Renting out an empty property?
Wednesday, 02 January 2008 12:00
A reader from Wiltshire is looking after an empty property and wants to know what authorities to tell when renting it out.
Paul White, a consultant at Belgravia Insurance Consultants, part of our team of Independent Financial Advisers (IFAs) from unbiased.co.uk, offers a helping hand.
Alan from Melksham, in Wiltshire, asks:
I am a member of a local club and we have a empty flat above our club that we are intending to rent out to a young couple.
Will we have to inform anyone and will we be breaking the law?
Paul from Belgravia Insurance Consultants replies:
If the flat above the club has formerly been used as a residence, but not recently, there will be no change of use, so you do not need to inform the council.
What you do need to pay attention to are the health & safety issues, which have become increasingly onerous.
Gas appliances need annual checking and electrical appliances will need testing.
As the payment of tenant deposits from 6th April 2007 must now be to authorised schemes, you must weigh the additional income stream to the club with the cost of compliance with all these regulations.
I would certainly recommend you appoint letting agent, through whom your favoured couple can always apply. The cost to the club in terms of the agent's fees is preferable to the much greater cost if things go wrong.
Do not cut corners, or you will regret it.
If you have a personal finance question for our team of Independent Financial Advisers (IFAs) from unbiased.co.uk, go to the myfinances.co.uk Ask the Mortgage Expert section.
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