Don't forget on the job front that nurses/midwives/doctors are in demand. You will have a job to go to even if this one does fall through. I am sure friends of mine have gone over 2 yrs later than originally planned!!!!! So I am sure a few more weeks won't make too much of a difference. Is there no agencies that will buy your home? There seems to be loads popping up here, willing to buy at the full valuation, not worked out what the catch is yet though, might not even be one. You could arrange an open day/weekend with your estate agent and see what offers you get. If you can afford to ask for less than what you are trying to sell for there is always an auction, you can put a reserve price on it. All lots of work and time involved but may be worth it to make a clean break. What about offering estate agent a cash bonus/incentive to sell the house within 8 weeks.
Good luck with it all, I am dreading getting to this point with our house, I know it will happen, its the same everywhere I think.
So sorry to read this Tracey & Pete,
Originally Posted by Trakki
Keep your Chin up, it will happen in the end I'm sure.
Good luck to you.
we took the risk and moved without selling, now we have no choice but to rent, after a very stressful call to the monkeys at barclays last night, we found out that we have to apply for permission to rent and it will cost us £100. wish i hadnt said anything but we have a guarenteed rental for 2 years with the council so suppose we have to let the mortgage company know. i want this nightmare to end
Got to agree with Gill on this one
Originally Posted by cunnah10
The only reason a mortgage lender wants to know is just in case you default on your payment and they have to repossess the house, this is hard for them if there are tenants there that have proof of paying their rent
Have sent you a pm about this Tracey
We rent our house out in the uk and we had considered telling the mortgage lenders(Halifax) we phoned up to ask more and they wanted quite a bit of money!
In the end we asked our independent mortgage advisor and he said as long as your mortgage is being paid they dont really bother. We also have our house and contents insurance with them and its the same insurance they use for landlords. We were told the insurance company told have access to check up on your mortgage details if you change your insurance to landlords if you use the same company. We were told that most people dont really inform them. However it is always a worry so its what suits you best.
Originally Posted by Trakki
We moved to Malaysia 3 yrs ago and I rented my house. I did let my mortgage company know, only for peace of mind really, as I had heard some horror stories, as you do with most things. Anyway, there was no charge, and they said they would agree to 1 yr. Plus I was required to get an agency. If there were no problems in that year, then I could continue. Which I have done. I also got landlords insurance, which worked out cheaper than my other house insurance.
I guess it really depends on your situation. I was happy to get an agency to manage the house, as I have no family in the UK and although they charge a fee (10%) I think it is worth it. They do everything for me and to me that is one less worry. The rent covers the mortgage, insurance, plus the agency fee and there is still some left over.
That said, as others have already said, you need to do what feels right for you and what suits your situation.
I wish you all the best.
Thankyou everyone, we are still in 2 minds of what to do, we are looking at selling at knock down price to investers but they are not even offering enough to cover the mortgage. I don't think I will tell the mortgage comapny as they are bound (with my luck) to say no!! Can anyone gove me any names of landlords insurance companies that they have used. Also got to find an agent. is the landlords insurance as well as your builings and contents or instead of?
Tracey some insurance companies don't even insure a property that is being rented out. Your company may be one of those. In that case you would have NO cover. Don't put yourself in such a dangerous position. Let all interested parties know what you are doing. It might cost you more but it's not worth the risk.
Ok the landlords insurance was done via the agent and this is instead of your current building and contents insurance. This usually works out cheaper. You won't need contents insurance, as it will be someone elses stuff in the property, that is up to them to get. I left my house empty, but if you are leaving furniture in the property, you will need to make sure it has had safety checks and this does cost, hence the reason I left mine empty. I know some might say don't bother with this, but should there be an accident, such as an electrical fault, as the landlord, you are actually liable.
If you have decided to get an agent, then check out the ones in your area. Ask what their % is, usually 10 - 15% of monthly rent, also ask how many times they visit the property, if they have a waiting list for rented property, no use going with an agent if no one looks at their property. They should also have their own DIY man as such. Say a washer goes on a tap, you would expect them to get it sorted for you, not contact you and then wait for your instruction.
Hope this has helped.
Really sorry to hear that your sellers have pulled out.
We have a very good friend who is a Estate Agent in Gainsboro'. If you wanted I could ask him to give you a ring to discuss things. I know he is in contact with a few investors. You never know he might be able to think of something else?????????????
And again, really sorry to hear your news.