Rent or sell inherited house

Red-Squirrel_2

gundo wrote: »

The estate agent and a friend both suggested that perhaps I'd be better selling both places and finding somewhere I really love, that's more modern (the house is 1970) and with very little maintenance to do (I hate DIY and I'm useless at it, I rather pursue my hobbies) and then bank the rest and enjoy life.

I agree with your friends.

The benefit of your parents’ gift doesn’t have to just be financial. If it allows you to live somewhere you are really happy, I bet they’d be over the moon about that.

martin1959

Unless I missed it, you don’t say how old you are. The key is that you don’t have any dependent family to leave your estate to, so I assume leaving money after you have gone is not important.

Also, your current income and pension provision will be a factor.

ThePants999

Slithery wrote: »

It doesn't matter what they say they'll do. It's still you that's legally responsible.

Agent fails to protect the deposit - you're liable.
Agent fails to get safety checks done - you're the one that can be prosecuted.
etc, etc, etc...

Did you really read G_M's sticky? It has a section all about this...
https://forums.moneysavingexpert.com/showpost.php?p=67759934&postcount=8

I'm pretty sure this isn't true. The way guaranteed rent schemes work, as I understand it, is that the estate agent takes a commercial lease on the property from you, and they then sublet to the actual tenants. So unlike a normal landlord-agent-tenant relationship, where - as you say - the landlord remains ultimately responsible for everything, in this scenario, the estate agent is actually the landlord to the "real" tenant, not just an agent.

foxy-stoat

Simple really - do you want to be a landlord or not....sounds like you don't.

If you do want to be a landlord then crunch the numbers to see if it works or not - dont forget about the income tax you need to factor in, as no mortgage there will be no interest to off set, although that is disappearing in a couple of years anyway..

If your business model is to use a guaranteed rent agent then don't bother as you are wasting money, you need to maximize the income opportunity - and dont forget you will be living next door to whoever you rent to, could be a good or bad thing.

My vote would be to sell both and move somewhere else with a small or mortgage free. Sounds like a good place to be and 1 less thing to worry about.

foxy-stoat

ThePants999 wrote: »

I'm pretty sure this isn't true. The way guaranteed rent schemes work, as I understand it, is that the estate agent takes a commercial lease on the property from you, and they then sublet to the actual tenants. So unlike a normal landlord-agent-tenant relationship, where - as you say - the landlord remains ultimately responsible for everything, in this scenario, the estate agent is actually the landlord to the "real" tenant, not just an agent.

Have a read up on an actual contract from an agent and you will see who is responsible for what - the one I saw stated very clearly that the owner is the Landlord who is responsible for council tax and utilities for vacant periods for example - they pay a reduced rent to you for 2 months and the rent they pay you the rest of the year was 60% of the market rent I actually got when letting it myself.

Marvel1

theoretica wrote: »

Are you sure about that? I haven't looked into it, but see plenty of ads from agencies implying it can be done for you and they will take on everything and just send the house owner the money/bills - obviously after their costs!

Then we have threads " I want to move back in, tenant won't leave, help" its basic stuff a landlord shohld know!

AnotherJoe

Gundo, my condolences.
From everything you've written I haven't see a single reason mentioned as to why you should keep either house.
Sell both and find a nice house or apartment you can move into.

AdrianC

Are this pair just link-detached to each other? (Basically, semi-with-pretentions)
Or are they link-detached to others? (Terrace-with-pretentions)

I'm thinking there might be scope for selling the pair together to a developer.

Out,_Vile_Jelly

When I was renting I would never sign up for a property where the LL lived next door and had a close emotional connection to the house.


Your mum would want you to be happy. So sell both and buy somewhere you really like. Don't bother tarting either house up, price them as projects as there are plenty of buyers who prefer that.

quantumlobster

Out,_Vile_Jelly wrote: »

Your mum would want you to be happy. So sell both and buy somewhere you really like. Don't bother tarting either house up, price them as projects as there are plenty of buyers who prefer that.

Came here to post exactly this ^^