Selling verses Renting out?????

fiveinourhouse_2

Does anyone have any advice please?
We have had our large family sized flat on the market for almost a year now. The market is slow at the moment but we are starting to find the whole process a bit miserable.
We have been over paying on our current mortgage but still have £58,000 to pay off.
Does anyone have any experience of being in this situation and renting out their property rather than selling and then buying a family home with the equity that will be released once flat is remortgaged as a buy to let?
Is this something that is even possible? Can you pay agents to manage tenants etc?
Trying to look into other options because we are feeling a bit stuck. Any help would be greatly appreciated. Thank you

G_M

Yes it's possible, but you need to do some realistic maths on the costs and income (including tax etc). See link below.

you also need to learn about LL/tenant law - do NOT rely 100% on an agent.

See:

* Tenancies in Eng/Wales: Guides for landlords and tenants
This thread is intended to provide information to both landlords and tenants relating to Assured Shorthold Tenancies (ASTs) in England and Wales.

Topics covered:

* Repairing Obligations: the law, common misconceptions, reporting/enforcing, retaliatory eviction & the new protection (2015)

* Deposits: payment, protection and return

* Ending/renewing an AST: what happens when a fixed term ends? How can a LL or tenant end a tenancy? What is a periodic tenancy?

* Rent increases: when & how can rent be increased?

* Repossession: what if a LL's mortgage lender repossesses the property?

* New landlords: advice, information & links

* Letting agents: how should a landlord select or sack?

fiveinourhouse_2

Thank you we are in Scotland so it may be a bit different up here. We have just made an appointment with a financial advisor to hopefully help. I will certainly need to do some real reading, research and thinking though.

Thrugelmir

Keep overpaying the mortgage and reducing the price of the property. Eventually you'll find a buyer. More than likely in the New Year now.

G_M

fiveinourhouse wrote: »

Thank you we are in Scotland so it may be a bit different up here. We have just made an appointment with a financial advisor to hopefully help. I will certainly need to do some real reading, research and thinking though.

Yes Scotland is a bit different but many principles overlap.

Landlords have to be licenced in Scotland!

The advice to do a full budget still stands, and if I were you I'd try and do a rough one before seeing your FA.

Talk to local agents first too (and do your own research) to get a realistic idea of rents you could get. And don't assume you'll get 12 months rent every year.....