Time to panic?

Crap_with_money.com

Ok – so we're in need of a little help!!


My OH has just moved from Aberdeen to Glasgow. He owns a flat in Aberdeen, which he put on the market about 4 months ago, and since hasn't had a single viewing. It's a decent flat, but with the current climate, along with the fact there are 2 identical flats in the same street which haven't moved, we've given up hope of it selling any time soon.


In the mean time, he placed it with a letting agent about 6 weeks. There service has been a million times better than the estate agent, but he still hasn't managed to find a tenant. The going rate for similar flats is £800 per month. Initially he put it on at £775 (under advice from the letting agent), after 4 weeks he reduced it to £750, although there's been a few viewings (prob about 6 in total), he's still had no joy.


His mortgage and factoring fee only come to £585, so I've kinda been suggesting that he take whatever he can get above that – so he spoke to the letting agent again this morning, and they've reduced it again to £700 per month.


The problem is, he has about £6k debt across his overdraft and credit cards (interest free), and he's already let out a room in Glasgow, so he can't really afford to pay rent as well as his mortgage for much longer (he already had to borrow last months rent from his parents, which being as proud as he is, he doesn't want to keep doing!).


Given the fact he now has 2 reports to pay for which amount to £600 (which he can't afford), and there hasn't been any interest, we're thinking it might make most sense to take the flat off the market, and wait out the credit crunch (since we're in no hurry to be buying anywhere else down here) – and in the mean time focus on getting someone into the flat on a rental basis.


Problem being, that it's not proving to be as easy as we'd hoped to get it let out, and since Christmas is fast approaching, we're panicking that there' won't be anything happen 'til the new year – which he just can't afford.


Does anyone have any suggestions?

xx

chewmylegoff

the property is clearly being advertised as above market rental.

just keep cutting until someone takes it. if he wants to get it let soon then just reduce to £600.

mlz1413

Have to say your friend should not have rented a room he can't afford to pay for before having a definate income from flat, but I guess he is aware of that now.

I'd hunt around a few other rental agents and put the flat up with 2 or 3, you could look into guaranteed rental incomes, they are low rents with conditions but could be a life line as your friend is committed to extra outgoings. Although I would compare the total years income with a lower rent first.

If you fancy a last push at selling you could put the flat up for informal tender - you will need to speak to the agents and find out fees, how much advertising they do, etc. But you might see what people are prepared to pay in the current market.

Also if the flat is empty and your friend is paying council tax elsewhere he can let the council tax dept know and he should get a period free (up to 6 months) but remember normal household insurance doesn't cover an property empty for over 30 days.

Crap_with_money.com

Yeah I told him before he did it that he shouldn't rent somewhere before he had it sorted out, but he transferred to Strathclyde poilce, and was likely to be posted in Campbeltown or Inverarie or somewhere like that unless he had a base near Glasgow. But hey, hindsight's a wonderful thing!

I didn't realise he was able to place it with more than one letting agent - that's definitely worth looking into!

I don't know what an informal tender is, (Sorry - we're both totally clueless when it comes to things like this!) If he has to pay any more up front to do that though, he defo can't afford it so it wouldn't be an option. I'll go and start looking into it now though.

I think he looked into the council tax reduction, but they were looking for photos of the flat unfurnished to prove it was unhabited, and since all his furniture is still in there he wasn't able to do that.

Thanks for all your responses - maybe bringing the rent down today will have made a difference - I was just worried to keep telling him to do that in case it maybe made him look desparate, and gave people the impression there might have been something wrong!

xx

Suzy_M

Suggest he contact the accomodation officers at the hospital or university directly, both are always looking for accomodation.

If he is in the police for heavens sake tell him to watch his debts - he won't only have his debts to cope with but also a potential disciplinary if it gets out of hand.

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Suzy_M wrote: »

Suggest he contact the accomodation officers at the hospital or university directly, both are always looking for accomodation.

If he is in the police for heavens sake tell him to watch his debts - he won't only have his debts to cope with but also a potential disciplinary if it gets out of hand.

Thanks Suzy - The uni's and hospital's are a good idea - I might just give them a call just now!

Really?! I didn't realise he'd face a disciplinary! The debt he has now is manageable, I'm just a bit of a worrier and don't want it getting any worse! I keep threatening to give him a financial overhaul (Not that I'm perfect myself - but I've learned the hard way to manage my money and live within my means!) - he's just so laidback, and I'm trying to help him without interfering in something which actually isn't anything to do with me! Maybe he needs a wee bit of a push though!

xx

geoffky

The debt thing with the police is they think it leaves them open to bribery if they are in big debt...

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geoffky wrote: »

The debt thing with the police is they think it leaves them open to bribery if they are in big debt...

Yeah he said that this afternoon when I mentioned it to him. He's nowhere near that stage at the mo though - or I wouldn't have thought so! He has about £4k on interest free credit cards which he pays religiously, and hasn't added anything to in a long time - he also has his overdraft - but he's nowhere near the limit - and does clear it every month when he get paid, plus he's been working a silly amount of overtime since he moved down, we're gonna sit down and work out a plan to get rid of his debt asap - just as soon as he gets this situation with his flat sorted out!

I spoke to the accomodation people at both the uni and hospital this afternoon, so fingers crossed that might come to something

xx

DawnW

People with pets who post on here often report difficulties in finding somewhere to rent that will allow pets. Maybe your flat is not suitable or it goes against the lease, but if it is possible, why not advertise it 'pets considered'? That way, you can avoid the type that have large agressive dogs who annoy/threaten neighbours, but perhaps attract someone with a cat they can't part with, or a well behaved dog. You can also ask for extra deposit. This may be totally unsuitable for your situation, but it worked for me. My property is let out to a couple with a cat who were finding it difficult to get other rented accommodation.

Crap_with_money.com

DawnW wrote: »

People with pets who post on here often report difficulties in finding somewhere to rent that will allow pets. Maybe your flat is not suitable or it goes against the lease, but if it is possible, why not advertise it 'pets considered'? That way, you can avoid the type that have large agressive dogs who annoy/threaten neighbours, but perhaps attract someone with a cat they can't part with, or a well behaved dog. You can also ask for extra deposit. This may be totally unsuitable for your situation, but it worked for me. My property is let out to a couple with a cat who were finding it difficult to get other rented accommodation.

Thanks Dawn, I don't think OH would object - I'll get him to check his lease - although I'm sure the people in the next flat have a puppy - but I suppose that doesn't necessarily mean they got the OK before they did it!

xx

kyssyn

I second what Dawn said. My disabled friend had a very hard time renting a private flat because he gets housing benefit. Almost all the property ads said no DSS, no pets, no smokers, professional couples only etc. If your OH is getting desperate relaxing some or all of these requirements could really help.