64 and not a lot of captial. Should I sell my house and put money in savings?

rosabug

Herzlos said:

Culture is everywhere and London isn't a huge trek from a lot of places if you're going occasionally.

You'll get a lot more house for your money somewhere like Birmingham or Manchester, or even Edinburgh or Dundee. There's a lot better access to nature too.

What's your plan for if/when your landlord sells up or passes it onto someone else? Would the landlord let you buy it at a reduced rate given you've at least paid off his mortgage and looked after it for 25 years?

If you do need to stay renting your current place, then I'd be sticking with renting out the one you own and setting the rent above yours. I don't think you'll get a better ROI on savings.

Thanks for your comment. I can't move a long way off as I would still want to be reasonably close to my daughter. I'm also not great with the cold. The good thing about keeping the house I own is that should the landlord decide to sell I would have somewhere to go. The house I rent is worth a hell of a lot more than any reduced rate would cover. The landlord inherited a large portfolio of property from his father, I don't think there was any mortgage on it when I moved in. I know he is pleased that I am a great tenant and look after the house well. But I'm well aware that might change. 

Albermarle

I have another £30,000 across an isa and a savings account. I can't seem to save much more. I will have a state pension and a teachers pension. But that's all.

It does not directly answer your questions, but if you have been a teacher for many years and on a salary of £62K, you should have a pretty good solid pension built up.

Otherwise you could move just outside London, plenty of places that are surrounded by countryside, are pretty middle class and with good rail connections into London. Still not cheap but cheaper than Central London.

TroubledTarts

FlorayG said:

If I were you I would sell and buy a newer one that can be an EPC of C because that's going to become law soon. I did the same as you, I bought a gorgeous end of terrace never thinking that as it was built in the 1600s there would be endless problems. My current tenant is moving out soon and I'm going to sell it. I love it and would happily live there but as a rental it's a nightmare
Do you have tenants currently? Getting them out may be a problem

Let's not panic people 2030 for EPC C. 5 years is not really soon but good to mention it with the date for clarity imo 

GDB2222

You are paying only a third of the going rate for your London home, so of course you don’t have any incentive to move. The problem is that your landlord could treble the rent at any time, so this may not last forever. 

As to the seaside property, it’s purely an investment, and you don’t want to run it, so sell it and buy a different type of investment.

FlorayG

RHemmings said:

FlorayG said:

If I were you I would sell and buy a newer one that can be an EPC of C because that's going to become law soon. I did the same as you, I bought a gorgeous end of terrace never thinking that as it was built in the 1600s there would be endless problems. My current tenant is moving out soon and I'm going to sell it. I love it and would happily live there but as a rental it's a nightmare
Do you have tenants currently? Getting them out may be a problem

Is that a typo, or are you actually living in a property built in the 1600s? 

I'm not living in it I rent it out and no, it's not a typo. It's possibly 1700s though; there are no documents regarding it's build date

MobileSaver

TroubledTarts said:

FlorayG said:

If I were you I would sell and buy a newer one that can be an EPC of C because that's going to become law soon. I did the same as you, I bought a gorgeous end of terrace never thinking that as it was built in the 1600s there would be endless problems. My current tenant is moving out soon and I'm going to sell it. I love it and would happily live there but as a rental it's a nightmare
Do you have tenants currently? Getting them out may be a problem

Let's not panic people 2030 for EPC C. 5 years is not really soon but good to mention it with the date for clarity imo 

Additionally I would not be surprised if the rules are relaxed or the deadline extended as 2030 approaches and it becomes increasingly obvious that hundreds of thousands of tenanted homes either can't or won't be rated C by the deadline...