Dawn

Hi Guys, does anyone know if theres such an agency who covers you if you are without tenants, or an insurance company? were in the process of buying our house and hoping to be in Perth next March. thanks again everyone, you invaluble! x

chr1sarter

Dawn,
Have a look in your local property guide. In the rental section at the back, you should find agents advertising that they gurantee you rental income. We did this a few years back, but it costs. They gurantee from a certain time frame that they will pay the rental for 12 months with or without tentants. I found that they dont offer the going rate for the property and take around 35% of what they rent it out for. Its worth asking them to value the rental and see if this covers your mortgage. Our agent was called Northwood lettings. Its a franchise i believe.

Dawn

ahh thanks for that, in your opinion would you do it again??? just bit worried if have to find mortgage and rent! as you said if it covers the mortgage! x

elksa

Don't quite understand what your asking. Are you asking this question regarding renting out your UK house? If so I'm doing the same and have looked into it quite a lot. If not and it's your Oz house then I know nothing.

I'm going to be leaving my house in the hands off a property management company. They will charge me 10% of the monthly rent in return for fully manageming the property whilst we're away. They only get this money if the property is being tenanted, if they can't find a tenant for the property they don't get paid. I will also be taking out rent guarantee insurance with a compnay called homelet. They guarantee to pay the rent if I have problems getting my rent from the tenants, they will not guarantee the rent whilst it is not or inbetween tenancies. Getting a completly guaranteed income regardless of whether it's tenanted or not will cost a lot like chr1sarter says.

Dawn

youve answer my question! thanks for that. sorry I wasnt clear, yes house in essex, uk and going to perth next year, thanks alot x

chr1sarter

Dawn,
The rent they give you may or maynot cover your mortgage. it depends on how much your mortgage is. I went this route because we brought another house, so could not afford both mortgages and wanted assurance. If wanted piece of mind, then i would use this route again.

lucyloo

Hiya

I am also looking into this too and have found a company called letsure which covers rent and legal protection. Here is the address:

http://www.letsure.co.uk/pshome.htm

Only just started checking out all my options so although this looks ok, still not read all the clauses etc yet. It doesnt look like it covers when house not rented out, just if problem with tenants and also pays until you get new tenants up to a maximum of 6 months or the amount you insure it for.

We are keeping our house in the uk and then renting in oz.

We are unable to decide whether to go with a lettings agent and do it all through them with no worries and peace of mind or get our friend to look after our property.

He already rents out a couple of houses so knows the procedures. Just not happy with giving 12.5% plus vat to our local letting agent per month and then that doesnt even cover any problems with non payment or any legal protection. Therefore could get friend to do it and take out my own landlord insurance with letsure or similar.
Will research a bit more I think.

Just another decision amongst 3 thousand to make!!

Bye

Dawn

ahh thanks so much for that, ive save those details to my favorites. cheers Dawn

elksa

Homelet is another company that will provide rent guarantee insurance but only whilst the property is tenanted. Do a search for Homelet on google and you'll find them.