Just doing the background work

[thelock]

A friend and myself are looking to go into business renting houses to students. At this moment in time I am just looking to get some background information on the legal side of things for a company like this. My partner is the brains I am just the brawn, but I am just looking to get clued up on the venture before we go any further.

Thnaks in advance for the advice.

 

[Jayne]

Most Student rentals are done on a 6 month lease. You will need to have lardlord certificates for gas and elec, smoke alarms and gas monitors. If you are renting them out furnished, you have to have all appliences checked by qualified gas and elec' people once a year. You would be responsible for maintaining the whole building and equipment repairs. You will have to take out building insurance on all your properties and the tennant will have to insure the contents, put that in the lease, a solicitor would do this for you, or you can buy the lease ready done and modify if needed.

Is this the sort of things you wanted to know?

Best Wishes

Jayne

 

[thelock]

yeah this is perfect thanks.
just wanted to know the basics for now

 

[Jayne]

There's a site on the net called the Landlords Zone, may be worth joining or at least having a look at.

Jayne

 

[Jayne]

Hi again,

There's a new member called Stefi, just joined..she can tell you everything you'd need to know, property expert etc. Look her up on introductions.

Jayne

 

[Astaroth]

If you are looking to target students it is worth while talking to the local university and their student union about what they require to recommend your properties to their students as these can go above and beyond the normal legal requirements.

I know when I was a student I always rented outside of the university as the rent was typically lower however there were many absolute holes which no way would have passed any saftey requirements. Due to this many of the people I knew would only go for a university recommended property and pay the extra

 

[Jayne]

Good point,

Forgot to tell you, you need proof of fire regs' on all your furnishing etc. Like the BS standart certificate you get on new sofas.

Jayne