Some advice PLEASE!!!

tbs624

stranded wrote: »

Thank you silvercar...we may still look into an appeal if that's an option. Would much rather do all this above board as I value peace of mind!

Your potential tenants would probably value peace of mind too & that comes from having a LL who has appropriate consents in place.

Have you thought about how you will manage this property from a distance? Even if you use a Letting Agent , its not always straightforward. Currently, absolutely anyone can call themselves an LA with no requirement for training or regulation and the buck stops with the LL on issues like tenancy deposits etc.

Do you have a contingency fund for repairs and replacements? Have you considered how would you pay the mortgage as well as your own rent if the T was late with their rent ?

stranded_2

We can afford to cover the cost of the mortgage as well as rent on another property, so that's no problem. We would prefer to go with an LA who can do full management so we won't have to keep coming back for minor issues, but have family here so will be back anyway from time to time. Slight update though, contacted Birmingham Midshires today and asked if we can appeal. They said on occasion they do look at this on a case by case basis and to write them a letter giving as much details on the situation and finances as we can. Has anyone ever done this before or have any advice? At the moment I just intend on hitting them with the facts and figures and an insight into how our family life is affected by the situation.

stranded_2

Fire_Fox wrote: »

Why don't you just get a let-friendly mortgage from another lender??

We can't unfortunately, our credit is shot as my husband was unemployed for 8 months a couple of years ago, back on our feet now but it had a huge impact on our rating.

Anaprop

stranded wrote: »

We can afford to cover the cost of the mortgage as well as rent on another property, so that's no problem. We would prefer to go with an LA who can do full management so we won't have to keep coming back for minor issues, but have family here so will be back anyway from time to time. Slight update though, contacted Birmingham Midshires today and asked if we can appeal. They said on occasion they do look at this on a case by case basis and to write them a letter giving as much details on the situation and finances as we can. Has anyone ever done this before or have any advice? At the moment I just intend on hitting them with the facts and figures and an insight into how our family life is affected by the situation.

A well written appeal letter has got to be your way ahead initially. Yes give the facts and figures, don't exagerate or be economical with the truth, as they may check up. You will need to convince them that you are an acceptable risk so any evidence that shows how secure hubbys job is etc would go down well. Certainly try to appeal to their good nature by explaining why you want to do this; ie its all about family, not commercial gain. If it is affordable you might consider offering to overpay your mortgage so that they can see you are prepared to make the financial effort to get out of NE. This will benefit you also as your mortgage will be paid off quicker and you'll be out of NE sooner.

BTW I am not a financial advisor, this is all IMHO...

stranded_2

Thanks Anaprop, offering to overpay is a great idea, one which I will certainly discuss with hubby tonight. Will keep you posted on progress! Thanks again!

Jowo_2

stranded wrote: »

We can afford to cover the cost of the mortgage as well as rent on another property, so that's no problem.

But can you afford it should you end up with a tenant that moves in and then doesn't pay the rent?

I believe that the fees for many letting agent management contracts expect payment of them upfront at the start of the tenancy. Are you okay to cover this?

clutton_2

""fees for many letting agent management contracts expect payment of them upfront at the start of the tenancy.""

most agencies i have come across want one months rent to find a tenant and then their % of the monthly rent which they deduct from the tenants rent.

the larger the agency - the larger the fees

carefullycautious

What about a houseswap, see if someone in your chosen area is looking to move to yours. I think I mean house exchange, where someone may just be looking to move to your area for work situation as you are to theirs. Not sure where to start looking. Or if you were buying a newbuild the builder may buy yours. Just some more ideas

julesb1_2

Hi, we're in just about the same situation as you, really need to move for family reason but Northern Rock denied us consent to let.

Think I'm to scared to go ahead and let it without their permission though even though we have got a potential tennat who would be fine with this.

Did you appeal? If so, how did it go?

sirhan_sirhan

Something not mentioned yet is the impact that this will have on prospective tenants.

Most prospective tenants will want confirmation that the bank has agreed to the let.

If a bank has not agreed to the let, and the property is repossessed, the tenant has no recourse, and will find themselves out on the streets. No right-minded tenant will wish to be in this situation.

Hope this helps.