PLEASE READ BEFORE POSTING
Hello Forumites! In order to help keep the Forum a useful, safe and friendly place for our users, discussions around non-MoneySaving matters are not permitted per the Forum rules. While we understand that mentioning house prices may sometimes be relevant to a user's specific MoneySaving situation, we ask that you please avoid veering into broad, general debates about the market, the economy and politics, as these can unfortunately lead to abusive or hateful behaviour. Threads that are found to have derailed into wider discussions may be removed. Users who repeatedly disregard this may have their Forum account banned. Please also avoid posting personally identifiable information, including links to your own online property listing which may reveal your address. Thank you for your understanding.Moving from Bought House to Long-Term Rented
Comments
-
I don't think she'd get income-based help on her rent (assuming she qualifies based on income) as she owns a house which she could live in, but is choosing not to, so she would potentially need to to pay both the mortgage and the rent, if the bank refuse her offer. I also don't think the bank would agree to stop payments for however long it took to sell, as it sounds like she can currently afford the mortgage (she just doesn't have enough to put aside for big repairs). When my mum was ill and her income dropped to the point when she couldn't afford her mortgage, the best her bank offered was a couple of months' payment holiday. I can't see them agreeing to stop payments just because the person wants to move into rented and leave the property vacant without a sensible reason.
I’m not sure why a bank is relevant to this matter, it’s a private mortgage company called Kengiston that she pays. If they refuse to allow it, she’s simply going to tell them to send it to auction.0 -
Will he be moving back in post-uni? If not, can he sleep on the couch? It doesn't seem worth the expense of paying extra rent for the odd week.
He doesn’t know what he plans to do, and he also needs space to study away from other people in the house when he comes through and space for clothing as well as his endless supply of apple products from the last 5years.0 -
Kieran2001 wrote: »He doesn’t know what he plans to do, and he also needs space to study away from other people in the house when he comes through and space for clothing as well as his endless supply of apple products from the last 5years.
In a situation like this you make the lounge into another bedroom for the time that he is with you otherwise your parent is going to be paying rent for an extra bedroom that is only used as storage. When the son at university leaves and gets a job he won't know where that job might be so he will probably get his own place to live so a 2 bed will be plenty. Don't forget that 2 beds come in all sizes but tend to be cheaper and more available because they are 2 beds.0 -
Some people colloquially refer to "the bank" rather than saying "the mortgage lender". Apologies for the confusion. I'm actually familiar with Kensington, having nearly had to get a mortgage through them due to credit file issues. I'm told they're not the most helpful of lenders.
Why would she want to it go to auction (where it will potentially achieve a lower price)?
I really don't think she's thought this though. She seems to be doing everything possible to cost herself more money.
Let’s put this simpler.
Perfected Path
Move Out > Rent New Property > Stop Paying Mortage > Sell House
Alternate Path :
Move Out > Rent New Property > Stop Paying Mortage > Auction House
Alternatively she’s also considering the instant sale companies..0 -
In a situation like this you make the lounge into another bedroom for the time that he is with you otherwise your parent is going to be paying rent for an extra bedroom that is only used as storage. When the son at university leaves and gets a job he won't know where that job might be so he will probably get his own place to live so a 2 bed will be plenty. Don't forget that 2 beds come in all sizes but tend to be cheaper and more available because they are 2 beds.
I’ve had a look in my local area, and there’s actually currently more 3 bed than 2 on the market.0 -
For the sake of a week, he's not going to need much storage. Could he study in the kitchen or one of the bedrooms while you and your mum are in the living room? Wouldn't he rather make this sacrifice than insist your mum provide a room she clearly can't afford for him?
She won!!!8217;t tell him anything. And it can be a night, a day, or a week, and he study!!!8217;s from roughly 1PM-2AM, so it!!!8217;s not particularly feasible. Also the majority of his stuff is still in the house, as he shares his current house with 6 different people.0 -
Surely the preferred path is to put the house on the market, sell it and then move out? Why is this not an option? It is what most folks do!0
-
Kieran2001 wrote: »I’ve had a look in my local area, and there’s actually currently more 3 bed than 2 on the market.
As there are houses on the market what is the rush to do this before selling the house? I had assumed probably wrongly that the reason your mum wanted to do this now was because she had seen a 3 bed rented that she liked but if that is not the case then there is no reason for you mum to move before she has sold the house that she owns. The local council will not give her any benefits to move to a new rented house because she already owns one. You are expected to sell that before you move.
To get a rented house you also have to pass credit checks and if a landlord finds she is going to be paying mortgage payments and rent and that she can't afford them both she will not pass the checks and will not be offered the house.
The only way out of this situation is that your mum sells the house she owns first.0 -
pinklady21 wrote: »Surely the preferred path is to put the house on the market, sell it and then move out? Why is this not an option? It is what most folks do!
For some people it is, others it isn’t. There’s very little property supply in the local area, out of a thousand homes, 10 are for let.0 -
As there are houses on the market what is the rush to do this before selling the house? I had assumed probably wrongly that the reason your mum wanted to do this now was because she had seen a 3 bed rented that she liked but if that is not the case then there is no reason for you mum to move before she has sold the house that she owns. The local council will not give her any benefits to move to a new rented house because she already owns one. You are expected to sell that before you move.
To get a rented house you also have to pass credit checks and if a landlord finds she is going to be paying mortgage payments and rent and that she can't afford them both she will not pass the checks and will not be offered the house.
The only way out of this situation is that your mum sells the house she owns first.
She’s already discussed with the landlord of one particular house, as her ex created £10,000 of mortgage arrears. She can afford everything or has figured out a soloution apart from council tax and water rates.0
This discussion has been closed.
Categories
- All Categories
- 343.1K Banking & Borrowing
- 250.1K Reduce Debt & Boost Income
- 449.7K Spending & Discounts
- 235.2K Work, Benefits & Business
- 607.9K Mortgages, Homes & Bills
- 173K Life & Family
- 247.8K Travel & Transport
- 1.5M Hobbies & Leisure
- 15.9K Discuss & Feedback
- 15.1K Coronavirus Support Boards