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UK owners of buy to let

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Corrin

Hiya,

Does anyone have ay info on what I should be asking estate agents if they are going to be managing my rental property for me? Ive never been in this position before. How do I compare estate agents and what are the questions I need to be asking of them?

thanks

GuestPoster566

Are you asking about what you rent out in Malta or property you are renting out of your own?

Corrin

sorry, we are renting out a property we own in the UK so we can move to Malta, I figured a few people on here may have been in that situation. Was looking for some advise about what we should be asking the UK estate agent to make sure its being managed well while we are abroad

GuestPoster566

I rent out my property in UK. I interviewed 5 representatives of different companies before deciding which to use. I asked them all the same questions and noted all their answers. I noted their presentation in terms of 'warmth' and more importantly, if they were listening to me and what I expected etc.

First read this...............


and read this................


The questions I asked included;
How many times will you inspect the property during any one tenancy?
How do they record their inspections?
What, exactly, services do your fees include?
What, exactly, do your fees not include?
What are your marketing methods?
How much do you expect me to give you as a working maintenance fund?
What certification do I have to provide?
What insurance do I have to provide?
etc. etc.
Ask them any questions regarding any issue that may concern you.

Try to hunt out any 'hidden charges' and add in any extra services you may want before or during the tenancy periods.

All the High St agents are more or less the same. To get a better service you may wish to find a private individual who has a manageable portfolio of properties and ideally including his own. Make contact with your local Landlords Association and see if they can put you in touch with someone I have described.

Let unfurnished, that is more likely to attract long term tenants, more marketable and is more in demand.
Also, and this what I decided and is my advice, I would not include rent from my property in my calculations as to whether I could live here or not. Income from tenants is not guaranteed and could be irregular, as in non existent between tenancies and reduced when considering setting up fees for new periods of tenancy. I also do not bring any income from my property into Malta. It is held in a UK bank account and used to pay for things in UK only. My flight tickets and other travel expenses are paid for from this, in pounds, so that money never comes into Malta.
Don't forget to inform HMRC, you may get a tax exemption certificate, for part year, anyway.
Also maintain all your records regarding income and outgoings (regarding the property) for self assessment for HMRC.

Corrin

thanks your reply is EXTREMELY helpful with lots for us to think about. Really appreciate the time it took for you to write it all out for us. x

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