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Anyone planning on renting out their property when they move?

Anyone planning on renting out their property when they move?

Old Jun 19th 2008, 7:16 am
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Default Anyone planning on renting out their property when they move?

We like many others on this site are struggling to sell our house. We have dropped the house price by quite a bit already but no success. I'm wondering if any other people are exploring the option of renting out their property in the UK.

The housing slump won't last forever (particualrly as we are still in a housing shortage in this country) and we are starting to think about renting the house out and then look to sell when things pick up more and its easier to sell.
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Old Jun 19th 2008, 8:18 am
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Default Re: Anyone planning on renting out their property when they move?

hi, yes we are in the same situation, pondering what to do. We are still to put ours on the market as we go out to toronto in a week to kind off make our life changing desicion. We need to sell our house to have some funds to get out there, and for me to sponsor my husband we have to have sold the house to the show authorities we are serious about moving. If i had the choice, i would probably rent my house out and wait for the market to improve. it gives you chance to find out which area is best for you in canada, without making A big commitment straightaway. Can i be nosy and ask your reasons on immigrating, i'm always interested to hear other people's perspective. thanks
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Old Jun 19th 2008, 12:21 pm
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Default Re: Anyone planning on renting out their property when they move?

Originally Posted by rgilbert
We like many others on this site are struggling to sell our house. We have dropped the house price by quite a bit already but no success. I'm wondering if any other people are exploring the option of renting out their property in the UK.

The housing slump won't last forever (particualrly as we are still in a housing shortage in this country) and we are starting to think about renting the house out and then look to sell when things pick up more and its easier to sell.
We have been in Canada for a year and our house has been rented out for the past year. We have been trying to sell it but it just won't shift so it will be rented out for at least another year in the hope the housing market picks back up again next year.

It isn't an ideal situation but the rent covers the mortgage so things are okay. We rent here in Nova Scotia but are looking into buying something here in the very near future so that we get on the Canadian property ladder.
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Old Jun 19th 2008, 2:17 pm
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Default Re: Anyone planning on renting out their property when they move?

My parents have been trying to sell their house without much success. It seems, according to The Guardian anyway, the UK housing market is not likely to be going up any time soon.

http://www.guardian.co.uk/business/2...et.houseprices
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Old Jun 19th 2008, 5:23 pm
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Default Re: Anyone planning on renting out their property when they move?

We too are in the same situation,

The e/a must also be starting to feel it now, we received a letter from them today for their new "scheme" if we were interested.

They advertise house for sale and rent at the same time and whichever comes along first we go with. Rental would be for either 6 or 12 month contract.

We have problem that we really need to get some capital from the house, so we are still pondering at the moment what to do. My concern is that we may not get enough ££ from the rent to cover the mortgage and I don't want to have a commitment that we have to send £ back each month to cover the difference aswell as rent £ in Canada.

Also concerns with management of the property/tenants etc

Saying that though, you think if nobody can get mortgages at the moment or wants to buy at the moment then this may drive up rental rates so this may work in our favour and then review situation in a year.

Our other potential thought is auction with min reserve???? Does anybody have any experience/advice of this??

Thanks, Good luck to all!
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Old Jun 19th 2008, 7:36 pm
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Default Re: Anyone planning on renting out their property when they move?

Originally Posted by rgilbert
We like many others on this site are struggling to sell our house. We have dropped the house price by quite a bit already but no success. I'm wondering if any other people are exploring the option of renting out their property in the UK.

The housing slump won't last forever (particualrly as we are still in a housing shortage in this country) and we are starting to think about renting the house out and then look to sell when things pick up more and its easier to sell.
Hi rgilbert

I'm in the same situation as you.

I'm moving to Canada soon, and put my house on the market in March this year. Although I had viewings, there wasn't much interest in the people who were 'ready to move' as they were being more picky than if the market was in a stronger situation where people were happy to accept that not everythign ticked each box....

I put it out to rent, and within a week I had a tenant (subject to ref's which I admit are still going through), so, I've remortgaged to leave me with some capital to take with me to Canada. I won't be buying so that is quite helpful, but I still have some cash for rainy days and fun days!!!

I wasn't prepared to lower the price just because the market has 'stalled', so I hope to be able to sell it at a time when the market has picked up!!!!

Bx
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Old Jun 25th 2008, 3:55 pm
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Default Re: Anyone planning on renting out their property when they move?

Originally Posted by rgilbert
We like many others on this site are struggling to sell our house. We have dropped the house price by quite a bit already but no success. I'm wondering if any other people are exploring the option of renting out their property in the UK.

The housing slump won't last forever (particualrly as we are still in a housing shortage in this country) and we are starting to think about renting the house out and then look to sell when things pick up more and its easier to sell.
Was going to exchange on my flat in London in march and the buyer (a Canadian!) asked for a £14k price drop on the day of exchange, Flat is now on a one year rental and I hope to sell it next year. Fortunatly I have enough for a deposit in Ottawa. The great tax break is when you land, provide proof on the current value of your property to customs and your house is sold and repurchased on day on landing. This will result in a capital gains tax coup when you do sell (assuming you have more than one property in UK).

I am keeping house number 2 for the kids education!

AF
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Old Jun 25th 2008, 4:07 pm
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Default Re: Anyone planning on renting out their property when they move?

Our house in the UK has been rented out for the past 5 years.

Over the course of the next couple of years it will be interesting to see if there is a deflationary effect on rental rates because of all these unsellable houses coming onto the letting market.

If I were in the UK at the moment, either looking to buy or rent, I'd be looking to flex some muscles and get an absolute bargain.

Unpalatable views to many, I'm sure, but nobody seemed to mind when it was the other way round - sellers were looking to make a killing on rising house prices.
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Old Jun 25th 2008, 5:17 pm
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Default Re: Anyone planning on renting out their property when they move?

Originally Posted by Jingsamichty
Our house in the UK has been rented out for the past 5 years.

Over the course of the next couple of years it will be interesting to see if there is a deflationary effect on rental rates because of all these unsellable houses coming onto the letting market.

If I were in the UK at the moment, either looking to buy or rent, I'd be looking to flex some muscles and get an absolute bargain.

Unpalatable views to many, I'm sure, but nobody seemed to mind when it was the other way round - sellers were looking to make a killing on rising house prices.

Not sure how you would flex your muscles on the renting front.
mortgage companies are not lending,or if they are they want 12% deposit put down. consequently people who would like to buy can't and are forced to rent.So house prices go down,and renting costs increase.
See how it works
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Old Jun 25th 2008, 5:32 pm
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Default Re: Anyone planning on renting out their property when they move?

Good point.

But there are a lot of buy-to-lets out there. As the number of properties available to rent begins to increase, many owners of BTLs are going to have to consider whether to risk having their place empty, or to reduce the margin between rental income and mortgage payments.
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Old Jun 25th 2008, 7:36 pm
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Default Re: Anyone planning on renting out their property when they move?

We have just secured a tenant for our house, got to do the reference checks first, but they are currently in rented, both work, so should not be a problem.

We were not greedy about rent, put it on at a realistic price, enough to cover mortgage, management fees, insurance and Homecare 400. The house was advertised for one week, and went on the first viewing.

OH has already rented a house in Ontario for us when we join him in August.

Rental seemed the best option for us, puts things on hold in Canada, we will not be able to buy until we have sold in the UK and that may not happen for years......

Charlie
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Old Jul 2nd 2008, 8:38 pm
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Default Re: Anyone planning on renting out their property when they move?

We have just had an offer on the house. It's less than we would have liked but not much less than the price we had in our mind that we would have accepted. The frustrating thing is that the offer we had at the beginning of the year was £22,000 more than the offer we have now. The positive is that there is no chain on their side as they are currently living in rented.

Although frustrated we are also pleased as it now allows us to start our new life in Canada without the problems associated with renting our property out. We have also a reasonable deposit for a new house in Canada. We are off for a recci/job hunting trip in a couple of weeks so if we have job offers we can seriously start planning for the move .
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Old Jul 2nd 2008, 8:40 pm
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Default Re: Anyone planning on renting out their property when they move?

Originally Posted by rgilbert
We have just had an offer on the house. It's less than we would have liked but not much less than the price we had in our mind that we would have accepted. The frustrating thing is that the offer we had at the beginning of the year was £22,000 more than the offer we have now. The positive is that there is no chain on their side as they are currently living in rented.

Although frustrated we are also pleased as it now allows us to start our new life in Canada without the problems associated with renting our property out. We have also a reasonable deposit for a new house in Canada. We are off for a recci/job hunting trip in a couple of weeks so if we have job offers we can seriously start planning for the move .
Congrats rgilbert

You can really start planning now, without the headache of the house in the UK

Good luck
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Old Jul 2nd 2008, 9:52 pm
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Default Re: Anyone planning on renting out their property when they move?

Great news. I know you may be a bit miffed that the offer is lower than you would have liked, but it does get you out of having to rent it out and all the potential problems which come with that.

If someone made a low offer on my house I would have their arm off. I am willing to take a real big reduction on my house so if anyone you know wants a bargain, just point them my way.
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Old Jul 2nd 2008, 10:46 pm
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Default Re: Anyone planning on renting out their property when they move?

that's encouraging rachel! and with no chain hopefully it'll all go through with little mishap!

we got woken at 6.30 yesterday morning by our agent calling to say we had someone interested in viewing this week. she obviously didn't get the message i left last week to say we were away for a couple of weeks!! hopefully these viewers can wait until we get back next week!
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