First time landlord queries

hanna200

long story short myself and spouse decided to let the property. We got people interested and we are now looking for standard copy of the residential lease agreement. I found one online

www. ucc.ie/en/asa/trashdonotdelete/document-1-63980-en.pdf

however this one doesn't contain the clause allowing me for a periodic inspections. Would anyone have a copy of a well formed lease agreement that I could use? - I'm trying to save on a legal fees.

Or alternatively could someone help me to form a clause which I could add to above lease.

Anything else I/we need to think of?

Are we allowed to keep a set of keys for an emergency? - prospect tenant asked that he wish to change the locks and he will restore the locks to original locks once he leaves the property.

any thoughts?

thanks

Michael D Not Higgins

hanna200 wrote: »

long story short myself and spouse decided to let the property. We got people interested and we are now looking for standard copy of the residential lease agreement. I found one online

www. ucc.ie/en/asa/trashdonotdelete/document-1-63980-en.pdf

however this one doesn't contain the clause allowing me for a periodic inspections. Would anyone have a copy of a well formed lease agreement that I could use? - I'm trying to save on a legal fees.

Or alternatively could someone help me to form a clause which I could add to above lease.

Anything else I/we need to think of?

Are we allowed to keep a set of keys for an emergency? - prospect tenant asked that he wish to change the locks and he will restore the locks to original locks once he leaves the property.

any thoughts?

thanks

You're entitled to any access keys in case of emergency. It is still your property.

Whether or not you put an inspection clause into the lease is not relevant. You have a legal right to inspect the property as per 16 (c) of the RTA 2004. If you want to include a clause to highlight this, I would suggest using the test of the Act.
"allow, at reasonable intervals, the landlord, or any person or persons acting on the landlord's behalf, access to the dwelling (on a date and time agreed in advance with the tenant) for the purposes of inspecting the dwelling"

(BTW, the thread you're replying on is for rent-a-room, not a tenancy which entails a whole different set of legal requirements and obligations on all parties. Maybe the mods can split it off)

hanna200

I wish to ask mods to split the thread.
I am currently insured under the Block policy (all houses in the block, include mine are part of the management company).
Is it advisable to take out a separate insurance (some sort of the landlord insurance), me thinking about any legal fees arising from potential disputes or if there is a damage made to fixtures and fittings or to property itself. Is it worth taking out such insurance?

Michael D Not Higgins

hanna200 wrote: »

I wish to ask mods to split the thread.
I am currently insured under the Block policy (all houses in the block, include mine are part of the management company).
Is it advisable to take out a separate insurance (some sort of the landlord insurance), me thinking about any legal fees arising from potential disputes or if there is a damage made to fixtures and fittings or to property itself. Is it worth taking out such insurance?

Hanna, it seems you are only just dipping your toe into the possibility (despite appearing to have a tenant lined up). There are a dozen things you will need to consider before you go ahead, including landlord insurance, tax returns, understanding your legal rights and obligations under RTA 2004, whether your mortgage will be affected (e.g. tracker vs BTL), etc.

It would be wise to do this research before agreeing to rent out your flat.

hanna200

Michael D Not Higgins wrote: »

Hanna, it seems you are only just dipping your toe into the possibility (despite appearing to have a tenant lined up). There are a dozen things you will need to consider before you go ahead, including landlord insurance, tax returns, understanding your legal rights and obligations under RTA 2004, whether your mortgage will be affected (e.g. tracker vs BTL), etc.

It would be wise to do this research before agreeing to rent out your flat.

1) landlord insurance - I don't know what to do with here
2) tax returns, I have calculated how much will be tax after deductions of mortgage interest and it will cover the mortgage, I used irishlandlord.com calculator
3) I was a tenant with good references for 6 years, I am owner for 7 I will be looking for no troubles
4) I have a tracker mortgage - will this be affected?

Michael D Not Higgins

hanna200 wrote: »

1) landlord insurance - I don't know what to do with here
2) tax returns, I have calculated how much will be tax after deductions of mortgage interest and it will cover the mortgage, I used irishlandlord.com calculator
3) I was a tenant with good references for 6 years, I am owner for 7 I will be looking for no troubles
4) I have a tracker mortgage - will this be affected?

1) You need insurance to cover the items you provide in the flat at a minimum. I know there are insurance schemes that cover a certain amount of lost rent or other options however I can't recommend which of these are worth insuring for.
2) There are a number of things that can be deducted as business expenses to lower your tax due. It might be worth speaking to an accountant about what does and doesn't qualify.
3) That's all well and good but do you know how much notice a tenant requires if they're living in your flat more than 2 years? I'd suggest looking at the 2004 Act and citizens information as a minimum.
4) Your tracker may be affected, you will need to talk to your mortgage provider. Also if you have TRS for mortgage interest this will be affected.

hanna200

Michael D Not Higgins wrote: »

1) You need insurance to cover the items you provide in the flat at a minimum. I know there are insurance schemes that cover a certain amount of lost rent or other options however I can't recommend which of these are worth insuring for.
2) There are a number of things that can be deducted as business expenses to lower your tax due. It might be worth speaking to an accountant about what does and doesn't qualify.
3) That's all well and good but do you know how much notice a tenant requires if they're living in your flat more than 2 years? I'd suggest looking at the 2004 Act and citizens information as a minimum.
4) Your tracker may be affected, you will need to talk to your mortgage provider. Also if you have TRS for mortgage interest this will be affected.

1) thanks
2) I will keep all receipts and talk to accountant in the mid term of the lease
3) The Notice Period for such a termination by the Landlord depends on the duration of Tenancy as follows:
Duration of Tenancy Notice Period
6 or more months but less than 1 year 35 days
1 year or more but less than 2 years 42 days
2 years or more but less than 3 years 56 days
3 years or more but less than 4 years 84 days
4 or more years 112 days
4) I will need to talk to mortgage provider. how can I stop TRS?

Michael D Not Higgins

hanna200 wrote: »

1) thanks
2) I will keep all receipts and talk to accountant in the mid term of the lease
3) The Notice Period for such a termination by the Landlord depends on the duration of Tenancy as follows:
Duration of Tenancy Notice Period
6 or more months but less than 1 year 35 days
1 year or more but less than 2 years 42 days
2 years or more but less than 3 years 56 days
3 years or more but less than 4 years 84 days
4 or more years 112 days
4) I will need to talk to mortgage provider. how can I stop TRS?

3) This was just an example, there are numerous requirements and rights in the RTA 2004 (and other laws) that you should know about. Did you know, for example, that you must provide a tumble dryer if there is no exclusive outside drying area? (A balcony might count if there is no rule against drying clothes on the balconies in your block)
4) Revenue online or ring them up.

hanna200

3) didn't know the example regarding tumble dryer. there is a back garden in the property and there is a converted attic as well

Can I ask if the BER can be done within 1st month of the tenancy or is it better to sort the BER beforehand?

Michael D Not Higgins

hanna200 wrote: »

3) didn't know the example regarding tumble dryer. there is a back garden in the property and there is a converted attic as well

Can I ask if the BER can be done within 1st month of the tenancy or is it better to sort the BER beforehand?

You must have a BER before renting. If there's a back garden you don't need to provide a tumble dryer, as long as it's for the exclusive use of your property, i.e. not a shared garden.

hanna200

garden - it's is exclusive use of the property.

Can I not include washing machine in the inventory list? My thinking: i.e. once the current one breaks then the tenant will be responsible for the new one (on the departure tenant can take the such purchased washing machine with him).
Is it allowed ?
The current one has 7 years and I it may work another 7 but it may break as well.
I don't want to be necessarily bothered, so if I can avoid problem then I would prefer to rent it without washing machine.

or am I obligated to provide a washing machine?

There is no TV in the house

wench

Yes you do have to supply a washing machine.
There is a full list here of the minimum requirements.

http://www.citizensinformation.ie/en/housing/renting_a_home/repairs_maintenance_and_minimum_physical_standards.html

Michael D Not Higgins

hanna200 wrote: »

garden - it's is exclusive use of the property.

Can I not include washing machine in the inventory list? My thinking: i.e. once the current one breaks then the tenant will be responsible for the new one (on the departure tenant can take the such purchased washing machine with him).
Is it allowed ?
The current one has 7 years and I it may work another 7 but it may break as well.
I don't want to be necessarily bothered, so if I can avoid problem then I would prefer to rent it without washing machine.

or am I obligated to provide a washing machine?

There is no TV in the house

No need for a TV but you must provide a washing machine. You must also replace or fix it when it eventually breaks down. Do include it in the inventory list (I'm not sure why you wouldn't) along with anything else you provide. See here for more details:

http://www.environ.ie/en/Legislation/DevelopmentandHousing/Housing/FileDownLoad,19142,en.pdf

One thing that's not called for, but is useful, is a vacuum. It's not legally required but it does give the tenant no excuse to not clean up.

hanna200

wench wrote: »

Yes you do have to supply a washing machine.
There is a full list here of the minimum requirements.

www .citizensinformation.ie/en/housing/renting_a_home/repairs_maintenance_and_minimum_physical_standards.html

thanks - this clears out any issues, everything else from the list I have ready

hanna200

am I required to keep/provide a Rent book?

athtrasna

Thread split. OP please do not post unrelated queries on old threads going forward. Thanks, Mod.

On the rent book, yes you are legally required to provide one. www.irishlandlord.com is a very useful resource, as is the RTA 2004. Being a landlord brings lots of rights and responsibilities, it is up to you to be fully informed as mistakes can be costly. Best of luck!

MarkAnthony

Rent book or documents to that effect. Take proper legal advice on what that entails.

Landlord insurance is a absolute must for your own legal protection. If a tenant gets an electric shock etc. the legal bills could potentially be crippling. You may want to look into a policy with a free legal helpline, if such things exist in relation to LL insurance.

Get an accountant to give you a steer on things in the short term.

Best of luck with it all!

MarkAnthony

hanna200 wrote: »

long story short myself and spouse decided to let the property. We got people interested and we are now looking for standard copy of the residential lease agreement. I found one online

www. ucc.ie/en/asa/trashdonotdelete/document-1-63980-en.pdf

however this one doesn't contain the clause allowing me for a periodic inspections. Would anyone have a copy of a well formed lease agreement that I could use? - I'm trying to save on a legal fees.

Or alternatively could someone help me to form a clause which I could add to above lease.

Anything else I/we need to think of?

Are we allowed to keep a set of keys for an emergency? - prospect tenant asked that he wish to change the locks and he will restore the locks to original locks once he leaves the property.

any thoughts?

thanks

Hanna, you might want to have a better read through that. See Clause 3.11

hanna200

MarkAnthony wrote: »

Rent book or documents to that effect. Take proper legal advice on what that entails.

Landlord insurance is a absolute must for your own legal protection. If a tenant gets an electric shock etc. the legal bills could potentially be crippling. You may want to look into a policy with a free legal helpline, if such things exist in relation to LL insurance.

Get an accountant to give you a steer on things in the short term.

Best of luck with it all!

can I ask what documents can replace or act effectively same as a rent book?

I am looking into quotations regarding insurance, any tips in relation to company ? (pls pm me)

hanna200

MarkAnthony wrote: »

Hanna, you might want to have a better read through that. See Clause 3.11

7 days it says. To me it means I will also have a 7 days to organize someone once the issue is reported. i.e. I receive info about the issue and then I will give a notice and I will have a 7 days to find a handyman to fix the issue.

What is yours opinion?

hanna200

I have UPC account and UPC offered if I keep account that they will do €22.50 for 6 months and €45 thereafter.

Can I negotiate with a new tenant to keep the UPC and the Tenant will just transfer additional amount to my bank account each month to cover UPC or how it works?

hanna200

or is it better to close the UPC account altogether?
UPC is trying to tell me that if I cancel now then the new contract will have to be for 18 months.
I am still not sure if I need UPC at the new address so transferring over hasn't been decided yet.

Michael D Not Higgins

hanna200 wrote: »

or is it better to close the UPC account altogether?
UPC is trying to tell me that if I cancel now then the new contract will have to be for 18 months.
I am still not sure if I need UPC at the new address so transferring over hasn't been decided yet.

For the sake of simplicity, cancel the UPC. Maybe the new tenant won't want UPC or even a TV. In general, avoid having your name on the bills, because then you are liable instead of the tenant.

hanna200

if the tenants agree to transfer additional amount to my bank account each month is it a problem?
I can always cancel the service with 1 month notice as I am outside of the contract

athtrasna

If you leave a TV there's also the issue of a TV licence. Most landlords don't leave tvs for this reason

hanna200

i never had TV, there is no TV in this package. Can i get into troubles for leaving UPC account in my name and receiving monies from tenant for it?

Michael D Not Higgins

hanna200 wrote: »

if the tenants agree to transfer additional amount to my bank account each month is it a problem?
I can always cancel the service with 1 month notice as I am outside of the contract

It's not a problem. But you'd have to put a robust term in the lease about it. Really, I don't know why you'd leave yourself with the hassle. Everytime there's an issue with it they'll ring you to ring UPC as you're the account holder.

hanna200

maybe that is right - to cancel it

hanna200

Can I ask what else I will need to pay apart from:

- income tax + USC + PRSI
- LPT
- PRTB registration
- landlord insurance
- gas boiler service
- BER

Is NPPR still due in 2015?

Michael D Not Higgins

hanna200 wrote: »

Can I ask what else I will need to pay apart from:

- income tax + USC + PRSI
- LPT
- PRTB registration
- landlord insurance
- gas boiler service
- BER

Is NPPR still due in 2015?

NPPR was replaced with the LPT last year.

hanna200

would LPT rate changes from principal residence to rented out property?

athtrasna

hanna200 wrote: »

would LPT rate changes from principal residence to rented out property?

No