Landlord gave notice - just a sad little rant :(

coal9011

Good luck with your search for a new home!

vyvyan_2

Another good luck from me too!

I've been there myself a few times and know how you feel.

V

Lavendyr

We're not certain enough of the market just yet to want to buy at this particular moment in time, though we have discussed the possibility of buying the house we've been renting, should the landlord have wanted to sell, as we really love it. But that was a "perhaps in two years" kind of thing, not a "right now" kind of thing. We are nervous of getting into negative equity and we would like to build up a bit more of a deposit (at least 10%) first while watching the market very carefully. Plus a mortgage at this time would cost a lot more than a rental which means we are able to save up with a view to borrowing less when we do buy.

dolce_vita

Very sensible.

best wishes to you

Gorgeous_George

Good luck with your search for a suitable rental. It must be frustrating being forced to move so easily. Look on the positive side, you get to ditch years (months) of junk that you will have accumulated.

Maybe a question for potential LLs is 'How long can I stay here?' or 'Can I have a 12/24 month tenancy?'. I bought just to let (is that BJTL?) so will not be turfing my tenant out on a whim. I'm not a property investor so the current artificially inflated 'value' of my BTL is not important. Your LL was letting due to moving abroad and, unfortunately, plans change.

Have you considered viewing the property that your LL will be moving out of? You might be able to negotiate a week or two rent-free if you move in on the day your LL moves out.

I understand your reasons for not buying right now. I hope you call the market correctly and pick up a bargain. Try to buy a home that will suit your needs for 7 - 10 years. This will save you £££s in moving costs and Stamp Duty.



GG

Guy_Montag

benb76 wrote: »

what a spacktard I must be, I forgot that you don't get chucked out on your @rse if you fail to keep up rental repayments?

Difference is HM Govt will cover your rent* through housing benefit if you are made redundant, they will only cover your mortgage interest payments after 37 weeks.:money:


*perhaps not fully, but they will cover some of it.

coal9011

Yes this changed several years ago. If think it used to be after 6 weeks?
The thinking behind it is that by 37 weeks you would be repossessed (or at least proceedings would have begun), so the government then won't need to meet your interest payments! :rolleyes:

barnaby-bear

Guy_Montag wrote: »

Difference is HM Govt will cover your rent* through housing benefit if you are made redundant, they will only cover your mortgage interest payments after 37 weeks.:money:


*perhaps not fully, but they will cover some of it.

We don't do savings just massive mortgage overpayments, if made redundant we can stop paying the mortgage and catch up on the payments AND claim job seekers benefits or take lower pay with tax credits.... if in rented we'd have to use the savings before claiming any benefits or housing benefit... we had friends save and save and lose their savings having to pay the rent....

littlesaint

Sorry to hear this. It's happened to me twice. I am moving into a new place next week and we told our landlord that we wished to stay a full year (plan to go travelling next year). I hope he doesn't decide to sell before then.

macaque_2

Lavendyr wrote: »

OH and I moved into our current rental house 4 months ago and our landlord has just given us notice to leave at the end of the 6-month tenancy. In the beginning the LL verbally expressed his wish that we would stay in the property for at least 2 years, which has been our hope as well until now. We have been good tenants throughout, paid our rent on time each month, taken better care of the house than he did (it was disgusting when we moved in - uncleaned, last night's dinner still stuck to the microwave etc) and have really made the place our own. We had started to think of it as our home and we really loved the house. We even talked about buying it if the landlord decided to sell (which was a real possibility as LL was struggling to afford mortgage repayments). We love this house. We have lovely neighbours and beautiful surroundings. And now we have to move out and leave it all.

And yes, I know the landlord is perfectly within his rights and I am not angry with him, his circumstances have changed and no one can help that. And I know it's a pitfall of renting that you can be made to move at any time and fully accept all of that. I'm just sad about leaving what we had really thought was home, and wanted to vent.

I am afraid the housing boom has created the age of the bungee investor. Greedy and thoughtless people are piling onto BTL bandwagon and then bailing out without warning. People put down roots when they move into a house. One has to question the morality of renting a property to someone only to turf them out six months or a year later.