Judging whether to change a letting situation

Collapse
X
  • Filter
  • Time
  • Show
Clear All
new posts

  • Judging whether to change a letting situation

    I have a 4-bed property that has been let out as rooms, which is the easiest and financially safer way for me to let this property.
    (I have let it a couple of times in the past to professional sharers but never to a family, due to the style/location and no garden).

    Because it has been tough to find tenants in the last couple of years (but the property is in fine condition, near transport, shops, etc) I currently include the utilities in my tenant's rents but as I cannot charge rents higher than the market will stand, I end up making less rent and bear the utilities costs myself.

    I am otherwise very happy with the current tenants and they appear to be happy to stay and all have renewed their tenancies recently.

    However, I keep an eye on the market and have seen comparable homes where I could get about £200 more per month and also, I would not have to pay the utilities, which comes to another £150-£200 per month.

    So my question is: given the above situation, at what point do you think it would make sense for me to try to let the home as a single property, with the risks that would exist with such a change, of;

    * Not finding a new group of suitable tenants soon after the current group leave and be left with a void which I can't really afford right now.
    (About 3-4 months of being empty would wipe out any potential extra rent for the year, but currently, I would not be able to meet my costs for month 1).

    * The new tenants end up not being as great as my current group or that they end up being trouble for me.

    * That I won't get the rent that I am told I could/should get.

    As some of you may already know, I am based overseas so while I can advertise for new tenants online, I cannot meet and show potential tenants around and so I will have to use an local agent or at least a viewing agent (I found a property maintenance company that will consider doing this!).

    One part of me says don't "rock the boat" given that I have a good situation with no issues/troubles (other than maintenance things from time to time), while the other side of me sees the difference in rent and thinks, maybe, perhaps....
    Natural selection is a wonderful thing
    You shall know them by their fruit
    Saying "Never say never", says it

Latest Activity

Collapse

  • Help re flatsharing legal position!
    CatherineCarr
    Hello, I moved into a friend's flat when she moved out of London last year. It was agreed that I would pay market rate, would not need to pay a deposit, be able to bring various items into the flat, work from home, have a certain amount of storage etc.etc. I was also to share with my friend's then...
    24-07-2017, 13:18 PM
  • Reply to Help re flatsharing legal position!
    Wright76
    I think your friend Emma sounds like a bit of a plonker to be honest and I'd let her get on and deal with the problematic tenant herself.

    Any landlord that allows a tenant to withhold rent and then support them in such a way sadly deserves what's coming.

    Unfortunately for...
    24-07-2017, 22:36 PM
  • Structuring a deal - Purchase Option/Overage Agreement?
    pdmalik
    Hello,

    There is a derelict property with good potential in my area. The owner tried to sell it in a local auction few years back and did not get what he wanted (actually did but got greedy). Now he can even sell it for cheaper than what he was getting in the auction. Property has good potential...
    23-07-2017, 16:52 PM
  • Reply to Structuring a deal - Purchase Option/Overage Agreement?
    wfd_property
    So you are wanting to act as the owners agent, submit the outline planning agreement, represent the property at the national auction?

    Surely he simply signs to confirm agreed disbursements and your commission percentage?

    Are you able to say which university city this is?...
    24-07-2017, 22:25 PM
  • Tenants want to buy, advice needed
    Manchesterlandlord
    hi there

    had tenants in a property for 4 years. Looking at selling the property for various reasons and they are interested in buying but need more time to get a deposit together. Has anyone ever set up a deal like the rent to buy schemes you used to get with new builds?

    t...
    24-07-2017, 19:54 PM
  • Reply to Tenants want to buy, advice needed
    wfd_property
    Do they have a mortgage in principle? Will they show you bank statements / letters from parents to confirm that deposit is almost there?...
    24-07-2017, 22:21 PM
  • Reply to Tenants want to buy, advice needed
    KTC
    "More time" - days, weeks, months, years?

    Can you wait that time? How long would it take you to evict to sell with vacant possession? How much of a possible hit would you need to take to sell with tenant in place?
    24-07-2017, 21:44 PM
  • Freeholder Scaffolding Over My Flat
    Jcg76
    I have a leasehold studio flat with a garden in London that I rent out to tenants.
    Recently, the freeholder gave me three days notice that he was extending part of the building my flat is joined to and he would need to put scaffolding on my flat roof and in my garden. I immediately objected saying...
    24-07-2017, 21:20 PM
  • Reply to Tenants want to buy, advice needed
    nukecad
    At the moment you they pay rent and it's your property.

    With rent-to-buy you are proposing that they agree, in principle, to buy the property off you after a certain time for a price agreed now.
    And at the end of that time they can still walk away without buying.

    In the...
    24-07-2017, 20:56 PM
  • Reply to Tenants want to buy, advice needed
    jpkeates
    Just rent to them while they buy it and sell it to them as though they weren't tenants.
    Anything else is fraught.

    When the sale completes, they'll be their own landlord - so the lease will be academic.
    Give them the deposit back and you're done....
    24-07-2017, 20:28 PM
Working...
X