In a pickle

[Guest patsmb]

We have booked flights and furniture back to the UK thinking a family member was going to buy our house

That though went right out of the window when the loans manager at the bank said he and misinterpreted the conditions of the loan that was going to be applied for

We are devastated as it was back in September he gave us the info and we have waited ,as we were told to do , so that our grandson had time to get his deposit saved

We now have to out the house on the open market and face the prospect of leaving it empty over summer

We do have family members who will keep an eye on things but as anyone knows a garden can die in a couple of days in January

thinking should we rent it out short term or just hope it sells quickly

Has anyone experienced letting a property of say 3 months at a time until we see what happens ?

[Keith & Linda]

We just bought a house (downsizing) we just liked the house and location so had to get it, but we were not really ready to sell ours with going away for 6 weeks at xmas, so we asked the selling agent (also a rental manager) to find someone for a 6 month term but to ensure they tell the tenant that's what it is and doubtful if it will be extended, they said it would be no problem and had some one in with-in 2 weeks of my purchase, mortgage covered so I am one happy chappie, keeps her indoors of my back too!. So it is possible good luck!

[Guest Guest75]

I would certainly not let your property out for only 3 months - the logistics of cleaning and re letting would be horrendous!!!

 

Cheaper to leave empty!!!

[Toni]

I would rent it as it might take longer than 3 months, especially over this Christmas holiday period coming up. Get an agent to manage it for you that might make it easier for your family as they probably won't be able to manage any queries about maintenance etc and they will also check that the place will be left in a similar condition to what it was found. The problem would be that your tenants might not be happy about having open inspections and the house might not be shown in as good condition as you might have it. But if you are up front about that with the tenants when you rent it to them then they might be ok about it. If you can afford to pay someone to look after the garden that might be a good idea because you are right it won't take long for the garden to die.

[Diane]

Can you do some kind of 'rent to buy' arrangement with the family member so they rent it while waitiing for a different type of mortgage to get approved?

[kadina]

I would try and get a tenant personally say for 6 months as it would be more appealing that 3 could be as a holiday rental or normal rental, the cleaning costs would normally come out of the bond and the rental agents will charge a lot to set it up with a tenant for sure and have ongoing costs but you don't really want to manage it yourself from the UK, you'll also find agents over here a complete waste of time but at least you get the rent when you have one and have no hassles, be properly insured I can recommend a good insurance company for rentals if you can find a tenant yourself you could maybe cut costs and at least you will know who you are getting, but the agents do thorough checks but that doesn't mean they are gonna be a good tenant leaving it empty is not really a good option as far as security goes I don't think anyway good luck

 

 

We have booked flights and furniture back to the UK thinking a family member was going to buy our house

That though went right out of the window when the loans manager at the bank said he and misinterpreted the conditions of the loan that was going to be applied for

We are devastated as it was back in September he gave us the info and we have waited ,as we were told to do , so that our grandson had time to get his deposit saved

We now have to out the house on the open market and face the prospect of leaving it empty over summer

We do have family members who will keep an eye on things but as anyone knows a garden can die in a couple of days in January

thinking should we rent it out short term or just hope it sells quickly

Has anyone experienced letting a property of say 3 months at a time until we see what happens ?

[Guest Claire-n-tel]

Hi Pat.....i know its not the "english" way of doing things but sounds like your family member should see a mortgage broker, they will know what bank and what loan is best,

 

There is No charge to the person to use a broker, it won't end up costing them any more and they will quite possibly end up saving money as they will have the best loan suitible to them.

 

Besides which if they go into lots of different banks applying for mortgages he will end up with a "busy credit file" and will then probably be turned down for anything.....

 

Oh and no i am not a mortgage broker!! (but pm me as i can give you details of an excellent one)

Edited November 26, 2013 by Claire-n-tel

[Guest patsmb]

Hi Pat.....i know its not the "english" way of doing things but sounds like your family member should see a mortgage broker, they will know what bank and what loan is best,

 

There is No charge to the person to use a broker, it won't end up costing them any more and they will quite possibly end up saving money as they will have the best loan suitible to them.

 

Besides which if they go into lots of different banks applying for mortgages he will end up with a "busy credit file" and will then probably be turned down for anything.....

 

Oh and no i am not a mortgage broker!! (but pm me as i can give you details of an excellent one)

Thanks for all the input but we have seen a broker - luckily as it was him that gave us the correct info in that our grandson can not get a big enough mortgage on his own to buy our place

the loans manager at the bank told us back in September that our grandsons partner who is on Centrelink youth start could be included on the mortgage-application gave us calculations etc and we were going to arrange an application with him on 28th November

We were within a hairs breath of paying to have the contract drawn up

luckily we spoke to the mortgage broker last week as it would have been another week wasted

on renting I think maybe we will see how our first open inspection goes and take it from there

We do have plenty of family here who will look after the house if we have to leave it empty as our sone lives 5 minutes away

[Guest patsmb]

I would certainly not let your property out for only 3 months - the logistics of cleaning and re letting would be horrendous!!!

 

Cheaper to leave empty!!!

Playing it by ear and your probably right our house is well presented and we would like to keep it that way

down side is we have a lovely garden and could loose it in a couple of days in the heat

I think I should contact the loans manager who gave us the incorrect info and tell him to come and water !

trying to be positive and lucky we have adult garndchdildren who will help as well as our son

[Guest Guest12727]

When we were first in Oz, we had a 3 month rental. It was great for us as it was central to the city and gave us the time to work out where we wanted to base ourselves. It was let through an estate agent, so we paid the usual bond etc and as it was empty, we had somewhere for our container load of furniture. We were responsible for maintaining the garden. We left it in the same state we rented it in, and had our entire bond returned.

 

I think there is definitely a market for this length rental, and if a good rental agent is used, you would be unlucky to have any major issues.

[Guest patsmb]

When we were first in Oz, we had a 3 month rental. It was great for us as it was central to the city and gave us the time to work out where we wanted to base ourselves. It was let through an estate agent, so we paid the usual bond etc and as it was empty, we had somewhere for our container load of furniture. We were responsible for maintaining the garden. We left it in the same state we rented it in, and had our entire bond returned.

 

I think there is definitely a market for this length rental, and if a good rental agent is used, you would be unlucky to have any major issues.

Might be feasible as apart form anything else there is a 9 metre x 5 metre shed that would take a huge amount of furniture will give that some thought