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Renting your flat in London -
Generally easy if you have a low maintenance property. There are plenty of people seeking honest private landlords and plenty of places for you to advertise.
Main difficulties, assuming you are the owner -
- begging mortgage company to OK it, assuming you have a mortgage
- time / hassle involved with vetting tenants
- maintenance / repairs, especially if you are not in London
- letting go of any emotional attachment you have to the place
- paying the tax on the income and the CGT issue
Bad tenants will be the worst of your worries as they can cost you a great deal of time and money, I've heard. You need to put quite a bit of energy into sourcing and vetting good ones, and then keeping the good ones.
Drop me a PM if you want any detail / specifics etc
- begging mortgage company to OK it, assuming you have a mortgage
Howard
There's a slim chance that I'll need to leave London this year. Does anyone have any experience of renting out their flat? Is it hard to do?
I've read that you lose your capital gains exemption when you do this. Does that mean if I did it for a couple of years, I'd then lose a fortune in the future when I sell it?