Renting Out
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I will soon be renting out my house I have arranged viewings but need documents, best insurance etc?
I will be renting out our private home unfurnished, what tests/checks do I have to do. Does anyone have any good documents that I could use as part of the vetting process. Any recomendations for insurance companies or credit check agents?
I rent my single family house down in South Carolina and use a Property Manager to find yearly renters and to make sure everything is taken care of for me for 15% of the rent. It is well worth it...
There are rental documents of the internet to but which you should do if you are acting as Manager...
Get background check, personal references, etc....
It is a great business, but remember the renters do not care out the house becasue they do not own it and will cause damage... You just need your regular insurance, and I have extra insurance that covers if they do not pay the rent....
They have to get proprty insurance to cover there stuff..
Good luckFamily member renting out the home of my deceased parents?
My brother is renting out the home of my deceased parents. The house does not belong to him and was not passed on to him in a will. The home is still registered in my parents' names.
He is taking rent money for this house. Surely this is illegal? Should we report it to the police? We believe that the house also needs to be sold and split between my parents' three children. Is this correct? This is not a money grabbing attempt, we're genuinely want this sick person brought to justice.
Also, things like assets, the pension of my father (whom died first), the pension of my mother, savings etc.
He was her power of attorney too, as she had suffered a stroke and he made himself this.
There's no will, he wasn't living there at the time of their death, and he's absolutely the most disgusting being on this planet. He moved away from the area a short time a go and refuses to respond to letters sent from by solicitor
There's no will, he wasn't living there at the time of their death, and he's absolutely the most disgusting being on this planet. He moved away from the area a short time a go and refuses to respond to letters sent from by my solicitor
Surely this is a criminal offence? Can't we just contact the police instead of going via a solicitor?
Has he taken out letters of administration for your late parents' estates? It's worth checking up on this before you go any further. This would place him in virtually the same position as an executor. If he hasn't, then perhaps the other two of you should consider making an application so that you become the legal administrators of the estate. I note that you have already instructed a solicitor. Why on earth hasn't he or she begun to get things moving?How can I find out if I can buy the current house I am renting that is going into foreclosure?
We are renting a house that we recently found out is going into foreclosure. We love the house and would like to find out if we could buy it. The people we are renting it from moved to another state and are giving us a hard time and will not give us any information on the house is there anything that we can do so we don't screw ourselves over in the end?
Find out who the mortgage / loan holder is (i.e. who is foreclosing) and FIRST make sure they are well aware that you are legitimate tenants. Keep in contact and find out when the house will be up for auction & what the bidding requirements are ...
You then need to discover what the price is likley to be ... and put in place the finance to cover. You can then go bid on it. If you win, it is likely you have to put down a sizable deposit immediately and arrange for the rest to be paid over within a very short time.How much money does it cost to start a business renting out fruit machines?
I am thinking of starting a business renting out fruit machines and wondered how much it would cost to start. With machine purchases and licences etc.
Go to www.score.org/template_gallery.html and download the Excel template for estimating startup costs.Renting out first home, even though i will have to rent elsewhere, will i be liable to tax?
I have purchased my first house but have decided to rent out because work requires me to relocate, which means i will have to find another place to rent. Am i subject to tax on my house, even though i am renting elsewhere?
Tax is payable on any money you have coming in (i.e. income). What you choose to do that income, or what you end up having to do with it, is irrelevant.
So yes, clearly rental earned on your home is taxable.Is renting out a small morgaged flat while in a rented property,'running a business from home' (Scotland)?
Is renting out a small morgaged flat while living in a larger rented council property classed as running a business from home (Scotland). The council missive of let states that the tenant must not be 'running a business from the home'. I am only trying to avoid having to sell the small flat in this terrible market, not run a business. Does anybody know where I stand and how I can get around this, if it is indeed an obstacle.
Your not going to get round this one as you are in effect trading,therefore running a Business.
You are also breaking the law as no one can own a home in Scotland and have social housing and the fines are very,very,big with imprisonment and a criminal record.I am renting -landlord wants to deal with me directly cutting out the estate agents,what are my rights?
Hi! At the moment we are renting a property & the estate agents deals with everything such as payments, deposit etc etc. The landlord has asked us if we could deal with directly, cutting out the estate agents. We are fine with this but don't have a clue what are rights are. What will happen to the deposit that the estate agents hold at the moment? Will new paper work need to be signed?
The agent is merely an agent for your landlord - your rights remain unchanged.
Your deposit can stay with the agent providing it is protected in a scheme by DPS, TDS or My|Deposits. If one of the last 2, they keep the money and protect it by a kind of insurance. If your landlord no longer wants the deposit to be kept by them, he can make his own arrangements with one of the above - probably DPS as it is free ;-)
IF there is a problem getting the deposit back, remember the LANDLORD is the person who is ultimately responsible for your deposit, so if you have trouble getting it back, you sue the landlord not the agent (it's easy).
FWIW, your landlord may have a contract with the agent that prevents him not using their service - but that's his problem, not yours.Are there any mortgage lenders that will take into account the fact that I will be renting a room out?
I am in the UK and would like to buy a small two bedroom flat. I have about £25,000 for a deposit and will be renting the second bedroom out.
Do Mortgage lenders take this into account as being equivalent to having a greater salary? If so are there any specific lenders I could approach?
No, they will not. There is no proof that you'll ever actually rent the room out, or for how much. They are only going to qualify you based on what you actually make (and what anyone co-signing the loan makes). Do yourself a favor, get a home that you can actually afford on your own and THEN rent the room out. Then you'll actually be saving more money than if you got a loan over what you could afford and rented the room out to make your part of it barely something you could afford.What are the rules concerning renting out my property while renting another property for me to live in?
We bought our house during the property boom. Now I'd like to move. The thing is, we'd never be able to sell our house for enough considering the market has plummeted.
What I'd like to do is move into a rented property and rent my property out to a tenant.
Are there any laws, tax rules or mortgage rules that prevent me from doing this?
You can rent out your own property but have to inform your mortgage lender that you are going to do so and they will probably add a percentage to your mortgage to cover this.You must also take out a landlords insurance to cover non payment etc and of course you have to have a fire,gas and electric check done on the property before you can find a tenant.Tax would be payable on any profit made after deduction of mortgage payments,insurance and an amount allowable for wear and tear and agents fees if you go through one to rent your property out.Other than the aforementioned there is nothing stopping you from doing this and could be a good plan to hold out from selling until things improve in the housing market.
I don't see why you could not rent the property out to the lady. I think the hosing benefit side they would have to go to the benefits people who deal with that and put a claim in.
There are plenty on job seekers money that get housing benefit.
I see no reason why you can not rent your property out. You rent it out to whom ever you want to. If you prefer to rent it to the said lady and know you will get the rent money then go for it. I do know that when they pay this housing benefit it is always at least two weeks behind as they only seem to work on a fortnightly payment and don't rush when putting a new claim together so I am told by someone who has claimed it before. Think you will have to provide a rent book and a tenancy agreement etc.
Marcus