I am thinking of renting my property out in the UK while I spend some time abroad?
July 31, 2010 by
Filed under Property For Sale UK
Question by goldilocks: I am thinking of renting my property out in the UK while I spend some time abroad?
I am moving to the USA in June and would like to rent my two bedroomed house out in the UK, it is presently up for sale however only had two viewings since November.
What are the laws and regulations to renting it out or should I leave it empty and ready for someone to buy?
What are the rules about leaving a property empty regarding council tax?
Best answer:
Answer by mewot
you should be fine as long as you have some family or close firends in the UK. They can be your eyes and ears in the UK so if anything happens they can handle it.
Give your answer to this question below!
You can put a tenant in and keep it for sale then you’ve the best of both World’s. Assured Short Term Tenancy Agreements are 6 months at a time so if you get an offer you’ll have time to get rid of your tenants who will be on 1 months notice. I would give the estate agent who is selling it for you the option to rent it also then they will know the full position, get them to fully manage it for you as you will be out of the country. Normally I would say do it yourself but you don’t want any stress while you are away.
If you did want to leave empty just tell the council and you won’t have to pay any council taxes, you can also turn off all the utilities by letting them know.
However I would be careful about leaving a place empty as you might get burgled, damaged, squatters etc. Rent it out and then at least someone is in their and earning you money while you sell. As long as the agents are honest and the tenants know the position all should work out well for you.
If you leave your house completely empty, I believe the council reduce your council tax. If you have a tenant, they will be liable to pay this tax themselves.
As regards letting the property, I advise you to speak to a letting agency. They can advise you of the legalities. For a fee, they will collect the rent for you and take care of much of the hassle as regards maintenance of the property, and periodically visit the property, to make sure all is as it should be.
They will advertise the property for rent, and many of them guarantee your rental income should the property stand empty for a given period of time.
I would advise you to go through an estate agent if you are thinking of renting your property, at least they will vet the tenants and collect the rent, however they do require a fee.
It is not the best time to try and sell a property at the moment, because of the “Credit Crunch” and possible recession. The housing market is a bit unstable at the moment
With regards to council tax on an empty property, you will not have to pay any council tax for the first 6 months as long as it is completely empty of furniture, I am not sure what happens after six months. Your local council will help you with any quires regarding council tax, just give them a call.
Good Luck in whatever you decide to do.
Rent it out, use a letting agent – a good reputable local estate agent, usually have a letting department. Yes you pay their commission but your house will be looked after – even if you don’t make a huge amount, your property should (the current market will turn!) increase in value, if you sell now, you may get less than you anticipate. It’s better to have the property heated and utilities in use than leave it standing cold and empty.
Rent it out using a reputable letting agency or tell your estate agent that you would consider a short term let while it is still offered for sale.We did this and we had a couple who were waiting on their new home to be completed after the sale of their own and it worked out very well for all conserned.If you leave it empty,you cannot get insurance cover and it could be squatted in and you are still liable for council tax and utility standing charges.Another possibility is to give it to a company who will guarantee the rent even if it is empty(Norwood do it in our town sleaford lincs).You could also approach your local police station/hospital for reliable tenants.Good luck with whatever you decide.
where is the house situated? I’m looking for somewhere to rent at the moment.
also what price have you got it as?is it furnished?hows it decorated? these are all factors which could be putting people off.if its neutrally decorated, reasonably priced then it should be let out quite quickly.in my experience its the price that makes a house go unlet for ages. go to http://www.direct.gov.uk/en/HomeAndCommunity/BuyingAndSellingYourHome/index.htm for info on tax ect.
This depends how long you are staying in the USA.
I wouldn’t leave it empty because:
1. Agents KNOW you are away. Agents can get very lazy when this happens!!
2. If you do sell, imagine how hard it will be liasing with solicitors and estate agents – especially considering the 5 hour time difference.
When we were selling our flat in Surrey we had to move to a rented flat in Birmingham and leave our one empty. We considered renting, but as we’d had a good amount of viewings we wanted to keep it on the market. The council gave us 6 months grace whilst it was empty – meaning that we didn’t have to pay for it. If we still hadn’t sold after 6 months, we’d have had to start paying council tax again. Just contact your local council office and enquire.
You can choose to have your property both on the sale and rental market. This way, if you get an offer to buy before someone wants to rent it, you can accept it and try to sell your house.
Due to the fact your property has only had two viewings in the past 6 months, and the current climate, I would strongly suggest that you put it on the rental market as well as keeping it on the sale market (and consider changing your estate agent!)
If it does rent out, choose an agent that offers a Management Service. It will cost you a little bit – but it means that they will deal with everything. You can’t really be a landlord if you are in another country – let them do that for you. At least you won’t be losing so much money every month if it rents out.
Good luck
xx Emmie