UK Landlord Forum / Life

Dear Landlord and friends

I have been reading your blog for a while before taking my first steps into Landlord-dom.

I am considering buying a 2 bedroom flat in an ex-council block in Romford, Essex. The block is well maintained and secure with door entry phones.

The property is currently let to a tenant who has been living there for quite a while and who is reliable in his payments and happy with the property.

A buildings management company looks after the entire block, including the grounds, etc.

The service charge is about £110 pcm, but that also includes ground rent and buildings insurance which covers the entire block (does that seem high?).

I am also intending to use the same letting agent already in place.

As this is my first foray into BTL, I would appreciate some advice on what I need to look out for in order to satisfy my due diligence.

1)  If the tenant is simply continuing his long-term rent, what do I do about a new contract or tenancy agreement.

2)  The letting agent handled the tenant's original deposit. Is that good enough, or should the agent refund the deposit and then collect it again?

3)  Since the tenant is in situ, what legal certificates, etc. should I insist on, or get re-tested - gas safety, electrics, ECP, etc.

4)  I'm sure I have forgotten something (probably many things), so your advice and experience would be greatly appreciated.

Many thanks
Jon

Risk of OPW put to one side.

All these things are up to you.

Technically the lease can be transferred if you want.

Why carry on with the same Agent? Take it on yourself. Any payment to be shot of the existing agreement is down to the current owner.

Your other questions should and must be taken by your conveyancing solicitor.

Thanks for the advice.

Before any purchase goes through I will, of course, ensure that my conveyancing solicitor does his full due diligence, but as this is my very first BTL I want to make sure that I am on top of everything and try not to make any stupid mistakes.

I have a full-time job and therefore feel I need a managing agent. Perhaps in the future I could devote more time and then manage any properties myself, but the current managing agent has a good rapport with the tenants so at this stage it makes sense to keep them.

Quote from: JonH27 on May 14, 2015, 07:49:42 PM
then manage any properties myself.

You don't manage properties in this game, the bricks and mortar more or less look after themselves, it's a people management business.

I love your new pedant, is it Silver?