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First Time Buyer 2008

First Time Renter Asdvice

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Hi

I have recently been able to obtain a new apartment with my partner for rent verbally, starting from 24 March 2008 (Easter Monday). No paperwork has been signed as of yet but my partner and I would like to have a straight out 12 month contract so that we may be able to purchase more furniture, set up utility bills etc. and have some stablity in knowing that we have a roof over our heads for at least a year. We have never lived before and did consider buying until we assessed the Northern Ireland housing market in some detail.

The apartment is a new-build and has just been finished (decor). The apartment comes with all kitchen appliances and wooden blinds in every room. Apart from that it was advertised at £575 per month but we were able to obtain the rent at £500 p/m by offering a £500 holding deposit and 3-months rent in advance (£1500) as a down payment. We have not exchanged any monies yet and we are aware of things such as keypads that we can request for the electricity and gas. I would like to know as a FTR what all relevant paperwork I may need to collect and complete, what all bills should I be looking at paying for our behave and what conditions should we request to be put into the rental contract before we sign? All information that might help us would be much appreciated!

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Hi

I have recently been able to obtain a new apartment with my partner for rent verbally, starting from 24 March 2008 (Easter Monday). No paperwork has been signed as of yet but my partner and I would like to have a straight out 12 month contract so that we may be able to purchase more furniture, set up utility bills etc. and have some stablity in knowing that we have a roof over our heads for at least a year. We have never lived before and did consider buying until we assessed the Northern Ireland housing market in some detail.

The apartment is a new-build and has just been finished (decor). The apartment comes with all kitchen appliances and wooden blinds in every room. Apart from that it was advertised at £575 per month but we were able to obtain the rent at £500 p/m by offering a £500 holding deposit and 3-months rent in advance (£1500) as a down payment. We have not exchanged any monies yet and we are aware of things such as keypads that we can request for the electricity and gas. I would like to know as a FTR what all relevant paperwork I may need to collect and complete, what all bills should I be looking at paying for our behave and what conditions should we request to be put into the rental contract before we sign? All information that might help us would be much appreciated!

hello mate, yeah yeah it's only subby here but if you got any specifics I'd post up a message to Matt Henson as he's a knowledgeable chap.

From my own experience....

1. When you do the inventory walk about with the landlord/Letting agent....bring a digital camera and photo EVERYTHING that doesn't look right...scuff marks, paint bubbling etc...you CAN take photo's so don't let them say you can't

2. if it's gas and elect - I'd see if there's meters installed, prepay elect ones are good, expect to pay 20-25 per month on elect with 5 as a reserve/emergency for most meters.....don't know about gas though I have Oil :(

3. if you're there for a year it's worth getting on the voting roll

4. Contents insurance - make sure you're covered

5. Usual ones like TV licence etc...get updated with your new address details on it

6. basically if I was you I'd remove all the fittings that's already there that you can and store them...just use your own so if anything breaks it's yours and you don't HAVE to replace it...I'm talking about curtains etc that might already be up.

7. errr....if I think of more I'll post them up

Oi...Matt!!!! you got any more tips??? ;)

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hello mate, yeah yeah it's only subby here but if you got any specifics I'd post up a message to Matt Henson as he's a knowledgeable chap.

From my own experience....

1. When you do the inventory walk about with the landlord/Letting agent....bring a digital camera and photo EVERYTHING that doesn't look right...scuff marks, paint bubbling etc...you CAN take photo's so don't let them say you can't

2. if it's gas and elect - I'd see if there's meters installed, prepay elect ones are good, expect to pay 20-25 per month on elect with 5 as a reserve/emergency for most meters.....don't know about gas though I have Oil :(

3. if you're there for a year it's worth getting on the voting roll

4. Contents insurance - make sure you're covered

5. Usual ones like TV licence etc...get updated with your new address details on it

6. basically if I was you I'd remove all the fittings that's already there that you can and store them...just use your own so if anything breaks it's yours and you don't HAVE to replace it...I'm talking about curtains etc that might already be up.

7. errr....if I think of more I'll post them up

Oi...Matt!!!! you got any more tips??? ;)

You should OK with a regular Assured Tenancy Agreement (AST) contract (btw you are covered by law even if you do not have a contract) make sure it is standard and by standard I mean it has no funnies such as any maintenance to the fabric of the flat (painting windows, mending heating systems etc.) try and avoid contracts which say you need to redecorate as a landlord should pay for fair wear and tear (scuffs, rub marks but not carpet stains, actually damage etc.) remember an LL gets a tax allowance for wear and tear so you shouldn’t have to pay for it as well. Given it is a new build, it should be perfect when you move in but all new build “walk” which means cracks appear between the plasterboard sheets, that is not your fault and never will be. I would go for a 12 month contract but try and get a break clause after 6 months with say 2 months notice, it allows you to keep your options open

Flats usually come with a ground rent that included maintenance of the shared areas and the grounds etc. plus buildings insurance, at the regular end of the market the landlord always pays this. You obviously need to pay bill such at electricity, gas if you have it, telephones, council tax or what ever the NI equivalent is and TV license unless you agree otherwise in a contract which some people do but rarely. It is much better if the property has regular meters, card meters are about 25% more expensive to run

As Subby says, take picture of absolutely everything (inside cupboards etc.) with a digital camera the very instant you move in with a copy of the days paper in some of the views, stick it on a CD and send a copy to the agent/landlord this way you can not be accused to "Photo Shopping" the pictures (it is too expensive to use film when you need to take a 100+ pictures) Also as subby says get your self on the electoral register, you need to do this to maintain your credit rating for future credit worthiness (btw it is an urban myths that a previous occupant of a property with a bad credit rating will give you a bad one)

Finally as long as you get receipts and a contract, paying up front is fine, but do get receipts…. Btw is the £500 a deposit or a reservation fee… do not pay reservation fees ever, only reasonable search and admin fees (no more that £150)

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[don't repaint because] remember an LL gets a tax allowance for wear and tear

Not true.

If a property is let furnished then L get's 10% offset for tax purposes. i.e. between £2 and £4 for every £100 you pay him for W&T on furniture.

If it is unfurnished (and this one sounds like it is) then he gets nothing.

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You should OK with a regular Assured Tenancy Agreement (AST) contract (btw you are covered by law even if you do not have a contract) make sure it is standard and by standard I mean it has no funnies such as any maintenance to the fabric of the flat (painting windows, mending heating systems etc.) try and avoid contracts which say you need to redecorate as a landlord should pay for fair wear and tear (scuffs, rub marks but not carpet stains, actually damage etc.) remember an LL gets a tax allowance for wear and tear so you shouldn’t have to pay for it as well. Given it is a new build, it should be perfect when you move in but all new build “walk” which means cracks appear between the plasterboard sheets, that is not your fault and never will be. I would go for a 12 month contract but try and get a break clause after 6 months with say 2 months notice, it allows you to keep your options open

Flats usually come with a ground rent that included maintenance of the shared areas and the grounds etc. plus buildings insurance, at the regular end of the market the landlord always pays this. You obviously need to pay bill such at electricity, gas if you have it, telephones, council tax or what ever the NI equivalent is and TV license unless you agree otherwise in a contract which some people do but rarely. It is much better if the property has regular meters, card meters are about 25% more expensive to run

As Subby says, take picture of absolutely everything (inside cupboards etc.) with a digital camera the very instant you move in with a copy of the days paper in some of the views, stick it on a CD and send a copy to the agent/landlord this way you can not be accused to "Photo Shopping" the pictures (it is too expensive to use film when you need to take a 100+ pictures) Also as subby says get your self on the electoral register, you need to do this to maintain your credit rating for future credit worthiness (btw it is an urban myths that a previous occupant of a property with a bad credit rating will give you a bad one)

Finally as long as you get receipts and a contract, paying up front is fine, but do get receipts…. Btw is the £500 a deposit or a reservation fee… do not pay reservation fees ever, only reasonable search and admin fees (no more that £150)

Is it? years ago a guy in the flat across from me showed up on my credit print out as if he was living in MY flat as part of my extended family or something. He came from India I think, and according to the record had been done for embezzlement from a bank in Birmingham. I was living in my flat with a number of different flatmates (6 or 7) he had what looked like quite a large family, but still the connection was made to me at my address. It was easily sorted out, but it pays to regularly check your credit details from Equifax/ Experian. a house with a series of bad payers as past tenants will have to be explained i.e that they have no connection to you before you will get certain types of credit.

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Is it? years ago a guy in the flat across from me showed up on my credit print out as if he was living in MY flat as part of my extended family or something. He came from India I think, and according to the record had been done for embezzlement from a bank in Birmingham. I was living in my flat with a number of different flatmates (6 or 7) he had what looked like quite a large family, but still the connection was made to me at my address. It was easily sorted out, but it pays to regularly check your credit details from Equifax/ Experian. a house with a series of bad payers as past tenants will have to be explained i.e that they have no connection to you before you will get certain types of credit.

It happens when the electoral register show both people living at the house at the same time so by default you become an "associate" It always pays to ring the council as soon as you move in to make sure you are registered as the sole occupants. It is very easy to remove associates like ex-wives etc. but you are right you need to check regularly (I check once a year)

That said if the house is "bad" is will not damage your rating, only people that get associated to you

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  • 292 Brexit, House prices and Summer 2020

    1. 1. Including the effects Brexit, where do you think average UK house prices will be relative to now in June 2020?


      • down 5% +
      • down 2.5%
      • Even
      • up 2.5%
      • up 5%



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