gazanging at 11th hour

havingaball74

Hi,
Would you? Could you? I have sold my second property (to an investor) rather than rent it out myself but now I am having serious doubts days before exchange/completion. Aside from the solicitors fees/estate agents fees, are there any other implications if I go down this route? Thanks.

marksoton

Why the sudden doubts?

havingaball74

marksoton wrote: »

Why the sudden doubts?

I have had some doubts for a while, but have driven myself bonkers weighing up the financial pros with the landlord potential hassle/cons. The closer I have got to exchange the bigger my collywobbles/doubts have become. I fear regretting the sale.

marksoton

havingaball74 wrote: »

I have had some doubts for a while, but have driven myself bonkers weighing up the financial pros with the landlord potential hassle/cons. The closer I have got to exchange the bigger my collywobbles/doubts have become. I fear regretting the sale.

In which case i'd let it go and enjoy the boost to my bank balance.

AdrianC

You wouldn't be gazumping. You would simply be pulling out of the sale. There's nothing wrong in doing that until contracts are exchanged.

As far as whether you should or not... It sounds like you've not researched your responsibilities and the pitfalls of starting a property rental business - and, yes, it IS a business. If you're anything less than 100% sure that's what you want to put your time, energy and blood pressure into, then you're better off selling. So are your potential future tenants.

Surrey_EA

AdrianC wrote: »

You wouldn't be gazumping. You would simply be pulling out of the sale. There's nothing wrong in doing that until contracts are exchanged.

Gazanging, apparently. A term i had to Google as it was not one I was familiar with!

In fairness, there's nothing to stop you gazumping up until the last moment before exchange of contracts. Although both practices, along with gazundering, are morally dubious.

agrinnall

AdrianC wrote: »

You wouldn't be gazumping. You would simply be pulling out of the sale. There's nothing wrong in doing that until contracts are exchanged.

The term used by the OP is gazanging. I hadn't heard of it but apparently it does exist.

https://en.wikipedia.org/wiki/Gazanging

AdrianC

agrinnall wrote: »

The term used by the OP is gazanging. I hadn't heard of it but apparently it does exist.

https://en.wikipedia.org/wiki/Gazanging

I sit corrected. It was a new one on me, so I just assumed it was a typo.

Cakeguts

I don't know what sort of property it is but there are different types of letting businesses. Some letting businesses concentrate on the kind of tenants that no one else really wants because they take a lot of managing. Some lettings businesses concentrate on the luxury and the very rich tenants. Some are aimed that the middle market. What you would have to do depends on what sort of property you are selling and the location it is in.

It isn't as simple as having a property letting it to a good tenant and then having them pay the rent. The property that you have has got to match the market that you want to let in.

If you have no experience of letting property then you also have no experience of what your property might be like to let.

getmore4less

havingaball74 wrote: »

I have had some doubts for a while, but have driven myself bonkers weighing up the financial pros with the landlord potential hassle/cons. The closer I have got to exchange the bigger my collywobbles/doubts have become. I fear regretting the sale.

If you are like this now what are you going to be like picking a tenant if you keep it?

then when the rent is a day late or they ask you to fix something

I don't think you are cut out for the stressfull life.

havingaball74

Well, after investigating my options, it looks like it will expensive to pull out of the sale. I am facing a £700 solicitor's fee and an even bigger estate agents one (the contract states that the full fee is applicable if a buyer has a mortgage offer approved). Lesson about faffing learnt...