In order to rent out a residential property first thing to do is to determine how much rent you want for your property. To determine the asking rent, get an idea about rents by reading the advertisements of different residential properties nearby you then, make a demand.
Before giving an ad, make sure that you have mentioned complete details about your residential property in your advertisement for instance, are you renting entire property or just giving away a room or two as renting and sharing rooms are a common practice in London.
Then find means to list your residential property for rent. There are three ways to list your residential property for rent:
(a)Newspaper: You can list your residential property for rent in the local newspaper. Here are few newspapers that usually list such advertisements:
2. Daily Star:
3. The Guardian
(b)Real Estate Websites: You can also place your advertisement for renting out residential property through different real estate related websites on internet, which list properties for rent out.
(c)Real Estate Agents/Dealers: The third approach to put your residential property on rent is with the assistance of a real estate agent or dealer. These real estate agents will charge you some commission in exchange for their services. Here are some real estate agents that are operating in London.
1. Outlet Property Services
2. Marsh & Parsons
3. Harrods Estates
You can also list your rental advertisement outside different shops or news agents where it can catch the eye of any potential tenant.
As any potential tenant accepts your offer then you will ask him to deposit two months’ rent right away along with a security deposit. Apart from this, you will also demand personal references, bank statements and credit history (if any) from your tenant. Above mentioned requirements are necessary and practiced quite regularly in London before renting out any property.
If the potential tenant fulfils all requirements then, legal paper work will take place in order to rent him or her, your residential property. At this point, you will require the assistance of real estate lawyer, who will handle the legal formalities on your behalf and charge you fee for his services. Here are few property lawyers that are practicing in London from where you can start your search.
(c)Blueprint Property Lawyers
After filling out all necessary legal documents, tenant will deposit two months’ rent and security deposit along with references, bank statement and credit history (if any) with you and take the possession of the rented property.