Which option is best re: flat we own

tim123456789

Sapphire. wrote: »

Hmm had a good read of that and a chat to my fiance and it does seem more hassle than it's worth...

but how much hassle will: getting back onto the housing market when your mum want's her house back, be?

I'm not normally one for recommending people become accidental LLs, but I don't think that selling your house (and buying another one in a year's time) is a viable option for such a short period of time.

Keeping your house empty will cost.

Even if you only break even on the rent you will still be up by the expenses saved.

Most of the aggro of being a LL can be avoided by using a good agent.

Of course, finding a good one can be difficult, but it's not impossible. (ask here for advice how to :rotfl:)

tim

BitterAndTwisted

tim123456789 wrote: »

Most of the aggro of being a LL can be avoided by using a good agent.

That's a laugh. Most of the worst aggro can be avoided by finding a good reliable tenant. Which is what most agens fail at because they are not the party taking on any of the risks.

Sapphire.

tim123456789 wrote: »

I'm not normally one for recommending people become accidental LLs, but I don't think that selling your house (and buying another one in a year's time) is a viable option for such a short period of time.

Can you elaborate on this bit?

thelem

tim123456789 wrote: »

I'm not normally one for recommending people become accidental LLs, but I don't think that selling your house (and buying another one in a year's time) is a viable option for such a short period of time.

They are already planning to move, the question is just whether they buy their new property at the same time as selling their current property (and evicting tenants), or they sell now chain-free and buy in a year also chain-free.

[Deleted User]

Living for free in your mothers house puts you in a tricky spot if her plans change. If you only have £55,000 in equity then price rises of 5% are not going to have a huge impact on the returns you make from the sale, the risks associated with letting a property (eg: tenant damages property, tenant refuses to pay rent) aren't worth it over such a short period of time. Also your flexibility is greatly reduced, what if you find the perfect house in 9 months but your tenants have 4 months left on their tenancy and then they refuse to move until you get a court order?

The small financial gains don't seem to outweigh the potential losses if things go wrong, plus if you have the money in the bank and no chain you can now spend your rent free year looking for the perfect place and be ready to pull the trigger at a moments notice, that is a very valuable luxury that most cannot afford.