Renting advice please

Squidgy

After a year of struggling with an unreasonable mortgage we have decided to sell up and rent.

When we tell most people this they are all terribly shocked and tell us that it is the wrong thing to do etc. Trust me, this is the best thing for us right now.

Please, could some of you give us some tips regarding renting as I have never done this before.

Anything would be greatly appreciated.

Squidgy x

meanmachine_2

In today's climate it's less of a risk than it might otherwise be.

Those who are "shocked" are just worried that house prices will start rising again. Might happen, but unlikely.

Can I ask what your mortgage was/is and why it's suddenly become unmanageable? int rates are still historically low, and might be heading a touch lower over the next few months (though this isn't guaranteed).

You also have to consider moving costs, agency fees etc

best place to look for rentable property in London is loot, as they tend to be private properties, rather than through an agency, and therefore a smidge cheaper.

Kenny4315

Make sure you get a fully signed off inventory. Especially look out for things like marks on carpets, walls, furniture, etc, which the landlord tries to blame you for, often when they have already had cash from the last tenant. Be very thorough on your checking as once your in the landlord will have your bond, and if you don't notice a few can be dodgy. Check the meters Electric / Gas and have meter readings taken formally.

I think its very sensible to rent at the moment, get the mortgage off your back while it is possible to come out relatively unscathed. If you wait and the market nose-dives you could be in big financial trouble if you are currently having a struggle.

The type of accomodation will depend on family circumstances, but obviously the smaller the cheaper generally, and the cheaper the easier it is to save to get back on the ladder once things calm down in the market. If you have a load of gear, it may be worth looking at putting some into storage (depending on cost), as it would allow more scope in what is available.

Squidgy

Thanks guys

Our mortgage interest rate has gone down recently, but unfortunatly coupled with our debts it's still unmanagable.

Husband is an estate agent so he has thought that house prices are going to drop for a while (confirmed this week by the daily express who claim that the prices are going to drop by 12% in our area over the next five years).

It really bugs me when people say "Oh what a shame, you'll be paying money out for nothing" as I don't see it that way. If you only need a car for one day you don't go out and buy one do you? no you rent! (sorry poor example!).

We don't plan to rent forever just until everything is sorted and the house prices are a bit more steady.

Thanks again x

BWZN93

Im looking for a new place to rent too, so I would recommend looking at rightmove.co.uk, they usually have a good selection of properties, and a veriety of agents, as well as an email facility.

I usually take the details of the ones I like, and email the agent, telling them I like the look of x property, and this is what I like, incase they have other suitable properties.

Renting is pretty easy in comparison to buying, just make sure you find a reputable agent, find out all the information before you sign (might be worth speaking to landlord direct too, check if he is an a$$hole or not!!) and make sure you take photo's and note all pre-existing damage before you move your stuff in, as well as having agent or landlord sign to say correct.

Good luck!!

Jo xx

Pal

When you find a property you like, I strongly suggest that you pay a very small holding deposit (or not if you can get away with it) then refuse to pay anything else at all until you have seen the draft contract and have confirmed that the terms are reasonable. Your landlord will not sign until they have your references but you want to make sure the contract is going to be reasonable before paying out a lot of money.

musey

I would recommend doing some reading on renting first, especially if you are a 1st time renter. https://www.landlordzone.co.uk is an excellent resource site for landlords and tenants, look at shelter's website also as it gives excellent information on the legalities of renting. It's always better to know your rights before you begin. Your local council should also be able to provide some guides (most have some sort of "Responsible Landlord Scheme" as well). I have been a landlady for over 10 years now and am regularly learning new things as legislation and standards change.