Could we rent put our property up for rent as well as for sale?

KerryLD

We want to move out by Christmas, but as it's September already, I doubt it will happen.

We would consider renting out our house and rent somewhere else - the entire reason for moving is to a better catchment area for schools. This would enable us to get a place at the school we want and then worry about selling.

As we are already up for sale, can we change or add 'to let'?

Thanks in advance .

Cannon_Fodder

Lots of people do, when they struggle to sell.

Problem will be finding a tenant who doesn't mind the upheaval, knowing you will want to sell soon...

BitterAndTwisted

Yes, and once you have a tenant in situ it'll be hard to find a buyer.

Letting property is NOT for the faint-hearted or the inexperienced so I'd try and dissuade you from considering it if you don't want to risk a whole world of pain.

sinbad182

Its also not the gargantuan undertaking that some on here make it out to be, so if it pays the bills and you do a proper job of it its always an option in my eyes.

Jowo_2

Lots of tenants post on this forum saying how disappointed they are that a property they've lived in for a short period of time is being sold by the landlord who expects them to accommodate viewers. They also complain about amateur landlords who don't understand their responsibilities, the tenants rights and basic housing law.

Lots of novice/accidental landlords post here to say they've ended up with a dodgy tenant or agent because they handed over a key or signed a contract without appreciating how complex housing law is, how long-winded the eviction process can be.

shortchanged_2

Have you ever considered lying about where you live to get your children into that special school? Loads of people do it. :rotfl:

henpecked1

just think if your tenants trash the joint. We tried to view a house with tenants in that has been for sale for 2 years and was told, although for sale, the tenants werent allowing viewers.

martindow

If you let someone rent it they will be there for a minimum of six months and any buyer is likely to refuse to exchange until they have left. I think you need to decide whether to rent it out or to sell it. Trying to do both at once is not a good idea.

poppysarah

sinbad182 wrote: »

Its also not the gargantuan undertaking that some on here make it out to be, so if it pays the bills and you do a proper job of it its always an option in my eyes.

Sort of makes seller the house harder though.

Accidental landlords should ensure they know all their responsibilities before they sign up a poor unsuspecting tenant.

PasturesNew

It costs a lot of money for a tenant to move - so few would be interested in renting it. With a tenant in place, they can refuse viewings.

Buyers' lenders won't exchange until the tenants have left.

It has the potential to muddy your waters and lose your buyer.

From a tenants' perspective they've paid £150-300 for credit checks to move in, they'll have close to £1000 deposit locked away in your account until 3-4 weeks after they move out. They'll have the actual cost of moving. All the trouble/hassle with moving utilities about (especially the broadband/phone arrangements at yours and at their next place), with some minimum contract troubles.

To be in somewhere for, say, 6 months, could add £150-200/month to their budget as they'd need to be saving another lot of credit check fees (gone forever) and another deposit.

I'd only go into a house knowing it was being sold if the rent were about half (or less) the market rate.... unless I were specifically looking for a short term rental myself.

BitterAndTwisted

Of course, the OP will need to gain consent to let from their lender and that is not always forthcoming as previous thread on here can confirm. They might even insist on converting the mortgage to a Buy-To-Let one and that's going to be more expensive even if the OP has a decent LTV.