Looking to rent

[PlanB]

Re: Looking to rent

we need to relocate, so have decided to sell up pay off most of our debts and rent for a while
owning a property is not always the best choice if we were renting now we could of moved on within a month.

Have you considered whether it may make financial sense to become an Accidental Landlord and rent out your own home while you rent elsewhere? If the rent you could achieve on your home will cover the mortgage and a little bit more profit to help your cash flow then it could work. You can do this for up to three years before Capital Gains Tax would become an issue. It would also solve your problem of wanting to relocate quickly. You can pack up and go as soon as you have found a tenant for your gaff

That way you could hedge your bets about relocating if you feel the need to return to your old neighbourhood where you have friends and family if the new job doesn't work out.

I don't know enough about your debts (although I have peeped at some of your threads) but it may not be necessary to pay them off all at once with a drastic house sale. Why not consider a DMP or more likely whether you need to pay all these debts at all if they're unenforceable

I don't know which part of the country you live in or whether the housing market is starting to rise again in your area, but it may be worth doing some research before making the big commitment to sell your home if you could sell it for a higher amount in a few years time. Or even move back in one day.

[winner12]

Re: Looking to rent

Hi PlanB
Thanks for all your input I am in the process of CCA sending for my debts some I have already done and have been on a DMP for 3 years we have quite a bit of equity and realise the mortgage market is proving to be impossible to access .I dont want to move back once we leave but have considered renting out our house short term and are weighing up our options at the minute

[PlanB]

Re: Looking to rent

we have quite a bit of equity and realise the mortgage market is proving to be impossible to access . . . but have considered renting out our house short term

At the moment the mortgage market is impossible to access unless you have a squeaky clean credit file. But if you sell your house you may be able to port your existing mortgage onto the next property. You will be underwritten all over again but in a 'forgiving way' by your current lender if your payment record to them is good.

If you delay selling your house to buy another for three years then it's likely most of the Defaults on your credit file will have dropped off since you say you've been in a DMP for three years already which means you got Defaulted three years ago. Defaults (and the whole file history/reference) vanish off your CRA files six years from the date when the Default was first applied regardless of whether you have paid/settled the debt. Some lenders don't search back more than three years on existing customers anyway.

If you've got a mortgage I'd hang on to it for dear life

[FlamingParrot]

Re: Looking to rent

Thanks but got 3 kids in tow and was hoping to feel a bit more secure by taking on a long term let with some legal clout thought the letting agent would be a safer option having no experience with renting.

Going through a letting agent isn't necessarily a safer option, nor does it guarantee a longer term let. In fact, it can be all the opposite: letting agents look after the landlord's interests rather than the tenant's, because that's where they get their comi$$ion from. :wof:

As a result, they may well do and/or encourage things that landlords may not have thought of doing themselves, such as periodic property inspections to see how you live, as well as regular rent increases. They may draft tenancy agreements that have to be renewed annually rather than just going into a rolling monthly tenancy, include clauses that limit the tenant's ability to move whenever they want by giving 4 weeks notice, etc.

Hi just some advice about renting
Having been through a nightmare and a mountain of debt (long Story got lots of threads on here)I would like to know about renting a property . It seems letting agents charge extortionate fee`s for credit checks setting up the Tenancy agreement etc . My question is what sort of credit check do they do can they see defaults I have no ccj just my defaults from 3 years ago ,what if i paid them the fee`s and then failed the checks dont have anyone to ask to guarantee the Rental so am i stuffed at the first hurdle or can they only see public details .

Once upon a time last year, I asked the same question on another forum, resulting in a rather heated debate without definitive agreement as to what exactly letting agents see and don't see with regards to credit records. Sadly the thread has since been removed. :mad2:

[winner12]

Re: Looking to rent

Thanks PlanB
All the info you have given is very helpful will keep you posted on what we eventually accomplish