Landlord wants to sell

RAS

Are you over 50? There are some specific properties that are only available to older people. The exact definition of older depends on the provider.

Sistergold

silvercar said:

Sistergold said:

saajan_12 said:

wizzywizard65 said:

saajan_12 said:

How far is what you're paying vs what the market rent would be for a similar property? If its very low, its less likely your LL will find another LL buyer who's happy for you to stay. So either your rent would be increased or they'll be serving a S21 notice to eventually evict you. 

So you need to start looking now, and get in touch with council too. 

I am paying about £200 below the market rate and quite willing to pay a rent increase. I have been here for 18 years and all that time I have always paid my rent and never been in arrears.

Would you be willing to pay £200 higher? If so, that's the market rent, so couldn't you instead pay that to another private landlord? 

Sometimes “you know you can afford the rent” but the whole affordability test sometimes says you can not afford the rent. If they say you need to earn £xx. Sometimes one affords just by prioritising roof over one’s head but leaves you tight everywhere else. As it’s difficult to evict no one wants a tenant who is left tight on funds due to rent. 

I would have thought it easier for an existing tenant who has never been in arrears to convince their current landlord that they will pay an increased rent than for them to convince a new landlord that they can afford to pay a rent that looks unaffordable on paper.

I was not saying they should not try to convince current landlord that they can pay more rent. I was commenting on @saajan_12 who said they can pay an extra £200 elsewhere. So I was just saying a new landlord might not accept one just being able to afford an extra £200 say from savings. They will look at earnings etc. 

Tiglet2

RAS said:

Are you over 50? There are some specific properties that are only available to older people. The exact definition of older depends on the provider.

OP has said he is 60.

Murphybear

Jude57 said:

wizzywizard65 said:

silvercar said:

wizzywizard65 said:

saajan_12 said:

How far is what you're paying vs what the market rent would be for a similar property? If its very low, its less likely your LL will find another LL buyer who's happy for you to stay. So either your rent would be increased or they'll be serving a S21 notice to eventually evict you. 

So you need to start looking now, and get in touch with council too. 

I am paying about £200 below the market rate and quite willing to pay a rent increase. I have been here for 18 years and all that time I have always paid my rent and never been in arrears.

In your first post you say you can't afford the rent in the area. So which is it? If you can afford the market rate at £200 more than currently, you could find somewhere else to rent. If £200 increase is unaffordable then you need to assess what you want to do.

Eventually the landlord will be able to evict. It could take time, it will be hassle for you, but it will happen. So you need to decide what you want to do. Speak to the council, put your name on the council waiting list. Look in cheaper areas nearby. 

I can afford it if I dig into my savings but I am already doing that to pay my bills. At the moment I am receiving treatment for a serious health condition and not fit for work. I was also make redundant and have to claim Universal Credit. It is very difficult to find a place to rent when you are on benefits. When I am fit for work I will find another job... I am 60 so that's going to be another problem.

I will contact the council to put me on the waiting list but the council won't do anything till I get evicted. Some people I know have been on the waiting list for over 2 years as with most parts of England there is not enough housing to go round.

I echo the suggestion to contact local Housing Associations as well as the Council. In particular, you might want to look at housing specifically for either over-55s or over 60s. The benefits of such accommodation are that you'd have some security of tenure and have support on hand should you need it, while retaining your independence and your own front door. The downside is that, unlike privately rented accommodation, you'd need to install your own carpets and probably have to redecorate, too. You could try searching 'over 60s housing to rent near me' or have a look here:

https://housingcare.org/mobile-find-accomodation/

There's usually a shorter waiting list or faster turnover in age-restricted accommodation for obvious reasons and, depending where you are, there can be a fair number of such developments to consider. Some have actual waiting lists and some operate, like most Councils, a 'choice based' lettings system where you first have to qualify for housing, (for age-restricted housing the requirements are fairly basic) and once you meet those criteria, you have to 'bid' on available properties each week. The Council or Housing Associations should be able to walk you through their process so that you understand how it works.

This type of accommodation doesn't usually require a deposit and will usually accept Local Housing Allowance (LHA) recipients. If you're applying for LHA, remember that you will only qualify for payment up to the level of need, rather than want, so as a single person of your age, you'd qualify for the one-bedroom rate set by your Council (in their role as LHA provider) and if you want more bedrooms, you'd have to pay to top up the amount of LHA you'd be entitled to. Councils, even for age-restricted accommodation, may have strict rules on who can apply for additional bedrooms so it's worth asking about that if it applies to you. Housing Associations may have more flexibility and if you can afford their slightly higher rents, you should have more choice, though two bedrooms are the most I've seen in age-restricted accommodation for rent in my area.

If you haven't already done so, I'd recommend you check that you're claiming all benefits to which you're entitled. That's especially important at your age to ensure any gaps in your National Insurance record are kept to a minimum, so as to have as little impact on your State Pension as possible. Try completing the calculator here to get an idea of what you could claim:

https://www.entitledto.co.uk/

Good luck with everything.

We live in over 55s sheltered  housing.  Most of the tenants are 70+.  Before we moved in they redecorated and carpeted the whole place, a 3 bedroomed house.  They even asked us what colour carpet we wanted, a choice of 5.   As others have said, they didn’t want references or a deposit.  When things go wrong they get them fixed very quickly.  We had a problem with the shower and the plumber was visiting another property so came and fixed our shower afterwards.  

I think this type of property would suit the OP.  We have a massive communal lounge with its own kitchen area and it a great place to get to know other tenants and make friends.  We’ve had some great parties as well  . About 70% of tenants get housing benefit.  They have properties all over England and some, such as Bournemouth or the Isle of Wight, have long waiting lists but others have properties available quickly.

One big advantage is you don’t go through the councils to get a property, you contact the HA directly.  

Murphybear

RAS said:

Are you over 50? There are some specific properties that are only available to older people. The exact definition of older depends on the provider.

It’s either over 55 or over 60.  There’s quite a lot of these around the country.  Because older people aren’t competing with families/single parents the properties are usually much easier to get.  

dinosaur66

from a landlords perspective like me

negative points

would i want to take on a 60 year old non working tenant paying £200 below market rent at this current time

 the current landlady is excluding about 99% of potential buyers if selling with a tennant in situ

cash only buyer required as a buy to let mortgage fees and hmrc fees on interest now to expensive to make decent return if any return at all

personally i do not touch leasehold

when was the last time property was fully updated ?

this is a business / new landlord will only be intrested in numbers

if it were me in landladys situation i would give a year to move / pay for your removal out of my own pocket/ pay you lump sum as a bonus say 2k and turn a blind eye to any renovation needed

plus side

long term tenant who has never missed a payment.

saajan_12

Where are you getting half of this from?

dinosaur66 said:

from a landlords perspective like me

negative points

would i want to take on a 60 year old non working tenant paying £200 below market rent at this current time - agree, though if they increase by the £200 then all good. Pensions may kick in soon, buti f not then they might need to start looking elsewhere around the same time as a younger working tenant would be looking to move anyway, who's less settled. 

 the current landlady is excluding about 99% of potential buyers if selling with a tennant in situ 
- where are you getting this from? Around 20% of homes are rented vs 45% owner occupied (rest social housing), so on average 1/3 is a landlord. They'd be excluding 66% sure, but that's a far cry from 99%. Add to that the lack of a void period for the current LL, which might make up for a good chunk of the loss. 

cash only buyer required as a buy to let mortgage fees and hmrc fees on interest now to expensive to make decent return if any return at all  - On the contrary, leveraging makes the return better not worse. Mortgage interest is still lower than stock market returns, so I'd rather invest less money upfront and pay interest, part of which does get tax relief. 

personally i do not touch leasehold - That's the property the LL has to offer, would affect BTL and owner occupiers equally. 

when was the last time property was fully updated ? - That's the property the LL has to offer, would affect BTL and owner occupiers equally. 

this is a business / new landlord will only be intrested in numbers

Comments in line - fine if that's your (farily random) opinions but they don't gel with logic, so unlikely to affect OP's situation. 

ButterCheese

FlorayG said:

ButterCheese said:

m0bov said:

You don't have to let them into YOUR home.

It is not the tenant's home, it's the landlady's home

Please do not become a landlord...

I am one actually.  And for your information, I took in my tenants when they were evicted and had been living in a caravan for 3 months.  They had no references either.  I still charge 20% less than the going rate, and have spent over 3 grand in the last 18 months on new stuff for them.  So you don't want people like me to be landlords?  

dinosaur66

saajan_12 said:

Where are you getting half of this from?

dinosaur66 said:

from a landlords perspective like me

negative points

would i want to take on a 60 year old non working tenant paying £200 below market rent at this current time - agree, though if they increase by the £200 then all good. Pensions may kick in soon, buti f not then they might need to start looking elsewhere around the same time as a younger working tenant would be looking to move anyway, who's less settled. 

 the current landlady is excluding about 99% of potential buyers if selling with a tennant in situ 
- where are you getting this from? Around 20% of homes are rented vs 45% owner occupied (rest social housing), so on average 1/3 is a landlord. They'd be excluding 66% sure, but that's a far cry from 99%. Add to that the lack of a void period for the current LL, which might make up for a good chunk of the loss. 

cash only buyer required as a buy to let mortgage fees and hmrc fees on interest now to expensive to make decent return if any return at all  - On the contrary, leveraging makes the return better not worse. Mortgage interest is still lower than stock market returns, so I'd rather invest less money upfront and pay interest, part of which does get tax relief. 

personally i do not touch leasehold - That's the property the LL has to offer, would affect BTL and owner occupiers equally. 

when was the last time property was fully updated ? - That's the property the LL has to offer, would affect BTL and owner occupiers equally. 

this is a business / new landlord will only be intrested in numbers

Comments in line - fine if that's your (farily random) opinions but they don't gel with logic, so unlikely to affect OP's situation. 

if it were me / i can get more for the flat without the tenant in situ and sell it quicker

only people interested in situation like this will be very experienced landlords with large portfolios who will offer lot less than market value and will also be bad for the tenant as they will be hardnosed and look to maximise rent

and that is a very niche small select few of buyers.

voids are not applicable in todays market/ granted i only know the areas i rent / essex / scotland central belt ./ but if i advertised a viewing there would be 20 plus applicants in days.

300 propertys plus for sale in my town

6 for rent

and i suspect this flat would need a makeover  /updating as tenant has lived in it 18 years just natual wear and tear  would make this the norm

an example

buy to let mortgage interest last time i looked without a fix is 7.5%

a cheap property in scotland all refurbed no work needing doing.

100k cost

50k deposit

rent £700 month

interest £350 month

stamp duty £8k

solicitor 1k

management fees £84 month

property buildings insurance £200

boiler per year £100

eihc £150

council landlord register £100

repairs for year £500 average sometimes less sometimes lot more

20% hmrc relief on interest

hmrc tax bill to pay

so you have  to wait 4 years to make your first 1p profit using your model

as i said i only buy freehold

if the property needs renovating then again this narrows the field a lot as small time landlord would have to travel outside of his area and do the work whereas big time experienced landlord who i supect would be the only ones interested would have a team working for them.