Trish M

I'm just waiting for my police checks to come through before applying for professional registration and then obviously look for a job.
However my house is on the market and I'm not getting any viewings at all.

My parents have said that if I get a job offer I should go for it and they will sort out selling my house. That's all well and good but I still have a mortgage to pay plus rent in NZ.

I have considered renting it out but I know of numerous people who have been well & truly shafted by their tenants - house totally trashed, bogus references, all fittings ripped out etc. Unsurprisingly these stories put me off renting it out! There's also the faff of getting a buy to let mortgage and sorting tax out etc

Does anybody here rent out their house in UK and use lettings agents? If so, what fees do they charge?

Ideally I just want to sell my house and get rid before I go to NZ but I don't want to virtually give it away either especially as the exchange rate is so dire! Also I've noticed that the number of jobs vacancies seem to be in decline and I don't want to still be here in UK because of my house when my skill disappears from the LTSSL!!

chippy64

We sold our house but looked at renting it out. The agent offered 3 levels of management and the fee was 5, 10 or 15% of the monthly rental, depending on what you wanted them to do. Basically for 5%, they would collect the rent.
You need to contact a few agents in your area and get them to value your house and ask about renting as well - then you can find out what safeguards they have in place to protect your home should you go down the rental route.
There are a few people on here that have had their occupations suddenly disappear from the skills list, so that is something to consider.

MrsFychan

have you checked the price of other houses in your area similar to yours and made sure that its on at a competitive price? Check ourproperty.co.uk to see what other houses in your area have sold at.
As for renting we were told by a mortgage advisor at Santander that as we had no option but to rent the property out they could not force us to take on a buy to let mortgage and that we had not bought the property to rent there was nothing they could do about it and to just carry on paying the mortgage.
In the end as we managed to sell both times (first sale fell down on exchange day as the buyer lost his job) within 3 weeks of going on the market we decided to just tell the mortgage company that we were leaving the country, the buyer had fallen through but we had booked everything so had to leave, they gave us 3mths grace on payments. means the payments missed plus interest goes on when a sale does go through but does give us some breathing space to save some money if things aren't signed sealed and delivered within that time scale. Suppose if it isn't then we are back in talks with the mortgage company.
As Chippy says contact Estate Agents and just talk to them about it, it does seem there are lots more checks in place nowadays as more people are having to rent.

jmh

I rent my house out. I hired an agent who charges 12%. I deliberately chose a specialist letting agent as I had heard you get a better service. By pure coincidence I discovered they were the agents for my neighbour's house so I checked with the owner and they said they were happy with the service. They do credit checks and regular visits. I had a couple of problems before the house was let but I think this was down to one individual. When I complained to the owner of the firm it was dealt with quickly and I've had no problems since.

A lot might depend on what sort of area your house is in. I'm in Surbiton - quite pricey but with a high demand for rental properties. The rental more than covers my mortgage and fees plus I have a bit left over.

I didn't need a special mortgage but you do need landlord's insurance. Choose the level of cover you feel most comfortable with and don't try to do it on the cheap.

Most of the people I have read about who have had major problems have tried to take shortcuts or do it on the cheap. Get the professional in, pay for decent insurance and don't get in the way of the agent doing their job.

The thing that made it easier for me is that I have decided that should I return to the UK I will not live in London, therefore I don't plan to live in this house again. Taking the emotional connection away from it and seeing it solely as a business helps keep the anxiety down. That's my view anyway.

simonsi

I'm afraid the harsh truth here is it is listed at too high a price compared to comparable (in potential buyers eyes, not yours), properties.

I can appreciate this may leave you in an uncomfortable place vs equity to bring over etc etc etc (it did us), but that is the long and short of it.

So address the price, come up with a realistic "sell within 3mths" figure then assess whether you a) Can afford to emigrate and b) still want to at whatever revised equity/cash figure that leaves you.

Hoping the housing market will move up to meet you is your other course of action but leaves you with a somewhat uncertain timescale.

Jan n Neil

We had two houses (one each before we met).

We accepted that we neeed SOME money from one, so sold mine at a loss of $100,000 compared to market value, the buyer knew I was emigrating and stiffed us, but I went for the deal in the end to put a deposit on the sort of house we wanted over here in NZ. You WILL sell if you go well under what you really want for the property ....

We rented Neil's house out and still do, but to friends, plus his auntie lives opposite and tells us if there are any obvious problems. The friends have been OK, but the house is still in dire need of re-decoration which Neil may do or pay for when we are over again.

If we didn't have a very good friend renting it, we would have sold it.

Jan

KayC

Hi,
We rent our house out in the UK. Our agent charges us 10% and my dad is first port of call if there are any problems. So far so good, the only thing that worries me is when we do decide to sell it may scare off our tenants and we'll be left to sell an empty house,paying both the mortgage and our rent here in NZ - but I guess we'll just cross that bridge when we come to it.

Trish M

I've looked around and most agencies to charge between 10 and 15% for full management.
I think I'll wait a couple of weeks and speak with my estate agent if I get no joy, I'll most probably have to drop the price. I really can't see it selling any time soon though

jmh

If you are going to let, do it unfurnished:

1. It takes more of the emotion out if your stuff is not there
2. It makes it easier to handle when you sell it (not need to rush around getting rid of your stuff - especially from the other side of the world)
3. If you house is empty but furnished you have to pay full council tax.

Fishy

Jan n neil. What did the buyer do??Worried about my mum's buyer. She's told everyone she is emigrating.

chazlondon

I had friends that were estate agents and they said estate agents lie and give a house a high valuation to get it on the the books, and after 6 months they tell them how much it is really worth and tell people to reduce it to that amount.

Have you compared the price to other houses in the area

www.rightmove.co.uk

lapsed kiwi

We tried halfheartedly to sell, then rented out. Although we haven't had any major problems, tenants never look after a house very well and it will need redecorating and mostly new carpets before we sell, which will all have to be done remotely, adding to the expense. Also, although the rent covers the mortgage, it's effectively a very poor return on the equity we have tied up.
Agree with the good posts above, you shouldn't need to change your mortgage, you didn't buy to let. We told our mortgage company our situation up front and didn't have any problem or increased interest rate. There are some good deals on landlord's insurance now if you shop around. In your position, I'd sell for what's it's realistically worth, and deposit the money until the exchange rate shifts a bit; I wouldn't bring my life savings here at less than 2.25, preferably 2.5 unless you're absolutely desperate for the cash
Good luck - the North Shore is a great place to live

Trish M

My estate agents actually asked me what I wanted as an asking price and as I'd already done my research (used Rightmove) I was able to give them a figure.

I dropped the price after a while and did get a viewing but that was it. I have kept an eye on all the properties in my area and only a couple have sold in the last six months so I have decided to rent the house out. I had a valuation by a letting agency and they said they'd have no problem finding a tenant. But luckily for me, one of my work colleagues has just sold her house as she's downsizing (from a five bed) and couldn't find anything suitable.
She viewed my house and will be my tenant when her house sale completes.

Lapsed Kiwi - I've been in touch with my mortgage company and they've already told me that I if I rent the house out they will change it to a buy to let as it wouldn't be fair on their buy to let investors if they don't!!! My current deal with them runs out at the end of the month so I will be switching lenders.

lapsed kiwi

Good for you!

moonie2011

We have had our house on the market for 5yrs
We have now reduced in total £125k and despite reducing it again recently nothing in our area is selling. We have decided that if we getto NZ we will be renting it out as we really don't want to give it away.
Originally when we started the emigration process we wanted to cut all ties with the UK but as previously stated we are now looking at it as a business, making a slight monthly profit, then as the market recovers we will sell at a more realistic price