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Renting house to Council
mandm65
Posts: 556 Forumite
I am exploring the possibility of renting my property in Redbridge to the council. It seems that its a long term lease (3 years) and rent is fixed for 3 years! I would like to know advantages and disadvantaged of renting the property to the council.
Thanks in advance
Thanks in advance
0
Comments
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advantages - guaranteed rent, council deal with problems, council clean up flat at end of time, no agency fee.
disadvantages - stuck with them for 3 years, lower rent, technically in breach of your mortgage conditions (which usually specify may 1 year ASTs).I'm a Forum Ambassador on the housing, mortgages & student money saving boards. I volunteer to help get your forum questions answered and keep the forum running smoothly. Forum Ambassadors are not moderators and don't read every post. If you spot an illegal or inappropriate post then please report it to forumteam@moneysavingexpert.com (it's not part of my role to deal with this). Any views are mine and not the official line of MoneySavingExpert.com.0 -
thanks mate, when u say council deal with problem you mean the council agent or they hassle the you?0
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This "struggling newbie amateur landlord safety net" does not existdolce vita's stock reply templates
#1. The people that run these "sell your house and rent back" companies are generally lying thieves and are best avoided
#2. This time next year house prices in general will be lower than they are now
#3. Cheap houses are a good thing not a bad thing0 -
As I understand it the council put right any problems that occur.
Basically you won't need to see or hear about your house for the whole time. In return you get a lower rent but at least its guaranteed to be paid and there will be no voids. I'm sure each council is slightly different, so do check.I'm a Forum Ambassador on the housing, mortgages & student money saving boards. I volunteer to help get your forum questions answered and keep the forum running smoothly. Forum Ambassadors are not moderators and don't read every post. If you spot an illegal or inappropriate post then please report it to forumteam@moneysavingexpert.com (it's not part of my role to deal with this). Any views are mine and not the official line of MoneySavingExpert.com.0 -
I rentedmine to a HA which is similar, and the tenancy was great. My problems started with a similar rent fix for 3 years, followe by 5 interest rate rises. When I could no longer afford to subsidise it on my income, I sold the house to the HA. If you have a fixed rate mortgage you should be fine.0
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thanks guys for your help/comments much appreciated. I will explore the option further by ringing the council's appointed agent first. I believe they do the vetting and if the property needs some attention they will advise us.0
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Disadvantages: your house will be let out to unemployed chavs on benefits who will wreck it.poppy100
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