New renter advice

Imelda

Hi all,

We are just in the process of selling my OH's flat and are going to rent for a while until we decide to buy. I have a few questions, would you mind taking a look?

1. How long before we want to move in will we need to start the whole process? We have negotiated 1 month between exchange and completion (our buyer is currently renting and has to give 1 month notice), is this enough time to find somewhere and secure it? We don't mind a bit of an overlap. But again I don't want to sign up for anything and then the buyer pull out (and in this market I wouldn't blame him :rolleyes: )

2. What will we need to rent a flat- ie what documents? Will we need references? Will we need those now or will the estate agent get those? They'll also carry out a credit check won't they?

3. How much in fees will the estate agent require?

4. If we offer 6 months rent up front will the landlord be likely to accept a reduction? Will this impede our rights- ie the landlord already has his money and so may not do anything should we have any complaints.

5. I read on another thread about finding out whether the landlord has told his/ her mortgage company that they are renting the property out. Is there an independent way of finding this out or would we have to take their word for it? Again this would be especially important if we paid the rent up front.

This is all I can think of for now but I'll probably be back..... bit of a newcomer to this, a bit scary how it is much easier to buy a place than rent one (well it was for me!)

Many thanks,

Imelda

pinkshoes

1. How long before we want to move in will we need to start the whole process? We have negotiated 1 month between exchange and completion (our buyer is currently renting and has to give 1 month notice), is this enough time to find somewhere and secure it? We don't mind a bit of an overlap. But again I don't want to sign up for anything and then the buyer pull out (and in this market I wouldn't blame him :rolleyes: )

- the shortest I've done it in is 6 working days, but that was moving into an empty property. I would keep your eyes peeled at the moment for properties you like that will come available for rent in a few weeks time, but don't sign anything until after you've exchanged. Already empty properties might be your best bet.

2. What will we need to rent a flat- ie what documents? Will we need references? Will we need those now or will the estate agent get those? They'll also carry out a credit check won't they?

- some form of ID (driving license, passport, and a bill in your name)

3. How much in fees will the estate agent require?

- depends. Allow perhaps £150 each depending on what they try and charge you for!!! some EAs are worse than others! Also a 1.5 month deposit is standard.

4. If we offer 6 months rent up front will the landlord be likely to accept a reduction? Will this impede our rights- ie the landlord already has his money and so may not do anything should we have any complaints.

- Depends on the market in your area, but definitely worth a try. Work out how much interest you can make on 6 months rent, then work out a reasonable reduction.

5. I read on another thread about finding out whether the landlord has told his/ her mortgage company that they are renting the property out. Is there an independent way of finding this out or would we have to take their word for it? Again this would be especially important if we paid the rent up front.

- EAs are supposedly meant to check this sort of thing. I guess someone else will know more, as they're supposed to have a BTL mortgage.

Imelda

pinkshoes wrote: »

5. I read on another thread about finding out whether the landlord has told his/ her mortgage company that they are renting the property out. Is there an independent way of finding this out or would we have to take their word for it? Again this would be especially important if we paid the rent up front.

- EAs are supposedly meant to check this sort of thing. I guess someone else will know more, as they're supposed to have a BTL mortgage.

I am a bit concerned about this as my sister rents her house out and I know for a fact she has not got a BTL mortgage. She is going to sell it when her fixed rate expires and she does not have a redemption penalty. I have just spoken to her and she said the ea advised her not to bother changing it :eek: