Renting for 1st time after mortgage - Questions

tr3mor

Best advice that I would give is to find a local letting agent that you can have a decent conversation with and that you can trust.

Avoid any of the big chains. Especially Countrywide.

LittleMissAspie

gemima wrote: »

If we see a property we like and we know others are looking at it on the same day, do we just tell the agent there and then that we want it - I know renting is more high speed than buying! Secondly if we say we want it there and then do we have to put down the deposit straight away or is this done after the employment/credit checks?
What sort of questions should I be asking and is there anything I need to think about?

Demand isn't necessarily high, depends where you are. My boyfriend and I had plenty of time to think about whether we wanted this place or not. With two young children I think you would be better off considering if it's suitable for them over a day or two, instead of rushing into a decision there and then. Unless you see somewhere you really love of course. If you have not properly sold yet, then you have a couple of months to look.

We gave a "holding deposit" and credit check fees, then they did the credit checks, then we paid the remainder of the deposit. Our old one did it differently though. I think we just paid for the credit check, then gave the deposit after we'd passed.

Check what furniture and white goods come with the house. If you have any pets you will probably need permission from the landlord to keep them. Ask about parking if the house doesn't have a driveway. Ask who maintains the green areas (probably you).

Deposit is likely to be 1.5 months rent and they should put it in a tenancy deposit scheme and tell you where that is. You might want to look up the house on houseprices.co.uk to see when it was last sold and how much of the price your rent is covering. It will give you an idea of how secure you'll be.

Lavendyr

gemima wrote: »

If we see a property we like and we know others are looking at it on the same day, do we just tell the agent there and then that we want it

Absolutely - be prepared to go in and sign to reserve the property then and there if you like it and if you notice that demand for rental properties is high in your area (we waited a week after viewing before agreeing to take the place we're in now). Mind you, you shouldn't be signing the actual tenancy agreement at this point - but they will probably ask you to sign a copy of their tenants' T&Cs and to put down a 'reservation' fee which can vary between £50-£250, depending on the agency. If you're not going to move in for a certain period (usually a month or more) they might also ask for a holding deposit, to demonstrate your intent to take the property and to help fill the landlord's void during that time.

They will also want to see a couple of forms of ID (proof of ID, proof of current address) and you should have to fill out a few forms for their reference checks (many agencies use MARAS). You should also tell them at this point what date you would like to move in and provisionally agree a date with them/the landlords. The letting agency will want to arrange an inventory check for this day at a convenient time before you start to move in (so that you can go around with the inventory clerk and agree the state of the property). Any letting agency worth its salt will make sure you get the opportunity to agree the state of the property, and will also use an independent inventory clerk.

On the moving-in day, you will visit the letting agency with your first month's rent and your deposit, both of which will need to be in cash/cleared funds. At the same time you will sign the tenancy agreement - so it's a simultaneous exchange. Following that, you will either collect your keys and gain access to the property, or you will go to the property to meet the inventory clerk and conduct a check of the property & particulars with them. The inventory clerk should ask you to sign and date each page of the inventory to state that you agree with it. If there's anything you disagree with (e.g. the inventory states that the kitchen has been professionally cleaned but you find it is dirty), this is the time to point it out! Once the inventory is all settled, it's time to move your stuff in.

gemima wrote: »

What sort of questions should I be asking and is there anything I need to think about?

Obviously there's the general points you need to consider - location, area, garden, parking, gas/electricity and so on, but additionally you may want to think about the following:

- do you need appliances or space for your own appliances?
- is the landlord looking for a long-term or short-term rental?
- does the property appear generally well taken care of?
- has the landlord reacted promptly throughout the process of arranging the rental?
- do you need to pay an extra deposit for having children in the house?
- do you want to keep pets (some landlords will not permit this and you must always ask express permission)
- is anything additional included in the rent (for example, we have a gardener's services 2x yearly included in our rent)?
- is the property fully managed (i.e. letting agency takes care of everything) or do you have to deal with the landlord directly?

You should also ask yourself whether you are happy to move at two months' notice. Regardless of what the landlord says, after the end of a fixed term agreement (assuming you do not sign another fixed agreement), he or she can give you just two months' notice to find another place to live.

We have rented our current house for about 9 months now and we're very happy with the arrangement, but we had to go through the landlord from hell in our previous rental (bailiffs and debt collectors on the doorstep after him, place was left in an absolutely disgusting state when we moved in, were told 2 years but kicked out after 6 months because the landlord couldn't pay his mortgage, and so on) before finding this place, where the landlords have been responsive, helpful and very professional. A good letting agency really can make all the difference as well - the first rental I just described really was dreadful, but it was slightly mitigated by the fact that we were dealing with the agency, not the landlord directly, and they were very very good at helping to resolve any problems as quickly as they could.

Good luck and I hope you find a great place.

confused31_2

Lavendyr wrote: »

Absolutely - be prepared to go in and sign to reserve the property then and there if you like it and if you notice that demand for rental properties is high in your area (we waited a week after viewing before agreeing to take the place we're in now). Mind you, you shouldn't be signing the actual tenancy agreement at this point - but they will probably ask you to sign a copy of their tenants' T&Cs and to put down a 'reservation' fee which can vary between £50-£250, depending on the agency. If you're not going to move in for a certain period (usually a month or more) they might also ask for a holding deposit, to demonstrate your intent to take the property and to help fill the landlord's void during that time.

They will also want to see a couple of forms of ID (proof of ID, proof of current address) and you should have to fill out a few forms for their reference checks (many agencies use MARAS). You should also tell them at this point what date you would like to move in and provisionally agree a date with them/the landlords. The letting agency will want to arrange an inventory check for this day at a convenient time before you start to move in (so that you can go around with the inventory clerk and agree the state of the property). Any letting agency worth its salt will make sure you get the opportunity to agree the state of the property, and will also use an independent inventory clerk.

On the moving-in day, you will visit the letting agency with your first month's rent and your deposit, both of which will need to be in cash/cleared funds. At the same time you will sign the tenancy agreement - so it's a simultaneous exchange. Following that, you will either collect your keys and gain access to the property, or you will go to the property to meet the inventory clerk and conduct a check of the property & particulars with them. The inventory clerk should ask you to sign and date each page of the inventory to state that you agree with it. If there's anything you disagree with (e.g. the inventory states that the kitchen has been professionally cleaned but you find it is dirty), this is the time to point it out! Once the inventory is all settled, it's time to move your stuff in.


Obviously there's the general points you need to consider - location, area, garden, parking, gas/electricity and so on, but additionally you may want to think about the following:

- do you need appliances or space for your own appliances?
- is the landlord looking for a long-term or short-term rental?
- does the property appear generally well taken care of?
- has the landlord reacted promptly throughout the process of arranging the rental?
- do you need to pay an extra deposit for having children in the house?
- do you want to keep pets (some landlords will not permit this and you must always ask express permission)
- is anything additional included in the rent (for example, we have a gardener's services 2x yearly included in our rent)?
- is the property fully managed (i.e. letting agency takes care of everything) or do you have to deal with the landlord directly?

You should also ask yourself whether you are happy to move at two months' notice. Regardless of what the landlord says, after the end of a fixed term agreement (assuming you do not sign another fixed agreement), he or she can give you just two months' notice to find another place to live.

We have rented our current house for about 9 months now and we're very happy with the arrangement, but we had to go through the landlord from hell in our previous rental (bailiffs and debt collectors on the doorstep after him, place was left in an absolutely disgusting state when we moved in, were told 2 years but kicked out after 6 months because the landlord couldn't pay his mortgage, and so on) before finding this place, where the landlords have been responsive, helpful and very professional. A good letting agency really can make all the difference as well - the first rental I just described really was dreadful, but it was slightly mitigated by the fact that we were dealing with the agency, not the landlord directly, and they were very very good at helping to resolve any problems as quickly as they could.

Good luck and I hope you find a great place.

I would go for unfirnished as you dont want to be paying storage as well as rent, and at least you got all your stuff with you.

I would go for 6 months tenenancy agreement, and after that state that you would state that you would like to give 2 months notice and then be able to leave,likewise the landlord can do the same. then at least it gives you time to settle, and then when you have settled you can prepare to pounce.

I think a lot of landlords would be happy to have someone in their property for 6 months, as its garanteed money for them.

confused

gemima

Thanks all for your helpful replies - its heartening to know that others have done the same as us. Head is saying go off and rent, heart is saying stay. There are pros and cons to both. Just a quick question to those who STR, did you worry about the future and the uncertainity as well when you did it?

We fully intend to rent an unfurnished house and take our furniture with us. The property in question is slightly different circumstances in that it is in the road that I grew up in and just up the road from my parents. The people who lived there sold the property onto the estate owner of the field behind as he has intentions to build there eventually so bought this place as access if or when he gets planning permission. This of course isn't happening at the moment and there are other properties in the way too. The owner has many estates around where we live and he is using his commercial land agents rather than the usual property agent to rent it out. It is not his to live in and I would guess he bought it outright.

So, in a nutshell the area I know well and love, we like the bungalow although not seen it inside yet and the owner won't be mortgaged to the hilt nor will be looking to sell on shortly. Think we are doing the right thing......

do_it_today!

Sounds like a good plan!

space_rider

I sold to rent in 2006 but then I knew that I would be tempted to use the equity on things I couldn`t afford if I didn`t have the money in the bank. In the end I found a house to buy which I`m living in now just at the end of the 6 months. It was a bit of a worry being in a rented house with 3 children though they were all of school age. They couldn`t have the bedrooms the colour they wanted and one of the girls broke the toilet seat! That said it was nice having the boiler serviced without paying for it and knowing that maintenance wasn`t up to me. When I did get the keys to "my" house, it was a wonderful feeling knowing that it was mine and as long as mortgage is paid no one will be giving me notice to leave. It may be that you will find the house you really want at a price you want to pay, at least you`ll be able to offer on a house without having to wait for yours to sell. I also made sure this house didn`t have a chain!