Speaking on behalf of the apprentice, Ben, who is learning all the small print of renting, it can be a minefield to get things right, let alone if they go wrong!
Arguably the biggest fear a self-managing landlord might have will relate to unpaid rent, complaints from neighbours of loud arguments/parties and loads of mess everywhere.
A ‘traditional’ way to regain possession of your property is to issue a ‘Section 21’ notice to your tenant then after two months you will be able (hopefully) to repossess your property. BUT and it’s a big BUT, with the ever changing world of rental property management it has become harder to evict your tenant. You can’t serve a section 21 until 4 months have passed since starting the tenancy, so you may have to tackle the problem by the issue of a Section 8 notice that will indicate your intention to start eviction proceedings.
If you are asking yourself “what is a Section 21 and a Section 8 notice?” then you really need to be with a Managing Agent.
If it was me as a first time landlord I would say to start with a Managing Agent. I would want the support and guidance that they can offer. I would also say that if you don’t have some form of Rent Guarantee policy then you should do so. Typically, for an annual cost of just under £200, you can get cover that will include loss of rent, court costs and use of a solicitor should the worst happen. Well worth it when a full blown eviction can cost in excess of £2000 in fees and lost rent!
This is yet another reason why serious consideration should be taken into having an agent manage your property.
