Question: I am moving overseas for two years with work and wish to rent out my property during that time. What do I need to do with regards to mortgages, insurance etc? Can a managing agent sort out all of this for me?
© Merrily Harpur (harpur.org)
Answer: You can indeed choose to employ a managing agent to look after your property for you during the time you are away. The managing agent’s responsibilities will depend on the extent of the terms of your contract with them. You will be required to pay the managing agent a fee.
With regards to your mortgage, you will probably need to notify your mortgage lender and in most circumstances their prior written consent will be required before the letting is concluded. Therefore you should check the terms of your mortgage as this will tell you what you need to do.
Presuming you own the freehold, you will need to make sure your insurance policy covers renting out the property. There are specific landlord insurance products on the market which you could consider.
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Katharine is a solicitor and director at Pitmans Solicitors (www.pitmans.com).