Finding it very difficult to let at the moment

silvercar

Your problem is that the longer it is empty the more money you lose, but if you take a lower rent you avoid having no money coming in.

£170 a week with one month empty and a tenant for a year= £8840 over 13 months; let it immediately at £160 a week= £9013 over 13 months.

AMILLIONDOLLARS

i4U wrote: »

Firstly, it's always been let furnished.

It's near Royal Albert station. It's not exactly posh but it's a good commutable location. As it's near a large park, and there are horses grazing there most days of the week.

The last thing I want to do is reduce the price further.

I am willing to look at short term tenancy. However, I feel that the general cause is that there are a lot of flats/houses coming onto the market in the docklands because a lot of the builds that started just before recession start are now completing.

The tenants are moving to be even closer to the city.

I'd hold tight if I were you. A lot of those new builds are into negative equity and a lot of the BTL can't complete on their purchases as they are unable to get the required mortgage valuations to proceed.

This will go two ways, a lot of repros for other BTLs to buy up and rent out, or would be tenants reverting to your neck of the woods as the only available decent source of rental. I wouldn't reduce the price anymore, but consider short lets in the meantime.

AMD

i4U

I wouldn't normally stress.

As I try to live within my means, and try and make sure that I have mortgage payments set aside. However, this situation has come at the wrong time, as I am thinking about leaving my job to back into business.

Most people think I am crazy, given the market. It's something I need to do, and I have spent a the last 6 months postponing the decision, and thinking about it over and over again. So, a flat being empty messes everything up.

ILW

You could sell the flat if it has any equity.

i4U

No, won't get much money by selling in this market.

Pssst

Rents need to come more into line with whats affordable. Thankfully i dont live in London but even so, £150 a week is a lot for one person to find.

i4U

I had a couple living there. As it's a house/flat, it is being viewed by couples (95%) mainly.

Catblue

Have you looked into company lets? Must be a reasonable demand round there.

socrates

Have you considered going to the Private Sector Leasing Team at your Local Authority (Newham I think)

They will have people who qualify for Rent Deposit Scheme - on months rent in advance and one months deposit.

Rate will be based on LHA one bedroom self contained rate - I would give you the exact rate but their site is down!!!

Probably around £160-£170 per week.

The tenant would receive the rent and pay you - they also probably pay a bonus for this.

People who have previous rent arrears with the council or other social disturbance issues do not qualify.

You also have a say - if you do not like the look of the tenant or do not feel comfortable they just send someone else.

Its a risk but its a quick way of moving forward - they will expect smoke alarms and all the relevant certificates (which you should have anyway)

You could get lucky and get a couple with a child who will accept a one bedroom property - in this case you will be paid a two bedroom rate - around £200 per week. The garden will be of great interest to this type of tenant.

Look into it - its not all gloom and doom

i4U

Hello All,

I have finally found a tenant, through Gumtree. As always there is a small issue, and it seems like he is being honest about it, at the same time it concerns me. My agreement with him is a months deposit and rent in advance (monthly). He says he can pay the deposit in 4 installments. To start with he has paid me one deposit so that I don't let it out to anyone else. He says that he would rather be honest about his finances than have issues with me later. I am not sure. But anyway, I would like to hear the thoughts of people on this forum.

Secondly, does anyone have good tenancy agreement I could use as a template. I could PM you my email.

Thank you.