An essay on our buying and renting problems! Advice very welcome!

dannyh_2

Hi Everyone,

First time poster here, but i would love to get some advice. We have had some terrible experiences in the past 18 months with regards both buying and renting property and it looks like we may experience some more problems in 2015 unless we navigate carefully.

In 2012 myself, my partner and 1 year old child moved from Manchester to Oxford for my job. We were living in a maisonette property we own in South Manchester. We decided to rent out the maisonette and rent a house in Oxford with a view to purchasing a property in Oxford after 12 months. All fine. We had enough money from a remortgage for a deposit on a modest house in Oxfordshire.

We were given notice on our rental property in Oxford after 12 months and so decided to try to buy a property asap which we almost managed within 2 months, however the vendor pulled out at the last minute and we lost a considerable amount of money. Not deterred, we rented a short let property and moved in whilst looking for another house to purchase, after making an offer and getting searches etc done we were again let down. We tried again and it happened a third time!! Unlucky as i am sure you will agree!

After all these failed purchases we have lost a few thousand pounds and unfortunately were left with not enough money to purchase. (Also, while all this was happening we had to put a new roof on our Manchester property!)

So now we need to sell the Manchester property before we can afford to purchase here in Oxford. We currently have a tenant in the property, the tenancy officially ends on June 14th 2015.

Our landlord has informed us that she is having our property valued by an EA tomorrow which is a sure fire indicator she is considering selling our current rental home, we were hoping to stay here as long as we needed to sell the Manchester property and buy down here, however our tenancy ends on May 1st 2015 so we may have to find something else, most tenancy's are 12 months so are plans may be put on hold again!

It may be possible to sell our Manchester property as a business before the tenancy ends (June) but beyond that if it doesn't sell quickly we will have to get another tenant in there. The property was on the market twice last year and it didn't sell, where as the market here in Oxford is extremely buoyant and property sells quickly.

It feels like if we have to rent again in Oxford and get another Tenant in Manc our plans are stalled again!

Anyway, enough rambling! I guess i am looking for any advice or perspectives we have not thought of. It has been a stressful ride and i don't want to make any mistakes..

thanks!

Dan

:think:

Pixie5740

Your current LL might not want to sell. It could be that she's just thinking about remortgaging or something.

When you do find somewhere to buy again do not give notice to end your tenancy before you exchange.

Remember that a tenancy can only be ended by the tenant or a court. This means that your tenant does not have to leave by 14th June it could be several months after that. Likewise, even if your LL does want to sell it doesn't mean you have to be out in May.

Guest101

What pixie said, and also if your LL is keen to sell you may be able to recoup some money from her that you've lost elsewhere.

In both parties interests, as a vacant posession sells much better than a tenanted property.

dannyh_2

Thanks Pixie, am i not right in saying that if our LL give us 2 months notice than we have to move out?

I_have_spoken

Hmm, a frustrating experience!

Have you considered seeking back work in Manchester or is the Oxford job your only option?

- Could you consider buying the house you rent in Oxford if the LL does put it on the market?

- Move the wife and child back to Manchester and then weekly commute, while you stay as cheaply as possible Mon-Thu in Oxford and continue look for property there. IIRC it's about 3hrs on the train. Could you 'work from home' Fridays? You could serve your current tenant a Section 8 on the grounds you need to live in the house.

- Sell the Manchester property at auction with the tenant on an AST

Post a RM link to your property (if it's still up) and we'll comment on making it more attractive

I_have_spoken

am i not right in saying that if our LL give us 2 months notice than we have to move out?

A properly served request for repossession (S.21/S.8) then allows the LL to apply to Court to evict you. A process which may take some weeks, but will mean you're 'blacked' by other LLs due to no refs.

dannyh_2

Ah, OK! Not sure we want to get blacked in case we do have to rent. Might be shooting ourselves in the foot..

Pixie5740

I_have_spoken wrote: »

A properly served request for repossession (S.21/S.8) then allows the LL to apply to Court to evict you. A process which may take some weeks, but will mean you're 'blacked' by other LLs due to no refs.

What a load of Horlicks. If a LL wants you to leave and you find somewhere else to go then why go and jepordise that by giving an unnecessarily bad reference?

Pixie5740

dannyh wrote: »

Thanks Pixie, am i not right in saying that if our LL give us 2 months notice than we have to move out?

No you don't and neither does your tenant. Being really pedantic about it, even if you receive a Section 21 you should give your own notice to end the tenancy unless you move out at the end of your fixed term.

dannyh_2

So as long as a tenant keeps paying rent they can pretty much stay put?

I_have_spoken

So as long as a tenant keeps paying rent they can pretty much stay put?

Nope. But a 'professional' tenant can spin things out for several months after the AST ends, using tricks they get from Shelter etc. The classic is for the women to get preggers and cry her eyes out in Court when you're seeking eviction. That can mean 6 months rent-free.