Advice please should I sell my home fast and rent somewhere but pay 5 year upfront??

cherylcravo

Please could you help me I have a 3bedroom house which we bought 6years we paid cash from a claim my husband had with the army as he was medically discharged we bought our home for £100.000 it recently got valued again and now is 85.000 we have 4children now and we are seriously overcramped my husband works all day and has no time for the house so it's all down to me looking after the kids and him and the housework also I have a little business i have started on my own and it is picking up really well , but the problem is the area were we live is not a very nice area my children are not happy my husband and me are not and are just plodding on with it ,I would really love to buy a new house but won't get a buyer for mine unless we sell cheap and quick ,I am going to hopefully sell my home for maybe £75.000 find somewhere nice were I know we will all love pay maybe 5 years rent in advance (will landlords let me do this ) pay some debts off promote my business a bit more and get what I need ,and hopefully things will go the right way but I really do need to make a break for my family what do you think guys what haven't I thought of as it just seems to good to be true and carnt believe that I never thought of this before ???
People think am mad doing this but I will go mad staying in my tiny home
Thank you for taking time to read x

G_M

pay maybe 5 years rent in advance (will landlords let me do this )

No.

A rental contract of more than 3 years confers huge rights on a tenant. No Landlord will do this.

You'd be mad too. What if the landlord fails to pay his mortgage, the property is repossesed and you are evicted?

Forget this crazy idea. I wouldn't advise you to pay 6 months in advance, far less 5 years.

PasturesNew

No need to pay 5 years' up front - and you're risking your money in case the LL's house is repossessed or they run off with the money, or all sorts of reasons,.

Six months up front's enough usually.

Five years just sounds a bit peculiar and many landlords would become suspicious of your motivations etc etc.

Just stick the money in the bank and pay 6 months up front... but why are you looking to pay up front anyway?

cherylcravo

Because I know what I am like with money and really don't want the money in my hands as I know what am like that's why we payed our house upfront because I would of fell behind on payments ,thanks for the advice guys I never even thought about it like that, what do I do then I can not stay in my home any longer it is draining me and it continues to deteteriate as I have no time for it x

phoebe1989seb

When you say you are going to sell your house 'cheap and quick' do you have it on the market yet? Hopefully you're not considering a company that offers to buy properties quickly for cash? These are to be avoided at all costs........I know what it's like to live in an area you hate......we sold last year with a high street agent - priced realistically, accepted an offer within two weeks and had completed on both sale and new purchase within less than three months of originally marketing......

Good luck

cherylcravo

And I will not get a bigger house for £75.000 and if I put it on the Market for it's value it will be on sale forever unless u get a pair of goons like me and my husband come along x

cherylcravo

I don't think I will be doing a quick sale it's valued at 85.000 I would of took 75.000 and that offered me £65.000 cheek of them Thing is what can I do now to get a quick sale

19lottie82

cherylcravo wrote: »

I don't think I will be doing a quick sale it's valued at 85.000 I would of took 75.000 and that offered me £65.000 cheek of them Thing is what can I do now to get a quick sale

Take the £65k. Or get back to them with a counter offer, say £69k.

£75k isn't particularly cheap for a property "valued" at £85k, about average I'd say.

Houses do not sell at what they are valued at.
It could still be sitting on the market for ages if you won't take less than £75k for it.

GAH

Firstly you should have three valuations from agents.

Then place your home onto the market with the one that would best sell your home.

From your opening thread it doesn't sound as though you are going to be un-realistic with your pricing.

Do not take up a lengthy lease. Infact as long as yourself and husband can satidfy referencing checks then no need to pay rent upfront. You could pay 6 months upfront but only if your getting a good discount.

In that meantime, you can then look for somewhere to buy, £75,000 roughly from a sale and by the sounds of things where ever you have in the bank will go towards a decent deposit.

cattie

As you have a family, don't even think of renting, unless you could get a secure tenancy from a housing association or local authority. Private rentals are all contracts now & you have no real security for a long term prospect in any home. It's all very well to have to keep upping sticks & moving when you are single or have no children, but with a young family I would imagine it to be a nightmare & very, very stressful.

Far better to try to sell your house & from the proceeds find another house more suitable, even if it means you having to take out a mortgage.

cherylcravo

The thing is am not looking to buy again this house is a burden to us and the reason by am selling it because I carnt get a bigger house with the money I get for it and I don't want to have a burden of a mortgage because I will lose my home , like I said my little business is picking up quite well and I am gonna rent ,but want to secure me and my family by putting at least £35000 in a account that is for the rent only I would of paid that upfront to the landlord until I got advice from u all thank you it's just piece of mind that we are secure for a few years while we try and make a go of it and see how it go 's what do u think Also will a landlord bring rent down a bit if you pay 6 months rent upfront , thank you and ur Adice is really helpful x