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

theartfullodger

And if your landlord ran off with the money, the mortgage lender repossessed the rental home you've nothing & no home. Don't do it..

You've no way of knowing if landlord (or agent, or neighbours..) is landlord from hell (or agent....) and if you really like the house/schools whatever..

Further, what if family crisis/illness/job change - yes you can move elsewhere but no, rent already paid, you're still committed to a 5 (or 3 or 2..) year deal.. [Unlike if you own the place you could sell it..]

Nope, get a 6 or 12 month deal & see how it goes.. Any sensible landlord will be very happy to let a good, regularly paying, tenant stay as long as they like... Ah, I see your point, how do you know landlord is sensible?? Yes, nope, no guarantee...

dimbo61

A landlord will more than likely have a BTL mortgage and would prefer to get paid each month in order to pay the mortgage.
What happens at the end of the first 6 months
Why cant you get a mortgage and pay it every month like most people.
If you are poor with money then your Husband should do the family accounts.
Dont sell your home cheap to some of the "CASH buyers for homes" as you will get RIPPED OFF big style.
Get 3 estate agents in and put your home on the market ( no chance of having an extension?)

cherylcravo

will they give u discount if u pay in advance ?

GAH wrote: »

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.

Beckyy

I woule suprised if you got a discount for paying upfront, but every landlord would vary.

I think the idea of renting purely because you don't think you can keep up with mortgage payments is a bad idea. If you can buy and you find a house that you like then you'd be silly to rent for years purely because you can't deal with your own finances. You have no learn to, otherwise you'll just fall behind on rent too. There's nothing to say you won't spend your savings too, which will mean you wouldn't be able to buy in the future when you DO want to.

Have you had a look at the houses that are for sale? What kind of mortgage could you get if you were to take one out?

When you say a quick sale, do you mean from a person through and estate agents, or ones of these companies which offers to buy your house off you in a quick sale for below market value?

cherylcravo

[we can not get a morgage because of our credit rating and i understand this now with the rent situation for the landlord
,we have been lucky enough to not have a mortgage me and my husband dont bring in enough money basically he is on minimun wage and i have only just started my buisness it was just an idea i had for parties and it is got quite a few bookings for the rest of this year so i want to get it proper up and running ,its a bit of a crazy situation i am in and a chance that we r willing to take and have took on all your advice thank you x
QUOTE=dimbo61;51928617]A landlord will more than likely have a BTL mortgage and would prefer to get paid each month in order to pay the mortgage.
What happens at the end of the first 6 months
Why cant you get a mortgage and pay it every month like most people.
If you are poor with money then your Husband should do the family accounts.
Dont sell your home cheap to some of the "CASH buyers for homes" as you will get RIPPED OFF big style.
Get 3 estate agents in and put your home on the market ( no chance of having an extension?)[/QUOTE]

cherylcravo

I will just have to find a good landlord with a good reputation and refrences
and i wonder if u can get a contract to say that u have paid say 12 months in advance therefore ur covered

Yorkie1

I echo everyone else's comments about paying this amount of rent in advance is foolhardy, even if you could get a LL to accept it. There is no referencing scheme for LLs - it is entirely pot luck.

I'm not sure how to write this without it sounding 'off', which I'm really not intending it to at all, but this whole thread sounds far more about your inability to manage the money / not spend it.

I think you would do far better to develop strategies to protect the money from easy spending, or to help you to pay monthly rent, than to think of ways which put you and your finances at even greater risk from events outside your control.

cherylcravo

I know it sounds odd and you are exactly right in what you are saying I am the worlds worst for spending , crazy isn't it I bet you don't hear many of us on this website ,well that's why I am here to learn how to manage my money and I think this site is absolute fab everything is covered on here and thank you for replying and I am going to get the 3 estimates like u have said and try my best to get it sold ASAP thank you

cherylcravo

Oh and I will be putting my rentmoney in a separate account which the landlord would be able to take direct debits out each month and thats all it will be for that is a better option I think thanks x

SavvyStudentSaver

cherylcravo wrote: »

Oh and I will be putting my rentmoney in a separate account which the landlord would be able to take direct debits out each month and thats all it will be for that is a better option I think thanks x

Better to set up a standing order- if you set up a direct debit, the landlord can change the amount he's charging to you, from my understanding. Though it's entirely possible I'm wrong.