House prices

[TimberWolf]

I was after a fully managed no hassle setup and after a bit of shopping around I found the high street estate agent offerings quite expensive both to initially instruct and also run the thing, so I ended up going with a local property management co I had recommended by a friend. So far there have been zero problems, apart from one incident where the bog wouldn't flush and that was transparently sorted in a day on a pre-agreed automatic maintenance agreement for all repairs under the value of £100.

My property management co wrote up the tenancy agreement and found me a tenant for a £100 finders fee and they now take 10% per month forever. I've never had any direct contact with the tenant and rent is received by standing order..no probs so far. The tenant has even installed central heating for me!

And no I didn't tell my lender I was moving a 3rd party tenant in - I just bought landlords insurance, switched the old mortgage from repayment to interest only and advised the lender of the new correspondence address. They just obliged no questions asked for a £50 admin fee..I guess because there is plenty of equity in the place.

Obviously it's cheaper to do the whole thing yourself but I just couldn't be arsed..and it's probably a whole lot more difficult to do this sort of thing with banks the way they are right now - this was all sorted August last year.

Thanks for the great info. I may let my flat out if the sale doesn't go through.

[TheRefactornator]

All that ganja farming requires it, not to get you worried or anything...

Don't encroach on my bubble - all is well in the land of me.

[AtW]

The tenant has even installed central heating for me!

All that ganja farming requires it, not to get you worried or anything...

[BrilloPad]

Ain't what they used to be.

How's everyones BTL portfolio?

It went with the divorce.

[TheRefactornator]

How do you lot find being landlords? Easy? Were there any difficulties encountered drawing up a tenancy agreement, finding tenants, etc? Did you tell your mortgage provider?

I was after a fully managed no hassle setup and after a bit of shopping around I found the high street estate agent offerings quite expensive both to initially instruct and also run the thing, so I ended up going with a local property management co I had recommended by a friend. So far there have been zero problems, apart from one incident where the bog wouldn't flush and that was transparently sorted in a day on a pre-agreed automatic maintenance agreement for all repairs under the value of £100.

My property management co wrote up the tenancy agreement and found me a tenant for a £100 finders fee and they now take 10% per month forever. I've never had any direct contact with the tenant and rent is received by standing order..no probs so far. The tenant has even installed central heating for me!

And no I didn't tell my lender I was moving a 3rd party tenant in - I just bought landlords insurance, switched the old mortgage from repayment to interest only and advised the lender of the new correspondence address. They just obliged no questions asked for a £50 admin fee..I guess because there is plenty of equity in the place.

Obviously it's cheaper to do the whole thing yourself but I just couldn't be arsed..and it's probably a whole lot more difficult to do this sort of thing with banks the way they are right now - this was all sorted August last year.

[Lockhouse]

How do you lot find being landlords? Easy? Were there any difficulties encountered drawing up a tenancy agreement, finding tenants, etc? Did you tell your mortgage provider?

I'm a member of the RLA so get all my tenancy agreements from them, just about to start looking for a new set of tenants so I'll let you know how I get on. It's a proper BTL mortgage with about 40% LTV so no liquidity isssues.

[HairyArsedBloke]

Ain't what they used to be.

How's everyones BTL portfolio?

If someone is renting (not me, I own outright), does that mean they have a short position?

[TimberWolf]

I am in the same situation, and while loving it at present am also worried about the future!

Looks like I may just have to keep renting forever until I need to sell, then auction the darned thing off in 20 years time!

How do you lot find being landlords? Easy? Were there any difficulties encountered drawing up a tenancy agreement, finding tenants, etc? Did you tell your mortgage provider?

[Wilmslow]

I'm one of those who was forced to hang onto on old property last year because it just wouldn't sell..so I stuck a short term tenant in there instead. It's now paying for two mortgages at the current interest rate so ok for the moment..in fact it's keeping me afloat somewhat. I could be sunk in future tho'

I am in the same situation, and while loving it at present am also worried about the future!

Looks like I may just have to keep renting forever until I need to sell, then auction the darned thing off in 20 years time!

[Menelaus]

non-existent, thankfully!

[TheRefactornator]

I'm one of those who was forced to hang onto on old property last year because it just wouldn't sell..so I stuck a short term tenant in there instead. It's now paying for two mortgages at the current interest rate so ok for the moment..in fact it's keeping me afloat somewhat. I could be sunk in future tho'

[DimPrawn]

Ain't what they used to be.

How's everyones BTL portfolio?