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If you already own and have lived in the place, it's different story I think. You know it. Owning a share of freehold will reduce risks from that area. Most agents are terrible. The landlords in my block use agents but end up getting involved with many things or risk losing their tenants. Leaks, repairs, the lot. If you're prepared to be on the end of a phone and can do the paperwork, I would manage it yourself.
Sharkstar-
I would manage it yourself
This (although I have zero experience of the leasehold / freehold side of things). Paperwork is fairly minimal, to be honest.
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Depends on the tenant I guess. I don't really want to be dealing with bullshit requests all the time but if I could get someone I trusted doing any work on the place, maybe there's less of an issue then? I've already got a job that takes up too much time, not sure I want to add more paperwork to my life. Maybe I'll just leave it as a very expensive London store room. :)
NotThamesWater
hippy
Is there any money to be made in it do you think? I want to buy a new place and was thinking of hanging onto my current flat for rental income. Service charge would wipe out a month's rent, I extended the lease already to 999 years a few years back and I own part of freehold.
If I got a company to manage it, any idea what they typically take off the top and are they responsible if some deadshit trashes my place or do I still need to cover all that with some kind of rental insurance?
The other option is to just sell it and put it towards a newer place but there's hassle in that too.