Renting!!!

lilyann1

What are the pros and cons of renting?

What are the fees and do all contracts have to be for 6 months or can you rent for say 3 months,while a house purchase is going through for example???

My sale/purchase is ongoing and we are a family of 5 with children,12,9 and 7yrs.
Rental prices in our area for decent house are about £1500 per mth,but I would have the house sale proceeds earning interest to help me pay for this,just wondering what other costs are involved and how much of a hassle it is.I am sure it cannot be as much of a hassle as trying to keep our buyers happy and waiting?

Guy_Montag

It can be difficult to get a 3 month contract, but not impossible. A letting agency will charge fees to do a credit check, these can be as high as 1 1/2 months rent!! But normally around £100. You can check out newspapers for renting direct from a landlord.

Why don't you talk to your estate agent, most do lettings too. They will be keen to get the sale through, so may offer you a deal. They also know you'll be solvent, so no need for a credit check. I would explain the situation to them & see what they can do.

F_T_Buyer

Some rentals are doing shorter periods. There's an article in the Scotsman today:

http://thescotsman.scotsman.com/business.cfm?id=1535642006

Depending on the time between selling and buying your new house, you could look at staying in a hotel/guest house. I know it sounds silly (well, expensive) but a friend I have in Cornwall did this for 2 months a few years ago, they stayed in a guest house during the winter (so little normal punters), and the owner gave favourable rates too! May not be suitable, but an idea anyway.