Hi, we have just listed my property with OpenReach. We know letting is a mine
field, especially with the changes, so we want to seek advice before letting to make sure we get it right.
We will seek a tenant from OpenRent. We still need to verify the tenant? Or does Open Rent do that? Once verified, we purchase the Rent Guarantee?
Does OpenRent take the security deposit?
The property is near Heathrow and will be affected by the proposed runway, so we expect to sell to the developers in a few years. We know we can end the tenancy if we sell. We welcome any feedback on the letting maze to help avoid mistakes. Thank you.
then you would be very wise to join a national landlords assocation and do their training. Any fees (and they’re not huge) are tax deductable anyway so you’ll likley not end up out of pocket.
@Tyler1 sounds like you need two sorts of training/knowledge
A. What OR does
B. how to do all the stuff legally needed etc for a LL
You should consider using a lettings agent full service or at least get some agents to explain what they do, so you get an idea. If you need licences orhave an hmo its more complex.
There are many things OR simply dont do, from property management to selecting a tenant, to understanding what your legal obligations are, even if you had a full service letting agent you need to check they do everything properly as if there’s a mistake you as LL are legally responsible not them.
Agree with @tatemono - get yourself some training in the basics, pronto. You cant hope to pick it all up with questions on fora like this. Put it like this, would you employ someone to do a tricky job if they said the source of all their expertise was some posts on a web fora
nrla page ‘How to rent: a checklist for renting in England’ is a good starting point as an overview of what you will need to learn about, and the ‘independent landlord’ blog also has a lot of good stuff