House on coal mine solitor recommended by EA no coal mine search

Cakeguts

Pay attention to the number of let agreed for 3 bed houses compared to 2 bed houses.
http://www.rightmove.co.uk/property-to-rent/find.html?locationIdentifier=REGION%5E23879&maxBedrooms=3&minBedrooms=3&numberOfPropertiesPerPage=24&radius=0.0&sortType=6&index=24&includeLetAgreed=true&viewType=LIST&areaSizeUnit=sqft&currencyCode=GBP

How are you going to pay the mortgage on your 2 bed house when it is vacant for months at a time? How are you going to pay for damage or repairs to the property. I think you think that buy to let is easy. All you have to do is to find a house that you can afford and then let it. A buy to let business doesn't work like that. You can only let a property that a tenant wants to rent. If you want to have a house that lets easily to a good tenant you have to have the kind of house that a good tenant wants to rent. As you can see from the link there are more people looking for 3 bed houses than there are looking for 2 bed terraces. So what are you going to do if you can't let this property?

martindow

allanwhyte77 wrote: »

Have spoken to my solicitor this morning and asked about the searches she said the coal mining search was included in the search pack, they didn't list it separately anymore, I've told her to hold back and not do anything at the moment.

If there is a search pack, it is possible that you would pay the same price for searches with or without the mining search.

Have you put it on hold because of the comments regarding the house you have in mind? It does seem you need to do some more investigation before you buy. BTL is not an automatic gold mine!

allanwhyte77

Having slept on this a couple of nights I'm going to contact the EA now and tell him we're pulling out. The valuation came back good, said it would rent for £625 -£650 but with doubts over the shallow coal mining we would be better to find something else. I've also taken on the advice about what rents easily. Yes there are a lot of 2 bed terraces available but many are in bad areas and in a right mess. This property was in a very good state of repair and had two bathrooms.

Cakeguts

allanwhyte77 wrote: »

Having slept on this a couple of nights I'm going to contact the EA now and tell him we're pulling out. The valuation came back good, said it would rent for £625 -£650 but with doubts over the shallow coal mining we would be better to find something else. I've also taken on the advice about what rents easily. Yes there are a lot of 2 bed terraces available but many are in bad areas and in a right mess. This property was in a very good state of repair and had two bathrooms.

2 bed properties rent to single people or couples usually without children if they are working. You have to remember that these people will also consider a 2 bed flat and there are a lot of those everywhere. The 2 bed flats tend to be more modern than the 2 bed terraced houses.

If you want to buy a 2 bed house to rent it needs to be in a really upmarket area. Somewhere that people will want to rent to get the address. For a good buy to let you want good tenants that stay for a long time. Every time there is a change over of tenants it will cost you money. You may have to redecorate you may have a void.

I have been watching a trend in 2 bed terraced houses in Greater Manchester for several years now and on Rightmove in the area which is north of Manchester the number of 2 bed terraced houses available for rent at anyone time has been growing steadily. There are never as many 3 bed houses or 2 bed flats.

Here is something you can do. Have a look on Righmove for 3 bed semis with driveways down the side of the house giving off street parking for 2 cars. You can look in the sales and lettings sections. Do this over a period of time and see a) how long they take to sell b) how long they take to let. You can also check out sales and lettings on 2 bed flats that offer off street parking.

Remember £575 per month for 13 years with the same tenant is a better return than £600 per month with a void of a month every 6 months while there is a change over of tenant for the same property. There are other factors that come into the renting business other than just how much you can afford to buy and the valuation for the rent. If you are paying a mortgage you don't want to be paying it without any rent coming in.

Don't rely on information that other people give you. Do your own research. Renting is a business like any other. What you are doing is selling space for people to live in. You have to sell what people want to buy.

allanwhyte77

I think it's back to the drawing board. We had discounted flats as we thought Manchester was saturated with them and wouldn't increase in value much as there building more and more of them. That's why we were looking for a terrace in the Eccles Swinton area primarily.