, whether I could integrate this into part of my letting package. In other words offer free council tax with the letting of the property? I know generally the tenant pays the council tax but could I take responsibilty for this even though I wouldnt be living there?

2. As a tenant I am aware I am responsible for any letting agent costs, mortgage repayments, maintenance and ground rent and contents insurance, Are there any other general expenses I should be aware of?

3. I am inclined to use a letting agent to find my tenants to save the hassle myself and so that I can get someone in asap and feel a letting agent would be more capable of finding a tenant quicker, Is this advisable?

The main reason for buying this property is for a long term investment, and based on capital gains and redevelopment of the town I feel it stands to be quite a profitable investment, Also I can benefit from living there in 2 years when I finally graduate from university.

Any help would be much appreciated.
Regards
Ben:D

Ericthelobster
30-09-2006, 12:18 PM
I am a student, and wondered if because being a student I do not have to pay council tax, whether I could integrate this into part of my letting package. In other words offer free council tax with the letting of the property? I know generally the tenant pays the council tax but could I take responsibilty for this even though I wouldnt be living there?Definitely not!


As a tenant I am aware I am responsible for any letting agent costs, mortgage repayments, maintenance and ground rent and contents insurance, Are there any other general expenses I should be aware of? "As a landlord" presumably? ;) That's probably about it, other than buildings insurance. And you only need contents insurance for your own stuff, not the tenants'.


I am inclined to use a letting agent to find my tenants to save the hassle myself and so that I can get someone in asap and feel a letting agent would be more capable of finding a tenant quicker, Is this advisable?Good idea as it's your first time. Pick someone who's a member of ARLA or similar.

directuk
30-09-2006, 12:26 PM
Thanks very much Eric,

I didnt think the coucil tax idea seemed all that legitimate.

P.Pilcher
30-09-2006, 12:48 PM
Also, don't forget that you must check with your mortgage provider that renting the property out is approved, you have an appropriate landlord's insurance policy and that any gas appliances in the premises have been inspected by a Corgi registered gasfitter (annual requirement).

directuk
30-09-2006, 13:24 PM
Also, don't forget that you must check with your mortgage provider that renting the property out is approved, you have an appropriate landlord's insurance policy and that any gas appliances in the premises have been inspected by a Corgi registered gasfitter (annual requirement).

My mortgage is a buy to let mortgage so I presume they assume I will be letting the property. By landlord insurance policy do u mean contents insurance or a seperate cover?

Ericthelobster
30-09-2006, 17:27 PM
By landlord insurance policy do u mean contents insurance or a seperate cover?Simply, a policy which cover buildings insurance (plus any contents belonging to you) and crucially, allows for the property to be let out - something that a standard homeowner's policy will certainly not.