Flex Posted August 12, 2013 Share Posted August 12, 2013 Guys, Currently advertising on Gumtree which has had some good interest but no takers so far. Other than agents, anyone else know if a good medium for advertising a property? Cheers, Craig Quote Link to comment Share on other sites More sharing options...
rtbiscuit Posted August 12, 2013 Share Posted August 12, 2013 Rightmove and other property websites? Quote Link to comment Share on other sites More sharing options...
rtbiscuit Posted August 12, 2013 Share Posted August 12, 2013 We used to put an ad in the local papers, we now use an agent as its easier and less hassle Quote Link to comment Share on other sites More sharing options...
Fodder Posted August 12, 2013 Share Posted August 12, 2013 Depends what clientele you're after. We rent my partners apartment out and actually got the tenant by posting it on her Facebook page. If you want a professional type you will most likely have to go through a management company though. Other options are if you have friends/relatives working in large office buildings get then to place an ad on the internal notice boards. Good luck Quote Link to comment Share on other sites More sharing options...
Flex Posted August 12, 2013 Author Share Posted August 12, 2013 Cheers Fodder, RT I think rightmove etal are only for agents. And looking at the £600 of charges (for just finding the tenants!) from the agents last year I'm trying to save a bit of money. Quote Link to comment Share on other sites More sharing options...
Sarnie Posted August 12, 2013 Share Posted August 12, 2013 Make sure you get Consent To Let from the mortgage company (if you have one) and also the correct landlord insurance.... Quote Link to comment Share on other sites More sharing options...
Fodder Posted August 12, 2013 Share Posted August 12, 2013 Make sure you get Consent To Let from the mortgage company (if you have one) and also the correct landlord insurance.... Was just going to add that. We were only charged an admin fee by the mortgage company and the insurance wasn't actually as expensive as we thought. You also need to meet the gas, electricity and fire requirements/certification. I'm sure you will have considered all of this already as well as a tenancy agreement. Quote Link to comment Share on other sites More sharing options...
Ricey Posted August 12, 2013 Share Posted August 12, 2013 Make sure you get Consent To Let from the mortgage company (if you have one) and also the correct landlord insurance.... Or a slightly more cavalier approach might say dont tell your lender a goddamn thing - worst case you get a moaning letter if they ever find out.........ultra worst case thats never happened in the history of time is that your in breach of your terms and they can call the debt in. Tell them and chances are they'll charge you a fee and load your rate whilst demanding a billion and one forms. Second piece of advice.......instead of letting the property have you thought about stapling your scrotum to a really disgruntled porcupine? The reason I ask is because being a landlord is about as much fun. Get a local chav to firebomb the place instead. Quote Link to comment Share on other sites More sharing options...
Sarnie Posted August 12, 2013 Share Posted August 12, 2013 Make sure you get Consent To Let from the mortgage company (if you have one) and also the correct landlord insurance.... Or a slightly more cavalier approach might say dont tell your lender a goddamn thing - worst case you get a moaning letter if they ever find out.........ultra worst case thats never happened in the history of time is that your in breach of your terms and they can call the debt in. Tell them and chances are they'll charge you a fee and load your rate whilst demanding a billion and one forms. Second piece of advice.......instead of letting the property have you thought about stapling your scrotum to a really disgruntled porcupine? The reason I ask is because being a landlord is about as much fun. Get a local chav to firebomb the place instead. Yes, informing the lender can cause issues, but if you let the property and the house burns down, if you haven't got the correct landlord insurance they will refuse to pay out. If you have got the correct insurance, the first they will ask for will be proof that the mortgage was a BTL or at the very least you had Consent To Let. If you have neither, you'll have a very expensive pile of rubble on your hands.... Quote Link to comment Share on other sites More sharing options...
Flex Posted August 12, 2013 Author Share Posted August 12, 2013 Agree 100% Ricey but needs must. I've already done the porcupine thing though so might try nail tacks instead Quote Link to comment Share on other sites More sharing options...
Ricey Posted August 12, 2013 Share Posted August 12, 2013 Make sure you get Consent To Let from the mortgage company (if you have one) and also the correct landlord insurance.... Or a slightly more cavalier approach might say dont tell your lender a goddamn thing - worst case you get a moaning letter if they ever find out.........ultra worst case thats never happened in the history of time is that your in breach of your terms and they can call the debt in. Tell them and chances are they'll charge you a fee and load your rate whilst demanding a billion and one forms. Second piece of advice.......instead of letting the property have you thought about stapling your scrotum to a really disgruntled porcupine? The reason I ask is because being a landlord is about as much fun. Get a local chav to firebomb the place instead. Yes, informing the lender can cause issues, but if you let the property and the house burns down, if you haven't got the correct landlord insurance they will refuse to pay out. If you have got the correct insurance, the first they will ask for will be proof that the mortgage was a BTL or at the very least you had Consent To Let. If you have neither, you'll have a very expensive pile of rubble on your hands.... Pretty uninsured I am then! Quote Link to comment Share on other sites More sharing options...
Fodder Posted August 12, 2013 Share Posted August 12, 2013 Mr Ricey. Laura just had to pay a one off £15 admin fee to change the mortgage over. She has since renewed the mortgage and got a better deal so it's not always a negative. The landlords insurance was less than £100 for the year, again not as bad as you would think. For the peace of mind I think it's the way to go to cover all bases as Mr Sandwich has pointed out. Quote Link to comment Share on other sites More sharing options...
Ricey Posted August 12, 2013 Share Posted August 12, 2013 Mr Ricey. Laura just had to pay a one off £15 admin fee to change the mortgage over. She has since renewed the mortgage and got a better deal so it's not always a negative. The landlords insurance was less than £100 for the year, again not as bad as you would think. For the peace of mind I think it's the way to go to cover all bases as Mr Sandwich has pointed out. I wouldn't mind betting my lender has a '3 hours of anal rape' clause for consent to let. I HATE being a landlord. Doesn't help being about 8 billion quid in negative equity in terms of positivity though! Got landlords insurance but according to Sandwich I might as well not bother. 1 Quote Link to comment Share on other sites More sharing options...
Flex Posted August 12, 2013 Author Share Posted August 12, 2013 Liam, what are the chances of a lender agreeing BTL if the property is in negative equity? Just out of interest. Quote Link to comment Share on other sites More sharing options...
Ricey Posted August 12, 2013 Share Posted August 12, 2013 Liam, what are the chances of a lender agreeing BTL if the property is in negative equity? Just out of interest. Totally depends on the lender mate - the lender I work for specifically doesn't create any fuss because it acknowledges a consent to let will often avoid a mortgage falling into arrears..........coupled with the fact that its actually got next to zero power to do anything about it. Sandwich has however unearthed a point I'd never thought or knew about in terms of the insurance being voided. Quote Link to comment Share on other sites More sharing options...
rabbitstew Posted August 12, 2013 Share Posted August 12, 2013 Liam, what are the chances of a lender agreeing BTL if the property is in negative equity? Just out of interest. My wife rents out her flat and thats in negative equity. She just told the lender she wanted to lend it out as she had moved in with me and like others have said, they just charged her a fee and that was it. I guess they figure as long as the mortgage is continued to be paid they dont care. She is on her 3rd or 4th set of tennants now, and these guys have been in for 2 years or so. She finds them through friends or work colleagues. The current people are one of her work colleagues son & his gf. She actually charges them slightly lower than the market rate for the rent and so people tend to stay on a lot longer. Most people happily stay on for several years. Being a landlord isnt too bad. One set of tenants happily paid to redecorate the flat which saved us some cash at one point and made them inclined to stay longer. However, we have had expenses with replacement boiler, cooker, redecorating, plastering. Since the rent only just about covers the mortgage, all those expenses are out of our own pockets. We are just hoping that by the time we retire in like 30 years or so the flat will either have gone up in value enough to make a profit, or the mortgage will have been paid off so the rent gives us some income. Before then however, the leasehold thinggy is up for renewal and that in itself will cost us a good few grand as the guy in the shop below who owns the lease on the land can basically charge us whatever he fancies to extend it to 99years. Quote Link to comment Share on other sites More sharing options...
Flex Posted August 13, 2013 Author Share Posted August 13, 2013 Who's the lender Rabbit? Quote Link to comment Share on other sites More sharing options...
Sarnie Posted August 13, 2013 Share Posted August 13, 2013 Liam, what are the chances of a lender agreeing BTL if the property is in negative equity? Just out of interest. Being in negative equity, in a way is a good thing, as they can't move you to a BTL product (which would carry higher rates and fees) as the LTV needs to be below sub 75%. Consent To Let is given on a case by case basis. They will want to know why it's being let out, eg have you got to move to be closer to work etc etc? It will depend on things like, your account conduct, your credit score, your income and how long you've had the account. What the lender is trying to suss out is if this is an attempt at a "back door BTL" Eg did you by the property a few months ago on a residential product (lower deposit, rates & fees) and now suddenly you want to let it out, this avoiding the higher deposit, fees and rates etc etc. Quote Link to comment Share on other sites More sharing options...
Sarnie Posted August 13, 2013 Share Posted August 13, 2013 Liam, what are the chances of a lender agreeing BTL if the property is in negative equity? Just out of interest. Sandwich has however unearthed a point I'd never thought or knew about in terms of the insurance being voided. It was something that was brought to my attention by a local lettings agent. He stated that they now ask the landlords for evidence of not only landlord insurance but also the CTL or BTL mortgage offer, to ensure that the insurance was valid, to protect their clients that they were putting in to rental properties. If I was an insurer and had a landlord insurance the claim, the very first thing I'd ask for would be confirmation that you had permission from the lender to rent the property out.............. Quote Link to comment Share on other sites More sharing options...
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