Q. We are looking to move out of London at the end of the year and toying with the idea of renting our current home out rather than selling, my only concern is that this will turn into one big headache, have you any advice?
A. Renting property particularly if it has been your home at some point obviously has its disadvantages because of the emotional attachment involved. Renting in general can be a rollercoaster ride at the best of times but in this scenario probably has more than the usual dilemmas. However, if you can remove that emotional attachment and look at it simply as a business plan things will seem that much easier. Arm yourself with an ARLA accredited letting agent who offers a full management service, that way the agent takes all the headaches associated with renting away from you. The agent will not only find you a suitable tenant but then successfully reference them, arrange for the inventories and safety checks to be carried out take the deposit and move the tenant in. Thereafter, they will provide rent collection hold the deposit in a secure Tenancy Deposit Scheme for Regulated Agents (TDSRA) which means the deposits will be held by the Landlord’s Agent as Stakeholder in a separate account, provide regular inspections and deal with the general day to day maintenance issues that occur, only contacting you in extreme circumstances. This leaves you free to enjoy the benefits of being a landlord without all the time consuming problems usually associated with the wonderful world of rentals.