Just selling up to go to rented-a few queries.

pennypinching_2

I will shortly be selling up to move in to rented accommocation. The reasons I have decided to do this for are: Mainly money is tight and I could save approx. £600 per month if I rented a larger house in a nicer area and my current house is too small and isnt in a nice area and I have a little one and the schools are dreadful. Ideally I would like to buy but I have the maximum mortage that I can have.

I am worried about renting as I have never done it before, Im worried that I will at some stage be homeless if I cant find a property. I dont know whether you can decorate so they feel like home or will they always feel rented. Im concerned about the checks that they do and whether I will meet the criteria.

Has anyone got any advice...please?!

Gorgeous_George

Chill out, you'll be fine and I'd wager that you will reap financial benefit from the move.

Good luck.



GG

franklee

Contact some letting agents and do a couple of viewings of available rental properties, ask them your questions and get a feel for what you can rent for your money. You probably won't be able to redecorate (I consider this a perk who needs to spend their weekends trailing rounds the DIY sheds ).

If you are worried about being temporarily homeless, which could happen but is unlikely, then visit a few self storage companies and choose one you would be happy to use. That way you have a back up plan should the worst happen. My back up plan is to put everything in self store and stay with the mother-in-law. Thankfully that hasn't been necessary!

pennypinching_2

Thanks both for your comments. I think this would be a lot easier if I was on my own or with one child but there is myself, husband, two teenagers a toddler and one on the way. So I need a four bedroomed house and there arnt many. Its such a big step to give up your home.

Has anyone done this?

Doozergirl

I've done it and I live in a lovely house

My first LL was a bit of a nutter and her Laura Ashley decorating obssession started to grate really quickly. I'd also choose a professional landlord over any landlord that has previously used that house as their home. They can still see it that way and being treated as if you are simply a guest that mustn't touch anything is incredibly uncomfortable.

Magnolia walls are essential and then it's really easy to add your own personality using soft furnishings and pictures to add colour. It's also easier to touch up the walls when you need to.

A buyer will be pretty lucky that there is no chain above you, so you should be able to exchange quicker - though it would be important to hold exchange until you have found somewhere and been accepted.

Ask the Landlord in advance what would be acceptable if there is stuff that you want to do.

wlfc1

pennypinching wrote: »

I will shortly be selling up to move in to rented accommocation. The reasons I have decided to do this for are: Mainly money is tight and I could save approx. £600 per month if I rented a larger house in a nicer area and my current house is too small and isnt in a nice area and I have a little one and the schools are dreadful. Ideally I would like to buy but I have the maximum mortage that I can have.

I am worried about renting as I have never done it before, Im worried that I will at some stage be homeless if I cant find a property. I dont know whether you can decorate so they feel like home or will they always feel rented. Im concerned about the checks that they do and whether I will meet the criteria.

Has anyone got any advice...please?!

Personally I wouldn't do it, especially if you have a family ! (which you do), renting is very insecure, a house is supposed to be your home, at just two months notice your landlord can evict you.

Personally there are too many people on here who treat their homes as an investment and not as a home.

I would think very seriously before you make the move

pennypinching_2

Thanks for all the comments. What is now going through my mind is letting my own house and me letting a larger house with a garage. This way I have still got the security of my own home that I could move back to if things didnt work out.

I know I wont get the same rent for my house as I will be paying for a larger house. I need a larger house with a garage as I have just gone self employed and I have been renting a showroom but I have just given that up as it was turning in to a rather expensive storeroom. So if I didnt move I would need to pay storage.

And would I need to change my mortage as I wouldnt get another mortgage because of going self employed and other complications?

pennypinching_2

Just done some more homework as I had already rang EA re the rent which does cover the mortage plus approx. 20%. So just rang my mortgage lender who said I can let the house out for a fee of £250.

I appreicate the comments about them not looking after the property like I would but hopefully I will be able to have a say in the selection process. And I dont know but I would image you could inspect the property from time to time. Its these types of things I need to reseach more.

So the reasons for doing this was 1. Larger house in a nicer area. 2. Extra cash at the end of the month. I guess one out the two isnt bad and I still get to keep the my house should things not work out.

Gorgeous_George

Most LLs are not likely to ask you to leave at 2 months' notice. Even if they do, only a court order can make you leave and, in the absence oof alternative, suitable accommodation, that is not necessarily easy to obtain.

Most LLs want to rent their properties out to quality tenants who pay on time and generally look after the property. I'd certainly prefer a former home-owner over a seasoned tenant. At least there's a chance that they will know how to change a tap washer.

I'd really consider selling and renting. The hassle involved with letting a property can be immense. What would you do if the tenant failed to pay, trashed your house and the repairs took a month or two? I had 11 weeks without rent due to a combination of to these reasons. After 3 different bailiffs visited to serve notices on my former tenants for other debts I decided not to bother with court action.

The big question is what do you think will happen to house prices where you own. If you would be happy to realise any profit in your home now, then sell and rent elsewhere.

Good luck with whatever you decide.



GG

porridge

So you could be paying rent plus a mortgage, can you afford both ?, don't assume that being a landlord is straight forward, unfortunately many tenants do not have the best interests of the landlord in mind, also, as mentioned above you WILL have void periods and the cost of any repairs.

Seems like a great idea, but in practise I think its flawed.

pennypinching_2

George - thanks for your comments. I have spoken with a letting agent who assures me that I wouldnt be without rent as I would be insured through them. Also any damages would be paid for out of the deposit that they pay.

Porridge - yes I would have a mortgage and pay rent, but the rental from my property would cover my mortgage, assuming that I got rent every month which the estate agent has guaranteed.

Do you think this is not true?