Help please - sell or rent

Crashy_Time

Thrugelmir said:

Mark00Thorpe said:

 they estimate £400 per month her mortgage is £330 per month.

Crunch the numbers fully and properly. You may find the net profit after tax uncomfortably low, and that's if there's full occupancy. 

Might pay the mortgage some months though, that is probably what they are aiming for? All the compliance and maybe some tax to declare would be a pain though.

Angela_D_3

lookstraightahead said:

Angela_D_3 said:

lookstraightahead said:

Angela_D_3 said:

We rent out the family home when we relocated snd it was very straight forward and simple.  Even when we had bad tenants the agent just got rid of them and recovered the debts.  Don’t believe all the horror stories 

Do you still have it?

I rent out a different property,  never had an issue.  Choose the agent and the tenant wisely and all is fine in my experience.  And if it’s not fine you follow the legal process and recover what you need to.  I would never accept a tenant without a guarantor for example,  working or not 

I've been a landlord and a tenant. I wouldn't want to be a landlord now. Not because of bad tenants but because of all the new legislation.

You’re not wrong I certainly know where you’re coming from,  it’s down to the individual situation.  

hazyjo

Crashy_Time said:

hazyjo said:

OP - I agree with those saying drop the price. Or put a link up in case there's something glaringly obvious which you've not mentioned (which prob won't be changeable anyway). Even then, it will come down to price. If the flat just needs a bit of love, it might be worth trying to improve it first.

Looks like we agree on something?

I'm sure there would be lots we agree on lol. Pineapple on pizza? Ketchup or mayo? Gin or vodka? I'm just thankful I didn't get the "good advice" post or I'd have knocked yer block off

Mark00Thorpe

MEM62 said:

In my experience, most letting agents are poor - no matter how good their banter when trying to get you to sign up. Has your daughter considered the full costs of being a landlord, agent fee, insurances, safety inspections and income tax. If that rent figure of £400 is gross she will end up with far less than that in her pocket.      

That is gross the outlay for managing is a another nightmare

Angela_D_3

£70 a month profit isn’t going to cover very much at all.  I change my post,  give it three months,  see what happens after January ie typical divorce season and then get rid of it 

md258

I'd say lower the price. If the loss feels too large, work out how many months of double costs (mortgage + council tax + insurance + ... + stress) it is and that may help.

Crashy_Time

md258 said:

I'd say lower the price. If the loss feels too large, work out how many months of double costs (mortgage + council tax + insurance + ... + stress) it is and that may help.

Good advice.

badger09

Mark00Thorpe said:

MEM62 said:

In my experience, most letting agents are poor - no matter how good their banter when trying to get you to sign up. Has your daughter considered the full costs of being a landlord, agent fee, insurances, safety inspections and income tax. If that rent figure of £400 is gross she will end up with far less than that in her pocket.      

That is gross the outlay for managing is a another nightmare

Will your daughter's mortgage lender even allow her to rent out her flat? She might get Consent to Let for a short period, but after that they will move her onto a BTL mortgage, then it would be costing her to keep it.

On balance, I'd say try to sell it, even at a loss  - at least she will know what that that loss is.  

Mark00Thorpe

Can I thank everyone for their thoughts and advice its really appericated Just to throw another idea into the mix, if I was to pay off the outstanding mortgage balance and my daughter pay me back when the flat is sold? what are the implications etc etc 

Crashy_Time

Angela_D_3 said:

lookstraightahead said:

Angela_D_3 said:

We rent out the family home when we relocated snd it was very straight forward and simple.  Even when we had bad tenants the agent just got rid of them and recovered the debts.  Don’t believe all the horror stories 

Do you still have it?

I rent out a different property,  never had an issue.  Choose the agent and the tenant wisely and all is fine in my experience.  And if it’s not fine you follow the legal process and recover what you need to.  I would never accept a tenant without a guarantor for example,  working or not 

Most tenants probably would go elsewhere IMO if you asked them that.