Moving area plan - Advice or forseeable problems please!

Jam1981

Hi,

We are looking at moving area to achieve our dream of living by the sea now our children are at uni.  We have a loose plan and would like some input to see if there are any major flaws in it.  We have never had to rent before and we have only ever bought the house we have now so have limited experience!

Our plan is to sell our current house and pay off all debts. This will leave us with approx £90k.  We would then move to the new area and rent a house for 12/18 months (by offering a landlord 6/12 months rent upfront as we wouldn't be employed) whilst we establish ourselves with new jobs.  We would hopefully have added to our remaining cash in bank to add to our deposit and then apply for a mortgage once we are employed permanently. I am in retail and my wife is self employed for the past 12 years so we don't envisage too many problems in gaining employment. Sounds simple to me(!) but unsure of the possibilty of a few things.

Firstly, what is the likelihood of finding a landlord who would accept us to rent without a job but with payment for 6/12 months upfront?
Secondly, we have 3 cats so would that be a problem regarding rental properties?
Thirdly, we haven't applied for a mortgage since my wife has been self employed so will this be a more difficult process or do we simply need to ensure she has regular work in the new area as well as records of successfully being self employed in the past 12 years?

Any input or advice is welcome please and apologies if the plan doesn't make much sense in the real world!

Irishpearce26

I don't think you will struggle to find a landlord who will accept 6-12 months rent upfront, the sticking point may be the pets which many LL wont accept. This will narrow your search but not impossible.

Plenty of people who are self employed have mortgages, usually it just requires more information but not a deal breaker.

Enjoy the sea, good luck.

arrows123

I've just got a sole mortgage as self employed. I got it through a broker which would probably be a good idea although that was only because of the current situation (my business was unaffected by Covid). I had to provide the last three years accounts. Unsure if your wife is sole trader or sole limited company director? Some lenders will use profits from accounts if limited director rather than the amount you take out as salary/dividends. 

Thrugelmir

Do some research. Seaside properties command huge premiums. Far better value can be found living inland. 

FreeBear

Thrugelmir said: Do some research. Seaside properties command huge premiums. Far better value can be found living inland. 

Some seaside properties may be fairly cheap, but there will be a reason... There are stretches of the Norfolk coast that are subject to erosion, and properties are disappearing in to the sea. Do your research..

https://www.bbc.co.uk/news/av/uk-england-norfolk-43528656

https://www.bbc.co.uk/news/av/uk-51504683

https://www.bbc.co.uk/news/uk-england-53367000

TripleH

Renting for 6 months at this time of year should not be a big issue in a seaside location (especially if offering 6 months rent in advance). We rent with 4 cats so might not be an issue.

The problems I forsee are:

1. Have you lived out of season in a seaside town? Is it a port or tourist destination?

2. How good are the access roads to the rest of the country, in some places going anywhere can be a pain.

3. How easy do you think you will find jobs? If you are highly skilled and work from home it will be a lot easier than low skilled as in tourist hotspots a lot of work is seasonal and unemployment can be high in the winter.

Depending what you want, prices may be not too bad, but with covid, you may find they are inflated as people hope for another staycation next year to generate income on their flats.

Can you also cope with everywhere being dead and depressing or packed to the rafters?

Above based on family coming from seaside town.

NameUnavailable

If you don't do it you'll always think what if........

You don't say what area/s you're looking at but obviously choosing somewhere with other towns/cities within commuting distance will offer up more job opportunities, if you need them.

robatwork

Living by the sea is a dream of many, myself included.

But have your eyes open. Generally the nice seaside towns are heaving with annoying* tourists in summer. That same town can also be dead and lifeless in winter. 

If you think of Brighton for example it is a vibrant lively town all year round. With property prices like London, and sea view property prices are like Kensington. 

Places like Norfolk or Northumberland, while they can be stunning, can also be bleak, windy and cold apart from summer. And in summer too for that matter. 

Places like Blackpool are more affordable but.....well go and live there for a bit. 

Lytham or Southport - both lovely and eye-watering prices compared to slightly inland. 

Renting is a good idea to actually see if you like living there. as long as you can stomach the house you sell today possibly going up in value by 15% in the year. 

Do you have a particular coastline in mind?
All I have written also goes for just about every country in Europe or USA too - if they're nice and popular they'll be nice and expensive. 

*Every non-resident is annoying to residents of a seaside town even if they are the lifeblood of their business

Slithery

Jam1981 said:

Firstly, what is the likelihood of finding a landlord who would accept us to rent without a job but with payment for 6/12 months upfront?

Very low. Why would a LL want to let their property to you when there is such a shortage of rental properties that they have their pick from dozens of applicants who are employed?

Jam1981 said:

Secondly, we have 3 cats so would that be a problem regarding rental properties?

This will reduce your chances of getting a rental property even further.

RAS

I'd suggest going over to the debtfree wannabe forum and posting a Statement of Affairs. Or at the very least doing one and looking at your finances really carefully.

Don't pay off your debts completely if this leaves you with so little capital; ring-fence enough to cover off a year's worth of repayments.

Even better, spend the next year really hammering the debt, clutter-busting and using every last penny gained from selling off the stuff to reduce your debt further.

By which time the mad-panic from those wanting to leave the cities for small towns and the coast may have subsided and the stayacation pressure dropped dramatically.

FreeBear

robatwork said: But have your eyes open. Generally the nice seaside towns are heaving with annoying* tourists in summer. That same town can also be dead and lifeless in winter.

On the subject of Norfolk, Gt Yarmouth has the appearance of a dumping ground for all the less desirables that the local councils have an obligation to house. Essex also has a few places that have a similar (poor) reputation.