How are the landlords doing? .

[TRINITY]

1 minute ago, henry d said:

Which is why I find it hard to understand why I some landlords who have property empty, some for a significant time still don't want anything to do with a month or two of rent from someone with the readies. By the time we are gone everyone will be out of lockdown and hopefully there will be a bit of movement.

The reason being is a total lack of trust. Once you are in they know how hard it is to get you out.  

You could always be upfront ,tell them you agree to a 6 month tenancy and ask if you leave early if they would give you a rebate. From my own experience of trying to buy property in the UK right now ,it wouldn't surprise me if you will be waiting for far longer than a month to get your deal finalised. 

Another possibility if you are certain you only need a few weeks is an holiday let. Hundreds empty at the moment . Ok they are more expensive but for longer stays will always do a deal. 

[Fatcatsplat]

I'm slightly on the bitter side of this one - Investing in a property to get rental income was very popular a few years ago and you got tenants because councils, by and large, didn't have enough housing to go round and it was a long term easy buck to buy a cheap old house, paint it and rent it out. Everybody with a couple of quid watched Homes Under The Hammer and piled in - House prices/rental rates rose accordingly, but far in excess of inflation to the point now where my kids are going to live with me forever.

My one hope during the pandemic is that there will be a housing price crash at some point, certainly in the South at least, that will get the prices of housing down and put them within the reach of real people

[TRINITY]

3 minutes ago, Fatcatsplat said:

 

My one hope during the pandemic is that there will be a housing price crash at some point, certainly in the South at least, that will get the prices of housing down and put them within the reach of real people

I can understand your views but there will never be a price crash . Maybe a little slow down but never a crash.

The reason is quite simple. Our little island is probably one of the most desirable bits of real estate on the planet. There are enough people around the world wanting to come here and we will never have enough space to accommodate them all.  

It's quite simple ,limited supply and massive demand

[Deker]

It's interesting reading this thread, my sister and I have just inherited our parents house (well we're still going through the probate part) and we'd decided that we couldn't sell it (at least not yet) as it holds a LOT of memories after being the family home for both of us, we've decided to rent and even have a family friend desperate to get in once they found out what we were doing with it, apparently there just isn't much available at the minute, their current landlord has decided to sell (maybe based on predictions raised in this thread).

[Lloyd90]

3 minutes ago, Fatcatsplat said:

I'm slightly on the bitter side of this one - Investing in a property to get rental income was very popular a few years ago and you got tenants because councils, by and large, didn't have enough housing to go round and it was a long term easy buck to buy a cheap old house, paint it and rent it out. Everybody with a couple of quid watched Homes Under The Hammer and piled in - House prices/rental rates rose accordingly, but far in excess of inflation to the point now where my kids are going to live with me forever.

My one hope during the pandemic is that there will be a housing price crash at some point, certainly in the South at least, that will get the prices of housing down and put them within the reach of real people

 

Why would they have to live with you forever?

Are they paying you rent? Or you don't charge them rent and they have the option to save more?

 

They could always do what everyone else does, and save up a deposit for a starter property (maybe in a more affordable area) and get onto the ladder.

Most people have bought new build homes not because they're amazing but because they need a 5% deposit and the Government will pay 20% of the equity. 

Sell it after the first 5 years and use the money it's gone up to then buy another home without the Government owning 20% of your house. 

 

 

 

 

Everyone who doesn't own a property has been going on about how they're waiting for the house price crash. There are LOADS of people waiting for it! 

Our friends in Bristol could have bought 12 months ago but refused, they went on and on that a crash was coming. Over the past 12 months prices in Bristol have gone up another 5%+ , they can no longer afford to buy somewhere. 

 

Theres a bloke on Money Saving Forum who is notorious, hesold his house years ago and raved the crash was coming he constantly posts "the crash is coming! the crash is coming!", he kept his money in the bank and rented a home, the other members worked out if he had bought a house back then around 2010 it would be worth over double what he paid by now. Instead he has paid rent for 10 years, and his investment his returned nowhere near double what he put into it... 

 

 

 

If there is a crash either people will just wait for house prices to go back up, and those who MUST sell whilst prices dip, there are LOADS of these people who have been waiting for the crash with the ambition to cash in on it, so all I can see is there being massive demand, which will just push prices back up surely? 

 

Demand far outstrips supply. 

2 minutes ago, Deker said:

It's interesting reading this thread, my sister and I have just inherited our parents house (well we're still going through the probate part) and we'd decided that we couldn't sell it (at least not yet) as it holds a LOT of memories after being the family home for both of us, we've decided to rent and even have a family friend desperate to get in once they found out what we were doing with it, apparently there just isn't much available at the minute, their current landlord has decided to sell (maybe based on predictions raised in this thread).

 

Honestly mate couldn't think of a worse idea if you cherish the house with centimental value.

It's bad enough if you get a tenant who doesn't look after or wrecks a property you bought as an investment, but having them do that to your cherished family childhood home would be soul destroying. 

 

 

[Deker]

6 minutes ago, Lloyd90 said:

Honestly mate couldn't think of a worse idea if you cherish the house with centimental value.

It's bad enough if you get a tenant who doesn't look after or wrecks a property you bought as an investment, but having them do that to your cherished family childhood home would be soul destroying. 

 

 

 

I agree with you and was semi-reluctant to do it until the neighbours family asked about renting, we've known them for decades and in the past have been round their house many times for social get-togethers and they have always looked after their houses.

It's also a bit of a backup plan for me as I will be moving to London this year (and yes I've also heard the price crash stories too but also don't think they'll happen to the degree people say) and if it doesn't work out then it's agreed that I can buy my sister out and move into our parents old house, on the plus side living in London will get me closer to Bisley 

[Lloyd90]

3 minutes ago, Deker said:

 

I agree with you and was semi-reluctant to do it until the neighbours family asked about renting, we've known them for decades and in the past have been round their house many times for social get-togethers and they have always looked after their houses.

It's also a bit of a backup plan for me as I will be moving to London this year (and yes I've also heard the price crash stories too but also don't think they'll happen to the degree people say) and if it doesn't work out then it's agreed that I can buy my sister out and move into our parents old house, on the plus side living in London will get me closer to Bisley 

 

Hope it works out well for you mate

 

If the prices dip (not crash) then just wait for them to go back up if your not in a rush to sell! 

 

[Mungler]

1 hour ago, henry d said:

Which is why I find it hard to understand why I some landlords who have property empty, some for a significant time still don't want anything to do with a month or two of rent from someone with the readies. By the time we are gone everyone will be out of lockdown and hopefully there will be a bit of movement.

They will be worried that you won’t pay and won’t leave.

Have you offered paying the full term rent up front? That will work. Or they will think you want to grow weed in the gaff 😆

[henry d]

52 minutes ago, TRINITY said:

The reason being is a total lack of trust. Once you are in they know how hard it is to get you out.  

You could always be upfront ,tell them you agree to a 6 month tenancy and ask if you leave early if they would give you a rebate. From my own experience of trying to buy property in the UK right now ,it wouldn't surprise me if you will be waiting for far longer than a month to get your deal finalised. 

Another possibility if you are certain you only need a few weeks is an holiday let. Hundreds empty at the moment . Ok they are more expensive but for longer stays will always do a deal. 

Yeah I realise that there are lots of problems with tennants, however we have gone through the estate agents that are dealing with the house we are buying and they know we have sold and have a completion date here and know that we have a sale going through, but still won't push for a short term rental on long term empty properties.

We have thought about holiday or even caravan park but we have a family option too, but that is the least desirable as there is lots of travel involved and possible mixing of support bubbles or whatever they are called currently.

Thanks for the positive response

1 minute ago, Mungler said:

They will be worried that you won’t pay and won’t leave.

Have you offered paying the full term rent up front? That will work. Or they will think you want to grow weed in the gaff 😆

As above, they are well aware of our situation. There is a possibility that we are close to completion, as everyone is looking at the end of the SDLT holiday, and everyone is going to be happy or someone in the chain is wobbling and any sudden movement and the house of cards comes tumbling down. Time will tell.

[Lloyd90]

1 minute ago, henry d said:

Yeah I realise that there are lots of problems with tennants, however we have gone through the estate agents that are dealing with the house we are buying and they know we have sold and have a completion date here and know that we have a sale going through, but still won't push for a short term rental on long term empty properties.

We have thought about holiday or even caravan park but we have a family option too, but that is the least desirable as there is lots of travel involved and possible mixing of support bubbles or whatever they are called currently.

Thanks for the positive response

 

Henry, estate agents are very reluctant to do anything short term, especially since they banned them for charging extortionate fees to do a £10 credit check and email an employer (that could be absolutely anyone), and send out some forms.

I think when we last rented it was a good £3-400+ (often they charged PER PERSON!) to do some simple checks. 

 

Now they don't get paid several hundred pound for doing those basic things that are part of the job they do as standard, they seem to have cut down their involvement as much as possible whilst still collecting the same cut of the rent with none of the risk. 

[henry d]

1 minute ago, Lloyd90 said:

Henry, estate agents are...

Like a lot of people, money and old rope spring to mind. Chancel search is another one. If your house is in the parish of a medieval church you could be liable to pay for upkeep, unlikely but it has happened, so your solicitor may ask if you want insurance against it, but you can't search for chancel liability first as then you can't get the insurance. You can just check your diocese and find out which parish you are in and then find out the age of the church though 😉

 

[NoBodyImportant]

12 hours ago, blackbird said:

If the bin man you were talking to has 14 houses he rents out can I ask with the utmost of respect what the hell is he doing on the bins ? 

The richest man in my county was the janitor at my high school.  He owned 300 acres of prime land at the intersection of two big highways.  He refused to sell but leased land to Walmart,Lowe’s, Aldi, and about 40 other business that built stores at his intersection. Plus he build about 400 apartments that he rented out.    I heard he was bringing in several million a month.  He worked as the janitor at my school until he was in his 80s and drove a beat up Chevy truck.  

[blackbird]

It’s a strange old world.

Edited February 4, 2021 by blackbird

[eddoakley]

16 minutes ago, Lloyd90 said:

 

Firstly is that around the Llanfrechfa area mate? 
 

My pal lives in Cwmbran and was looking to buy around there for similar rental.

We are both keeping an eye on it. 
 

 

 

My other mate. His tenant asked him if she could have 6 months rent free due to Covid because he could apparently take a mortgage holiday. 
 

He said to her that he hadn’t taken the mortgage holiday as the money has to be paid back eventually ... but also he knows she’s a nurse ... he asked her if she’s still getting paid and if everything’s ok?! She said oh yes she’s still working she just fancied 6 months rent free!! 

As you know I love in Cwmbran and anything here is still rising quite rapidly.

Llanfrechfa even more so due to the hospital, but Cwmbran isn't that big and anywhere is still good for the hospital.

There are relatively cheap houses compared to other parts of the UK and rental returns can be good. But it needs to be seen as a long term saving plan rather than a profitable business. Especially if you don't do any work or management yourself as the agents will take a far chunk before the tax man takes most of the rest.

Rents too are increasing and there is no shortage of tenants. I never have anything empty, as soon as one is out another is in. Properties are well kept and generally tenants are no trouble. I've had a few bad ones over the years but that's another story.

My gripe is that whenever the council are approached for housing they advise tenants to stay put whether they can pay their rent or not. It's always the landlord that suffers.Why covid means tenants can screw me for another 3 months is beyond me. 

As for pursuing tenants through courts that's usually just another waste of time and money as I will pay for a solicitor and they won't. Then they'll be ordered to pay 50 pence a week which they'll do twice and then forget about.

I know how it is and have been doing it a long time but it's still frustrating and it seems to be getting worse!.

 

Edd