Letting property.

[Maggiemortimer]

Has anyone bought a property then let it for a long term to either French or English tenants?
We are currently looking for a house as we anticipate that it will take some time to find what we want. If we find it soon we
will have to decide what to do with it - neither of us wants to leave the place unoccupied for long periods, so we wondereed whether letting would be an option.
Thoughts and advice on the practicalities and pitfalls would be most welcome.
Maggie

[Punch]

Hi Maggie,

Letting would seem to be the most lucrative option, but then you will still need someone to look after repairs, check for damage etc, which all costs money.
Why don't you engage the services of someone who advertises in the various publications, who could call in, say once a week for a small fee. Depending on where you intend to buy, I would recommend Lucy Moss of "La Garde Maison". She advertises in LF.

Paul

[Russethouse]

Maggie, This seems too obvious but surely there are a fair number of people on pre buying trips wanting to test the area for more than just a couple of weeks or even those that have left the UK and are searching for their own property. Might they be a good market? You will still need some one to keep a check though.
Good Luck

Gay

[Papy]

For long term let I used a "Regie", which is broadly equivalent to an Estate Agent.

They find a tenant, provide the tenant-contract, collect rent, and manage any repairs etc, tenant problems, etc.

We interviewed a couple, and went with the one that had most detail contracts, inventory forms, and seemed to have the best prospect of finding a tenant quickly (very subjective, but they were also recommended by a neighbour). Their fees are 5% of the rent (much less than UK estate agents charge).

You have to sign an agreement giving them the right to act on your behalf, and the tenant contracts with them not with you.

They suggested paying the rent on to us 3-monthly - I said no - monthly.

BTW, a tenancy in France cannot be terminated by the landlord for 3 years, except under very defined conditions.

Still early days - the house is let from 1st Oct, but so far so good. If you go another route, you must get expert advice on the letting agreement - there are many potential problems if not carefully drafted.

Cheers
Papy