omega0684
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| posted on 26/6/13 at 07:25 PM |
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Renting to students: Does anyone do it?
Evening all,
Not wanting to open a can of worms too much here but does anyone on the forum do it? I have noticed that there are a few properties in the area where
i live that would be easily affordable for me and could be used to rent to students for coventry university.
What sort of things are involved?
What sort of mortgage would i need?
What type of Insurance?
Do i need certs for things like the electric & gas etc?
Dont really know where to start here, just examining an avenue here? i might not be able to do this, but just want to know what is involved
ATB
Alex
I love Pinto's, even if i did get mine from P&O!
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mark chandler
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| posted on 26/6/13 at 07:42 PM |
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My other half did this, told the mortgage company and it did not affect anything although her Dad was a guarantor on the mortgage.
Without this I think you need at least 70% or better ownership.
I had lodgers for years, never told anyone but then not so many computers chasing the pennies then.
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yellowcab
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| posted on 26/6/13 at 07:55 PM |
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Not necessarily to students, but I currently rent out a property, and just bought another two house for friends of ours which are going to the be
tenants.
As above, a deposit of at least 25% is needed for a decent rate Buy To Let mortgage, you will need a Gas Safety Certificate on each gas appliance
(boiler, oven, fires etc), or some do a property certificate, this is a yearly check - costs £55 plus VAT.
The electrical check only needs to be carried out at change of tenant as far as I'm aware, however I've never had a change of tenants...
so not too sure about that one
Insurance is cheap enough to take into account with their rent - just simple Landlords Insurance will cover all the necessary bits including malicious
damage and accidental damage, I would also consider loss of rent cover if I didn't know the tenants...
Ping me a line should you need any more info, I'm only up the road too 
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mookaloid
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| posted on 26/6/13 at 08:01 PM |
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quote:
Originally posted by yellowcab
The electrical check only needs to be carried out at change of tenant as far as I'm aware, however I've never had a change of tenants...
so not too sure about that one
The law on this basically says that the electrics must be safe. The only way to be sure is to have them checked before letting out. Current advice is
to have it rechecked every 5 years for rental properties.
"That thing you're thinking - it wont be that."
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geoff shep
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| posted on 26/6/13 at 09:18 PM |
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If you buy to let you will need a buy-to-let mortgage - invariably more deposit and a poorer rate than a residential mortgage. You would need all of
the usual letting stuff, gas/electric safety etc as mentioned. For multiple occupancy you also need extra fire safety stuff like fire doors etc and
approval for multiple occupation.
http://www.brighton.ac.uk/accommodation/rentdirect/safety.php?PageId=59
[Edited on 26/6/13 by geoff shep]
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cliftyhanger
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| posted on 26/6/13 at 10:24 PM |
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we let to students. Some insurance companies won't do buildings cover, some do.
In Brighton (my area) the rules are tightening up. I have tall victorian houses (typical for the area) and I have to have a licence for each place.
Plus a FULL fire alarm, and fire doors. Plus re-licence every 5 years. bout £500 a time.
However, some areas of the city now require planning permission if you intend letting to 2 or more unrelated people (small HMO is the classification,
or something similar) and I suspect this may spread to other areas of the country as a way of stopping some areas getting over studenty.
Do your homework, and the easiest way is to find a decent letting agent and talk to them. They assume they will get a client. They may or may not, but
the advice should be a good place to start.
We use all our own forms, including guarantors. be aware deposits have to be protected etc too.
Worth joining a landlords association to keep up to date with all the issues that could affect you too.
just my 2p worth.
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ashg
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| posted on 26/6/13 at 10:24 PM |
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i went to cov uni back in the day. we used to pay our land lord cash to get a bit of a deal. these days if you want to rent to students you will
need to be vetted by the uni, but as long as the house is up to standard then its not a problem. also if you do it through the uni you are more likely
to get them to pay the rent without any problems, if they dont pay you then the uni will kick them off their course for being a bad representative of
the university.
Anything With Tits or Wheels Will cost you MONEY!!
Haynes Roadster (Finished)
Exocet (Finished & Sold)
New Project (Started)
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morcus
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| posted on 26/6/13 at 11:00 PM |
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I belive it comes from the council but letting a propperty to more than 2 people has alsorts of rules. I had a flat for just over a year that I shared
with my Brother and another person that we were only allowed if it was just me and my brother on the tenantcy.
Students get a bad press which is why alot of areas are tightening up the rules so be careful you don't end up buying a place and becoming
unable to rent it out, In this Area (Bath and Bristol) the councils have been going on about limiting how many propperties in an area can have
multiple occupancy, but I read that in the paper which has also promissed a high speed train to London and a new Metro system.
In a White Room, With Black Curtains, By the Station.
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Not Anumber
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| posted on 27/6/13 at 07:45 AM |
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The easiest way by far is to rent the place to a single named individual. If they happen to want to let some of their friends in and share the cost
between them that is their business, no reason to ask too many questions so long as the rent is paid by the named individual.
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TheGiantTribble
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| posted on 27/6/13 at 08:25 AM |
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My Mrs and I have rented a house over the years (about 20+) to just about every walk of life there is.
The tenant (so far, cross fingers and touch wood) who has cause the least amount of problems is registered
95% blind, smokes, and keeps cats.
Other than braking the rules about keeping animals, and we should all be allowed to break one rule, he's fine.
Ok I know should he leave we'll have to redecorate etc, but the moneys there every time, and he doesn't wreck the joint.
I don't do regular inspections, there is no need, and other than occasionly going round and trimming a tree or triffed in the garden, I let him
get on with his life.
The lack of problems is worth a small fortune IMHO.
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mookaloid
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| posted on 27/6/13 at 08:31 AM |
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quote:
Originally posted by Not Anumber
The easiest way by far is to rent the place to a single named individual. If they happen to want to let some of their friends in and share the cost
between them that is their business, no reason to ask too many questions so long as the rent is paid by the named individual.
Not a great idea as if you have to go to court for possession or arrears you can only name one person. Better to have all the occupants 'jointly
and severally liable' which gives you more leverage and a better chance of success.
Also you cannot avoid your responsibilities as a Landlord by turning a blind eye if the tenants create a House In Multiple Occupation without asking
you first. The rules still apply and you can still get fined etc.
"That thing you're thinking - it wont be that."
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Jasper
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| posted on 27/6/13 at 11:52 AM |
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Interesting thread, I'm about to go into this in the Brighton area with a mate (about to be left some inheritance) - buy a house between us and
rent it out. Just not sure whether to target students or a single renter.
As other has said we're going to take advice from known friendly rental agent......
If you're not living life on the edge you're taking up too much room.
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theduck
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| posted on 27/6/13 at 12:04 PM |
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I could spend all day talking through this (I am a letting agent) the best advice I can give is go and see some local agents and get advice. They will
know local rulings on HMO status etc an they can vary council to council.
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