Rent with no income but large savings - Renters rights laws ?

fistfulofsteel

Is it possible to use a guarantor service in this situation? Perhaps paying them upfront as an alternative to paying the landlord? I also worry about ending up in this situation.

BlisteringBarnacles

WIAWSNB said:

Wow! That Michael Crofts is a piece of work!
How staggering cynical can a person be.
Of course LL's must be concerned about their new tenant, just as tenants worry about the calibre of their LL. But still - wow. He has a 'point', it has some merit, but in the scheme of things it can surely barely register as an additional risk. I suspect it says more about him than anything else. And, should his 'self-made' tenant actually turn out to be as he suspects, he'll know he is worth chasing for any loss, as he does have the money!
Dearie me. 
You are absolutely right - if you were to buy instead of renting, but then find out it was a 'mistake' for whatever reason - bad neighbours, buyer's remorse, whatever - then to escape is going to be more prolonged and difficult than for a rental, possibly/probably coupled with a loss (certainly of the buying & selling expenses). 
But yet, the overwhelming number of folk would still choose this route! It's not just for the overall financial benefit, but for the security, and the feel. The latter isn't just an aspiration, but I suspect is pretty innate to the human psyche. I know it is for me - I still recall my first purchase, a top floor flat, and how it felt, how much it meant to me. I could do stuff to it, make it my own. I looked forward to coming home to it. 
You are clearly far more international, and your options are huge. And, you don't need the 'security'. Whereas for most of us, we try and narrow down a street, or area, or a town, or a county, you are pondering different continents.
Perhaps, then, the actual physical 'home' means that much less to you? 
As I suggested before, if you plan a viewing of one of these dreamy properties, and the thought of owning it as you look around it doesn't provide an additional tingle, then I guess it's 'rent'! The potential cons of buying could override the pros. 
But if you discover it matters, it feels different, it adds something important, then you know it can be done. 
And worse case scenario would be you need to sell and move sooner that you otherwise would, with all the hassle that would involve. But there is also the option of handing the keys to a decent rental agent, and still walking away - but knowing it remains yours. An investment.
I doubt you'll make a decision any time soon, but please do update us if you can
All the best.

Terrific response again, thanks for taking the time to provide this feedback. Well made points. The point about security makes sense. Most people would want to settle down somewhere and call it their home. 

But there is another angle to this : I always thought that in developed countries, the basics would be always affordable (and hence not an investment) : basics meaning food, clothing, shelter and perhaps healthcare. In years past, this was indeed the case. As a graduate student in the US (post-graduate in UK terminology) in the early 90s my meager stipend (with tuition fully paid) was enough to provide a comfortable life. I couldn't afford luxuries like going to the theatre or fine dining but I could afford healthy fresh food, non branded attire, and good quality accommodation with air con. There was no need to rush out and buy property. I believe it was the same in the UK in the 90s. 

In Indian cities however, even back in the 80s and 90s you didn't want to be at the mercy of a landlord. My parents absolutely wanted the security of their own home. I thought advanced capitalistic economies had solved this problem. It certainly appeared to be the case in those days. But its a huge problem now in all developed nations except Japan. In UK, US, Canada, Australia, Ireland etc I suppose the security of your own home comes first before you even think about stock market investments. 

BlisteringBarnacles

fistfulofsteel said:

Is it possible to use a guarantor service in this situation? Perhaps paying them upfront as an alternative to paying the landlord? I also worry about ending up in this situation.

Not sure. 

There is a facebook thread as well (not by me) on the same topic. As per the property118 thread, landlord insurance referencing may be a problem. Mr.Generous also mentioned the same earlier on Page 1 of this thread. Perhaps some kind of paid service at extortionate prices may come up.

https://www.facebook.com/groups/epicretire/posts/1844129776524352/

WIAWSNB

BlisteringBarnacles said:

WIAWSNB said:

Wow! That Michael Crofts is a piece of work!
How staggering cynical can a person be.
Of course LL's must be concerned about their new tenant, just as tenants worry about the calibre of their LL. But still - wow. He has a 'point', it has some merit, but in the scheme of things it can surely barely register as an additional risk. I suspect it says more about him than anything else. And, should his 'self-made' tenant actually turn out to be as he suspects, he'll know he is worth chasing for any loss, as he does have the money!
Dearie me. 
You are absolutely right - if you were to buy instead of renting, but then find out it was a 'mistake' for whatever reason - bad neighbours, buyer's remorse, whatever - then to escape is going to be more prolonged and difficult than for a rental, possibly/probably coupled with a loss (certainly of the buying & selling expenses). 
But yet, the overwhelming number of folk would still choose this route! It's not just for the overall financial benefit, but for the security, and the feel. The latter isn't just an aspiration, but I suspect is pretty innate to the human psyche. I know it is for me - I still recall my first purchase, a top floor flat, and how it felt, how much it meant to me. I could do stuff to it, make it my own. I looked forward to coming home to it. 
You are clearly far more international, and your options are huge. And, you don't need the 'security'. Whereas for most of us, we try and narrow down a street, or area, or a town, or a county, you are pondering different continents.
Perhaps, then, the actual physical 'home' means that much less to you? 
As I suggested before, if you plan a viewing of one of these dreamy properties, and the thought of owning it as you look around it doesn't provide an additional tingle, then I guess it's 'rent'! The potential cons of buying could override the pros. 
But if you discover it matters, it feels different, it adds something important, then you know it can be done. 
And worse case scenario would be you need to sell and move sooner that you otherwise would, with all the hassle that would involve. But there is also the option of handing the keys to a decent rental agent, and still walking away - but knowing it remains yours. An investment.
I doubt you'll make a decision any time soon, but please do update us if you can
All the best.

Terrific response again, thanks for taking the time to provide this feedback. Well made points. The point about security makes sense. Most people would want to settle down somewhere and call it their home. 

But there is another angle to this : I always thought that in developed countries, the basics would be always affordable (and hence not an investment) : basics meaning food, clothing, shelter and perhaps healthcare. In years past, this was indeed the case. As a graduate student in the US (post-graduate in UK terminology) in the early 90s my meager stipend (with tuition fully paid) was enough to provide a comfortable life. I couldn't afford luxuries like going to the theatre or fine dining but I could afford healthy fresh food, non branded attire, and good quality accommodation with air con. There was no need to rush out and buy property. I believe it was the same in the UK in the 90s. 

In Indian cities however, even back in the 80s and 90s you didn't want to be at the mercy of a landlord. My parents absolutely wanted the security of their own home. I thought advanced capitalistic economies had solved this problem. It certainly appeared to be the case in those days. But its a huge problem now in all developed nations except Japan. In UK, US, Canada, Australia, Ireland etc I suppose the security of your own home comes first before you even think about stock market investments. 

You are right - the housing situation in this country is bonkers. 
I can't say I understand how it works, how it's still seemingly affordable for so many, at the expense of others. It clearly is, or else prices wouldn't continue to go up. 
Huge number of new homes going up around here, but £250k will only buy a tiny 1-2 bed semi or terraced. Could I afford even that if starting out as a teacher these days? I can't see how. 
I don't even know if it was triggered by the right-to-buy meaning many folk no longer had affordable homes available to them. But that's all a bit 'political' in any case!
But, we have what we have in the UK, for both better and worse. 
For the vast majority, they would still aspire to ownership, for the two big reasons - financial security and the emotive feel of your own home that you 'cannot' lose. (So, 'security' x 2).
It is undoubtedly why many folk stretch too far to achieve this, and sadly find they've damaged their security when they cannot afford the mortgage repayments.
You are clearly in a position where you haven't even settled on a country. In which case, renting is eminently sensible. 
I just wished to point out the advantages of buying over renting. They are the two mentioned previously; security and security, financial, and not being turfed out.
And the emotive! 
I'd love to hear your thoughts if you viewed one of the character properties! Please do feed back if you do this. How did it feel to think this could be 'your home'?

silvercar

We spend fortunes in this country on style and decor. In some European countries, people rip out kitchens when they leave, so have less attachment to them. Renting has the image of not being allowed to put a nail in a wall, so you can’t even hang a picture. So renting always seems very transient. Ideal for those who aren’t ready to commit to put down roots in any one place.  So as well as the ability to make your home your own, buying gives you the ability to personalise your home.

 There is also the security of not being required to move at a few months notice. The new renters rights bill may help, but if a landlord is selling up (ironically a by product of the introduction of this bill, together with tax changes now and over the last few years) your property is still at risk. 

Then there is the question of what you do in retirement. Ideally you don’t want to be forced to move home too often, particularly in your later years.  Finding a rental may be harder on a pension income- even if you have money - as this thread shows. Living off a pension may be fine if you don’t have rent or a mortgage to pay, but harder if you still have housing costs.

BlisteringBarnacles

WIAWSNB and silvercar : Excellent replies. The "transient" word is a good description of my life. I try to avoid  accumulating large possessions and like being portable and ready to move. Yet I rarely move. Something to do with aversion to commitment. Only a therapist can get to the bottom of this. Beyond the scope of this thread.

The point about security (financial and as an abode) is a very valid one. 

I didn't know about Europeans taking out the kitchen with them ! Bizarre. Learnt something new, thanks  

carefullycautious

What about an over 55 flat rented from a Housing Association. Anchor, Midland Heart, Clarion etc. Some show available flats they have now vacant.

You would have a secure tenancy after a while. And if you then decide in 5 plus years its not for you you can move on. Just a thought?

Herzlos

BlisteringBarnacles said:

WIAWSNB and silvercar : Excellent replies. The "transient" word is a good description of my life. I try to avoid  accumulating large possessions and like being portable and ready to move. Yet I rarely move. Something to do with aversion to commitment. Only a therapist can get to the bottom of this. Beyond the scope of this thread.

The point about security (financial and as an abode) is a very valid one. 

I didn't know about Europeans taking out the kitchen with them ! Bizarre. Learnt something new, thanks  

In Germany, at least, the landord has more liabilities regarding maintenance if a kitchen is provided, so you rent without a fitted kitchen and need to fit it yourself. Renting is a lot more stable though. 

Herzlos

BlisteringBarnacles said:

Posts like these below make me think long and hard before making a purchase. But as a lifelong pessimist these are the points that come to my mind first

https://www.reddit.com/r/HousingUK/comments/1pqoczi/i_regret_my_new_house/

https://www.reddit.com/r/HousingUK/comments/1pql6ep/ftb_bought_a_mid_terrace_it_is_a_nightmare_due_to/

You're going to find horror stories about anything, though when buying there's definitely a higher risk just due to how slow it can be to move compared to a rental. But most people don't regret buying. 

If you're not tied to any particular city/region, then you can always buy a smaller place somewhere a lot cheaper to minimize the risk.

BlisteringBarnacles

Herzlos said:

If you're not tied to any particular city/region, then you can always buy a smaller place somewhere a lot cheaper to minimize the risk.

Thanks. The few friends I have are here in the SouthEast where I have lived a long time. Not easy to make new friends as you grow older. Having said that, I loved it up north when I visited Liverpool on business. Amazing people. Incredible city too. But too cold and healthcare is probably better in the southeast with Princess Margaret Hospital, Windsor, and Harley Street London etc. I'll always find something to hold me back