Any LL with properties that run on heating oil?

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    Any LL with properties that run on heating oil?

    I have recently viewed a property to rent and the property has an oil tank.

    I have been doing some research into oil prices, and compared to what we currently pay for gas there is a massive difference!

    Do LL who have properties with oil heating adjust the rent they ask for? Or if you had two properties one with gas and one with oil would you charge the same rent?

    I have not signed anything yet, but have verbally agreed to the asking price, I am not sure now if I should re-asses what I am willing to pay.

    Any opinions? or advice?

    #2
    I don't have one with oil but I do have ones with gas and another with night storage. I make no adjustment in the rent I just make sure potential tennants know what the system is. It is up to them to take it or not - but it is rarely mentioned and as far as I am aware has never been a factor in the decision - there doesn't seem to be any difference in the times it takes to let out.

    Comment


      #3
      Originally posted by moto View Post
      I have recently viewed a property to rent and the property has an oil tank.

      1 - I have been doing some research into oil prices, and compared to what we currently pay for gas there is a massive difference!

      2 - Do LL who have properties with oil heating adjust the rent they ask for?

      3 - Or if you had two properties one with gas and one with oil would you charge the same rent?

      I have not signed anything yet, but have verbally agreed to the asking price, I am not sure now if I should re-asses what I am willing to pay.

      Any opinions? or advice?
      1) When you take an average there isn't much difference.

      2) No.

      3) Yes.

      Comment


        #4
        Do you know how much oil will be provided at the start of your tenancy? Is it being provided full, half full etc? There may be a clause in your TA that you leave a similar amount in the tank when you leave the property, in which case you will have to budget for that when you move out. You will also need to ensure tank doesn't run dry, which can cause problems with the boiler, which LL will probably expect you to pay for.

        We had oil heating at home until recently, and although it is expensive to fill the tank, the boilers (if it is modern and up to date) are very efficient.

        Comment


          #5
          Originally posted by moto View Post
          I have recently viewed a property to rent and the property has an oil tank.

          I have been doing some research into oil prices, and compared to what we currently pay for gas there is a massive difference!
          So you're saying that oil is much:
          a. cheaper; or
          b. dearer?
          JEFFREY SHAW, solicitor [and Topic Expert], Nether Edge Law*
          1. Public advice is believed accurate, but I accept no legal responsibility except to direct-paying private clients.
          2. Telephone advice: see http://www.landlordzone.co.uk/forums/showthread.php?t=34638.
          3. For paid advice about conveyancing/leaseholds/L&T, contact me* and become a private client.
          4. *- Contact info: click on my name (blue-highlight link).

          Comment


            #6
            Depends if boiler is injector oil or a drip feed.

            I used to have an aga which was drip.... house was always too hot in summer as you had to leave it on constantly or dismantle the whole thing to relight, but rather nice in the winter. It used lots of oil; I worked out my bills were about 40% more than when i had a similar size house on a combi boiler.

            Remember that the oil is always slightly cheaper to buy in the summer than the winter so stock up end of summer and remember in the depths of winter some oil deliveries can take upto 2 weeks, depending where you are so you have to plan ahead.

            Make sure on the oil tank you pull the air release plunger a couple of times before you do your inital reading, as the oil level can drop over 1/4 tank!

            Comment


              #7
              Does oil 'last or is there a 'use by' date?
              JEFFREY SHAW, solicitor [and Topic Expert], Nether Edge Law*
              1. Public advice is believed accurate, but I accept no legal responsibility except to direct-paying private clients.
              2. Telephone advice: see http://www.landlordzone.co.uk/forums/showthread.php?t=34638.
              3. For paid advice about conveyancing/leaseholds/L&T, contact me* and become a private client.
              4. *- Contact info: click on my name (blue-highlight link).

              Comment


                #8
                Originally posted by jeffrey View Post
                Does oil 'last or is there a 'use by' date?
                So long as the tank is weatherproof (ie no chance of contamination by rain, leaves, debris etc) oil has no shelf life as far as I know. We used to use our heating over winter and remaining oil was fine for the following winter.

                However, I would be more concerned about theft. A number of properties local to us, including the village hall and school have had heating oil nicked recently. Its difficult to secure as even locked tanks can be drilled, and as they need to be easy to access for tankers when filling, its also easy access for thieves!

                Comment


                  #9
                  You see, those who know tell me that stored petrol goes off (jelly-like) after a time. Doesn't heating oil do that?
                  JEFFREY SHAW, solicitor [and Topic Expert], Nether Edge Law*
                  1. Public advice is believed accurate, but I accept no legal responsibility except to direct-paying private clients.
                  2. Telephone advice: see http://www.landlordzone.co.uk/forums/showthread.php?t=34638.
                  3. For paid advice about conveyancing/leaseholds/L&T, contact me* and become a private client.
                  4. *- Contact info: click on my name (blue-highlight link).

                  Comment


                    #10
                    Hi everyone

                    Thanks very much for the information and feedback, at the moment we only pay £30.00 a month for gas and this is based on actual readings not estimated, we currently live in a newish property. There are some people who are paying 60-70 per litre, and using two tanks (1200L) of oil a year which is £1440!!! Even if we half this and use one tank that is still £720 per year

                    Comment


                      #11
                      Originally posted by jeffrey View Post
                      You see, those who know tell me that stored petrol goes off (jelly-like) after a time. Doesn't heating oil do that?
                      I'm no chemist, but my hubby is in the groundskeeping business and knows petrol does "go off" when left in his machines and mowers for a long time. As far as he knows, its the additives in petrol that cause it to go bad, together with it being a far "lighter" fuel and therefore prone to evaporation. Kerosene (heating oil) is more like diesel, and less refined, so has a longer life. I wouldn't say it would keep indefinately, but as I said, over a couple of winters, we used the same oil and it was fine.

                      Comment


                        #12
                        We have a property with LPG - we give it to a new tenant full and they have to leave it full when they go. We have found this to be the best system. HOWEVER do not make the mistake we recently did - let the tenant go and handed back deposit before being sure that the invoice for the LPG had been paid!
                        Finally ensure deposit covers full tank + enough for damage to the property
                        Unshackled by the chains of idle vanity, A modest manatee, that's me

                        Comment


                          #13
                          Its difficult to secure as even locked tanks can be drilled, and as they need to be easy to access for tankers when filling, its also easy access for thieves!
                          The answer to that is the medieval solution - pressurise the tank and keep the oil heated to nearly boiling point...

                          I'm wondering if crafty T or Ls are going to start putting submerged weighted balloons in oil tanks to make them "full".

                          ML
                          Refer Mad Regulators to Arkell vs Pressdram.

                          Comment


                            #14
                            Originally posted by midlandslandlord View Post

                            I'm wondering if crafty T or Ls are going to start putting submerged weighted balloons in oil tanks to make them "full".

                            ML
                            Don't give people ideas!?!

                            Comment


                              #15
                              Originally posted by moto View Post
                              Hi everyone

                              Thanks very much for the information and feedback, at the moment we only pay £30.00 a month for gas and this is based on actual readings not estimated, we currently live in a newish property. There are some people who are paying 60-70 per litre, and using two tanks (1200L) of oil a year which is £1440!!! Even if we half this and use one tank that is still £720 per year
                              The amount of heating oil used depends on many factors;

                              These are just some;
                              1) size/type of property
                              2) efficiency of the boiler
                              3) amount/type of insulation in the house
                              4) the 'personal' level of 'warmth' you require
                              etc. etc. etc.

                              You need to make a fair comparison which will not be easy.

                              Never buy heating oil in the Winters months as you will pay higher prices such as 60/70 ppl when we have very cold weather. The smart people buy before winter, my parents bought oil for 42ppl before the winter.

                              Comment

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