Guest andy&jill

Renting house in the Uk

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    Guest andy&jill

    Wondering how many people have had to rent their house back in the Uk to move to adelaide, not as a safety net but mainly because they couldnt sell, how do you get on with the morgage on the house.

    How have you found the whole experiance tennants, problems that may arise etc.

    Cheers

    Andy

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    Hi Andy, we've rented our house in the UK (we actually rent 2 houses out), 1 was our first home and we have good tenants in there, so no problems for the last couple of years, but the house we left behind has been a nightmare and we came to an arrangement with the tenants to get them to move out, you need to have a really good agent who understands your situation that you trust to do the right things for you or friends/family who are able to act on your behalf, we have a really good family who are looking after our best interests and luckily have secured us our next tenants, oh and remember there are tax implications and you should get your mortgage companies approval to rent it out, it can be a bit of a headache but could also be financial rewarding. Good luck and remember tenants never look after the house the way they would if they owned it !!! Debbie

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    Guest guest8040

    We are doing exactly that because we haven't been able to sell and we leave in April. Our mortgage payment as it stands was more or less the same as our projected rental income so we started the search to secure an alternative mortgage that would allow us to let the house and release half the equity. After quite a stressful process (pm if you want details) we eventually secured a buy to let mortgage. All I would say is it's not as easy as it seems but it can be done with a good mortgage advisor. We have been very lucky to get a recommendation of someone to manage our property who does so privately as I wasn't keen on using an agent as I've heard too many bad stories. This guy is ex-police officer and takes no s**t apparently. We certainly are not going to make any money off our house but rental income should mean it looks after itself with money put by if repairs need doing. Just hoping it isn't an extra hassle when we're trying to move on with our lives but renting it out is the only way we can follow our dream! Good luck!

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    Guest Xhako

    Hiya, I have a flat I rent out and it is a nightmare, you could get good people and you could get idiots, if we can't sell we are going on an interest only mortgage for our current home until the place goes... No way am I risking renting! If we decide to stay in Aus then I will sell my flat too and buy something over there along with the money we make on the house. It's not just worrying about them not paying rent, it's damage / wear and tear to the property, getting fire certs sorted, insurance, tax returns, getting them out if they don't pay, I would rather eat my own feet than go through that on top of everything else!

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    Guest guest8040

    Yeah but to be fair some people don't have that luxury - like us! Interest only mortgages are very hard to come by now, many of the major lenders have pulled them last year and it is predicted they will become a niche product. With regard to all the worries you mentioned I feel slightly relieved to get quotes sorted for landlords insurance today which covers damage done and non payment of rent. Plus 2 girls I know in Adelaide rent their UK properties (6 months in) and have had no issues yet so it can be a positive experience!

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    Guest andy&jill

    Thanks for the comments guys, sounds like a nightmare if you get a bad tennant, suppose you all prey for the perfect tennant

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    Guest Guest6899

    Ours is still rented as we couldn't sell, we have an estate agent as our agents and so far no problems. We have lost a couple of tenants due to having no central heating (we have storage) which incurs costs but luckily so far no problems.

     

    Lisa

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    Hi, we've rented ours out and so far it's been quite straightforward. There's been a couple of issues with the boiler but have been easily resolved and it runs itself once you get all the things in place to let it out like insurance, mortgage consent, boiler inspection certificate. One of the best moves we made was to get a British gas home care policy in which you pay monthly should anything go wrong with boiler, electrics etc in the house, then its all Automatically repaired and fixed within the monthly payment. We've had to use this once already and is Definetly a good thing as it gives you peace of mind if anything goes wrong you have a mechanism in place to correct it without the scare of huge bills from oz :))

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    Before getting a buy to let mortgage with their associated interest rates try writing to your current lender and getting their consent to let out the property. I did this and had to pay an admin fee but they gave consent for the life of the mortgage and didn't increase the interest rates.

     

    We have had the same tenants for almost 4 years and no issues at all. I carefully selected my estate agent for managing the rental. We had lots of applications but they picked through them and did the credit checks, put the residential tenancy in place etc. Our agent also organises the Gas Certificates every year, does inspections and organises any workmen for repairs (we have only had a couple of minor things - we've agreed a limit above which they contact us for our consent) - I've found that they have good contacts and at reasonable rates.

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