Consent to Let

need_an_answer

tasha35 wrote: »

why would it take 6-9 months to get our property back? We reverse the consent to let to residential and move back. We’ve been assured we can do a short get out clause with tenants by the 2 agencies we’ve spoken to.
Ok, either way, it appears there are no other options so thanks

Some tenants like stability and the ability to create a home in a rental property,they are not always at the beck and call of the owner to move.

in theory after the initial 6 month AST your tenant would be obliged to give you 1 months notice of their intention to leave and you would need to give 2 months notice...it works well for quite a lot of tenancies but occasionally you get tenants who don't want to move out if its not their choice to do so...that leads you down the eviction route which can then be costly and time consuming.


In the perfect world also a tenant stays the exact time you want them to...they pay rent and you use the money for mortgage/management charges /service charges and maybe a little left over for you to enjoy....but you need to be mindful that tenants can leave and you are left with a void period whilst the property is empty and a new tenant is found. During that time you take back all the payments and utilities on the property so any profit you have made in that tenancy can easily be absorbed.

Each new tenant will always start with a minimum of a 6 month contract so its not always easy for you to just decide to move back at short notice

tasha35

We’ve lived in our house for 6 years, this is the property we are looking to rent out so we can rent in the south west.
We have had 5 estate agent around and all think that is a a viable property to rent out and had it valued.
Wasn’t aware this was something random to do?

tasha35

I think this is also going slightly off topic!
I’m not asking about the process of renting and all the pros and cons I’ve looked into that.
I was purely asking for some advise on my original question.
I was under the impression this forum was supposed to help, if there isn’t anything to offer then I totally understand but currently all I appear to be getting is random shout outs about being a landlord

OscarFoxtrot

tasha35 wrote: »

I think this is also going slightly off topic!
I’m not asking about the process of renting and all the pros and cons I’ve looked into that.
I was purely asking for some advise on my original question.
I was under the impression this forum was supposed to help, if there isn’t anything to offer then I totally understand but currently all I appear to be getting is random shout outs about being a landlord

Sorry for wanting to protect you from potentially thousands of pounds of costs and fine and penalties...

need_an_answer

tasha35 wrote: »

I think this is also going slightly off topic!
I’m not asking about the process of renting and all the pros and cons I’ve looked into that.
I was purely asking for some advise on my original question.
I was under the impression this forum was supposed to help, if there isn’t anything to offer then I totally understand but currently all I appear to be getting is random shout outs about being a landlord

The problem you have is that you wont sway your mortgage company on the rates they want to charge you once the fixed deal ends....their rules I'm afraid and theres little advice anyone can give you on that.

What you can get here is advice on becoming a LL which you will get it in a warts and all fashion.

Agents who want to charge you to rent your property will tell you what you want to hear,simply because they are in business to attract your business. One of the best things you can do if you want to carry this proposition forward is read up on being a LL and all it entails...there really is more to it than a few conversations and the sales pitch of an agent...you'll discover a lot more when they present you with a contract to sign and it well worth you reading that well.


In becoming LL's you will be running your own business so if the numbers don't stack up from year 2 onwards you may find that you end up with a very expensive hobby that you subsidise tenants to live in your property.


Once you take money from a tenant and hand over the keys that place ceases to become your home and whilst they are in occupation you have very little control over what happens there.

Its also worth remembering if you cherish it don't expect the person who pays you rent to cherish it in the same fashion,they pay to live there so some things are of little importance to them.


Ive been a LL for a few years now and seen how people treat where they live,some have been good,some not so but you need to take all emotion out of the equation.

Renting a property out for just a year makes very little financial sense at all so you do need to have a more long term contingency to support the place in years 2 and beyond when your mortgage company adjusts your interest rate.

Cakeguts

tasha35 wrote: »

We’ve lived in our house for 6 years, this is the property we are looking to rent out so we can rent in the south west.
We have had 5 estate agent around and all think that is a a viable property to rent out and had it valued.
Wasn’t aware this was something random to do?

Its random because you didn't choose the house as a buy to let. You can let just about any property but what you can't do is guarantee that the tenants who want to rent it are going to be the kind of tenants that you want to let your house to. You can only do that if you work out with research what sort of tenant is your target market and then buy the property that matches that market.



Letting property is business and for it to run as smoothly as possible you have to approach it as a business. If you don't approach it as a business you can run into problems.



The problems include tenants not paying the rent. Tenants who don't look after the property. The deposit will only cover a small amount of damage it won't cover replacing an entire kitchen. Long gaps between tenants because they can always get something better than your house.



If you issue an S21 the tenant does not have to leave. You have to get possession through the court. That can take 9 months. So if when you are thinking of moving back in you need 9 months in hand in case the tenant doesn't move out. If they do move out your house will be vacant for 9 months. How aree you going to get insurance for that?



You can't just let a property and move to another part of the country. There has to be someone on hand to do repairs so are you going to pay an agent to manage the property for you? Have you added that into your budget?



How are you going to pay the mortgage on the house and the rent if you are not getting any rent from letting your property?



It really isn't as easy as you seem to think it is that is why people are posting about what it is like to be a landlord because your initial question asking for advice about letting the property you are currently living in indicates that you haven't done enough research into becoming a landlord and any of the pitfalls.



You cannot totally avoid getting a bad tenant. Some tenants tell lies.





I have been a landlord since 1990.

hb2

OP, many people on this board are professional landlords and well aware of the amount of work it requires*, potential pitfalls etc. It is all-too-common to hear from 'accidental' landlords who are in deep doo-doo that they were never warned to expect - or tenants of landlords who clearly don't have a clue.

I would expect you to leave this forum having being thoroughly briefed about potential issues and going into renting (if you do so) with open eyes.

*I am not one of them.

Marvel1

tasha35 wrote: »

I’m not asking about the process of renting and all the pros and cons I’ve looked into that.

From this you have not.

tasha35 wrote: »

why would it take 6-9 months to get our property back? We reverse the consent to let to residential and move back.

You need to start here and read everything by G_M:
https://forums.moneysavingexpert.com/discussion/5180214/tenancies-in-eng-wales-guides-for-landlords-and-tenants

foxy-stoat

tasha35 wrote: »

We can for the 1st year, it is just going to be tight for year 2.
We wanted to rent our house to ensure that if it didn’t work out in the south then we can afford to move back up the south east. If we sold straight away and it didn’t work out then we could never afford to buy back up.
We were doing it as a safety net, but there is obviously an issue, so was seeing if there were any options I’d not thought about.

Why could you never afford to move back? House prices are not climbing massively. I know the cost to buy and cost to sell but it wouldnt price you out of the market in 6 months.

Research being a landlord, if you do not know what COULD happen trying to evict tenants. Not all are bad but then not all are good.

babyblade41

Think everyone has given you some real good advice so won't duplicate.

My thoughts on relocating distances are that if you have a get out quick plan you tend to use it more readily than if it wasn't; there

I relocated from Oxford to Carmarthenshire and hated it .. put it up for sale after 11 months (thankfully sold very quickly)
Moved back over the border to Hereford , wasn't bad and enjoyed my time there but as the house was lovely was a bit in two minds to sell.

Stayed 3 years and relocated back to Oxford again.. so going from a very expensive area in SE Oxfordshire to relatively cheap part of the country in relation to where I came from to someway in the middle then back home again is doable. , I always sold on first .


You need to have courage and conviction for the next adventure in life and 6 months isn't really long enough to figure it out unless like me I hated Wales from day 1 but gave it nearly a year

I retired from being a LL a few years back now but still have a long term renter in a property but it's their home for however long they want to be there.

Tenants like to be settled so the tenants you might get will be different as it's only short term ... it's a lot of stress, a lot of work and responsibilities are many to proceed with caution and take all the excellent advice from above and really think about what is best