haggis supper

Our new tenants, due in next Monday 15th, pulled out on Saturday morning and left us up sh1t creek. We are due out of here next Friday 12th and obviously now have no time at all to get new people in. I assumed there would be a small consolation in that we would at least be entitled to their deposit or part of their first months rent. Sadly not. The Estate Agent had taken no money and had not received the signed Tenancy Agreement. From conversations with other agents this is standard practice, money only exchanges a few days before move date.

I'll now be insisting on an immediate deposit.

Alan & Sonia

We are waiting to hear from a friend of mine who came to the house today with a view to renting for 12 months....and paying it all up front!!!!!
Fingers crossed for a satisfactory conclusion tomorrow.....will keep you posted...at least if he says yes we can hopefully move in about 4 weeks. :scared: :scared:

Chris Mitchell

This is something we areinterested in have you had to notify your lender and if so are they charging you a higher interest rate??

good luck to both of you

Chris

Pomster

You do have to notify your lender, and depends on your circs and the lender as to whether the charge increases. Mine has not changed to a buy to let (because I initially was only here temporarily!) but a friend's has. You also have to take out landlord's insurance, and complete a form for the tax office to receive income tax free. A good agent will take you through all of this.

Ozzidoc

I had to pay £110 to my mortgage provider for permission to let, which was valid for 3 years. There were a few rules, such as "must be managed by a registered real estate agent".

I had no increase in interest rate, nor did I have to have any additional or different insurance.

It's stressful, but worth it!

Best wishes

tropicofcancer

We were lucky, no mortgage, as I took early retirement. Go to a good Estate Agent, the first one we had did nothing, and it turns out our house was sub-let to three families. Of course it got trashed.
We went to a larger firm of Estate Agents and although they have high charges, they select tenants most carefully, and after a let of 2½ years, it was re-let with my sister joining the Estate Agent representative for a look see of the property.
Be sure the tax man will want his cut, and you should fill in some forms before leaving the country. Call in your local tax office to do this. Caution the tax office will accept no responsibility for any advice given to you, sad but true, they only work there.
GOOD LUCK WITH YOUR MOVE.

Mrs Jackaroo

Do you mind if I ask which company you have your mortgage with please? We're currently with The Staffordshire BS (now Portman) and they've quoted on extra 1% to change to buy to let :scared: . We're looking at changing our mortgage before we go (if it doesn't sell soon) to get the lowest monthly payment possible. Any advice very, very much appreciated!

Jonahs_mummy

Sorry to hear about that - hope it all works out.

Alan & Sonia

A good friend is letting it so we will see for a while before we say anything to our building society, we plan to sell once his lease is up and he has paid it all up front.

haggis supper

We arew with the Woolwich and they simply charged us a £100 admin fee to for the paperwork involved. Money for nothing but at least there was no hassle involved. I'd ask your mortgage lender why most other folk can simply seek approval from their mortgage company and ask why they feel the need to charge 1%. If necessary threaten to move your mortgage unless they are more flexible.

Good luck - it's more hassle that you just don't need !

Mrs Jackaroo

Thanks for that - I'll give them another call tomorrow I think and have a chat!!

Pomster

out tax accountant and financial advisor said the bigger lenders - HBOS, HSBC, Barclays etc are more used to borrowers moving away/abroad, so tend to just charge an admin fee. The smaller ones (ie building socs) are more cautious and charge an extra percentage for lending.

flip

We're also with the Woolwich but big problem is you need enough in rent to cover the mortgage and we can't get this much - any hints?

Mrs Jackaroo

Thanks very much! I'll look into this tomorrow and give a few of the big names a call!

Cheers - very helpful!

Mrs Jackaroo

]

Any chance of you extending the term of your mortgage to bring your monthly payments down? We did this last year and was only charge £50 to change it from 18 years to 25 years. We'll be doing whatever we can to reduce the payments. I'm not too bothered about how quickly the mortgage is paid off - just want to make sure the rent covers it plus all other costs.

HTH