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I was after a fully managed no hassle setup and after a bit of shopping around I found the high street estate agent offerings quite expensive both to initially instruct and also run the thing, so I ended up going with a local property management co I had recommended by a friend. So far there have been zero problems, apart from one incident where the bog wouldn't flush and that was transparently sorted in a day on a pre-agreed automatic maintenance agreement for all repairs under the value of £100.
My property management co wrote up the tenancy agreement and found me a tenant for a £100 finders fee and they now take 10% per month forever. I've never had any direct contact with the tenant and rent is received by standing order..no probs so far. The tenant has even installed central heating for me!
And no I didn't tell my lender I was moving a 3rd party tenant in - I just bought landlords insurance, switched the old mortgage from repayment to interest only and advised the lender of the new correspondence address. They just obliged no questions asked for a £50 admin fee..I guess because there is plenty of equity in the place.
Obviously it's cheaper to do the whole thing yourself but I just couldn't be arsed..and it's probably a whole lot more difficult to do this sort of thing with banks the way they are right now - this was all sorted August last year.
Thanks for the great info. I may let my flat out if the sale doesn't go through.
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