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Easy-X
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PostPosted: 13:25 - 10 Mar 2023    Post subject: Renting property Reply with quote

I'm a bit out of touch with all the rigmarole surround this topic. My mum is selling up in Cornwall and moving closer to me so I'm looking for places for her to live.

There's a few flats and 1 bed houses nearby and the estate agent is telling me one needs 30x monthly as annual provable income. Errr... basically to rent a £1000 per month property that's a £30,000 a year income, something to do with landlords insurance. My mum doesn't have that sort of income but she does have all the money from selling the old house (at some point when the exchange goes through.) Surely that could be taken into account? TBH the estate agent wasn't super helpful explaining any of this.

Oh and on top of that 1 year of rent up front. Is that a normal state of affairs these days?
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arry
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PostPosted: 14:31 - 10 Mar 2023    Post subject: Reply with quote

I've not rented a property in a couple of decades, but I do let my old flat and have never asked anything like that of my tenants.

What I can tell you is that it's highly likely to be complete BS on the landlord's insurance front. Not even part of the question set and certainly never seen any condition within any policy or endorsement amounting to anything of the sort.
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Nobby the Bastard
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PostPosted: 15:17 - 10 Mar 2023    Post subject: Reply with quote

I reckon it's bollocks being spouted by the estate agents as well. At £30,000 income you would just go get a mortgage instead at a much lower price.

Did you go in looking all biker so he decided to put you off?
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A100man
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PostPosted: 16:12 - 10 Mar 2023    Post subject: Reply with quote

You've thought of this obviously but is there nowhere within striking distance her funds will allow her to buy a place?
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MarJay
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PostPosted: 16:17 - 10 Mar 2023    Post subject: Reply with quote

There is a credit check done when you apply to rent, and I've been told by some letting agents that they require a certain percentage of monthly income. However, those agents clearly wanted to weed out a certain type of tenant, and so I immediately dismissed them from the process of selecting an agent to manage my property.

1 and 2 bedroom type properties seem to attract the type of tenant who'll wreck the place and/or not pay so I can sort of see why, but it's lazy on their part to not properly vet the tenants. That said, there is new government legislation that means it's harder for landlords to discriminate against various types of tenant including those on income support/housing benefit and pet owners as two examples. This is a Tory government law too, which surprised me. I'm not against it in principle as a normal citizen, but as a landlord its a bit of a pain in the backside for me. I have good tenants at the moment, but if they weren't in the property when my last mortgage deal expired, then I'd have sold up long ago. The law is very much against landlords now in multiple ways, the most obvious and difficult of which being the income tax system. It doesn't pay to be a landlord at the moment unless you have the means to buy 10 properties at once believe it or not.
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Bhud
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PostPosted: 17:00 - 10 Mar 2023    Post subject: Re: Renting property Reply with quote

Easy-X wrote:
There's a few flats and 1 bed houses nearby and the estate agent is telling me one needs 30x monthly as annual provable income.


The usual is monthly income should be 3 times the rent. But annual at least 30x monthly is close enough.

Quote:
Errr... basically to rent a £1000 per month property that's a £30,000 a year income, something to do with landlords insurance.


Not to do with landlords insurance - it's the estate agent trying to provide a good service to his client.

Quote:
My mum doesn't have that sort of income but she does have all the money from selling the old house (at some point when the exchange goes through.) Surely that could be taken into account?


Could be taken into account a number of ways...

Quote:
TBH the estate agent wasn't super helpful explaining any of this. Oh and on top of that 1 year of rent up front. Is that a normal state of affairs these days?


You need to look for some other place.
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Nobby the Bastard
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PostPosted: 17:20 - 10 Mar 2023    Post subject: Reply with quote

Thats still £30k + a year. IF someone is earning £30k a year and is only looking for a 1 bed then they'll be buying and not wasting their time with renting.
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Rob Fzs
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PostPosted: 17:36 - 10 Mar 2023    Post subject: Reply with quote

Nobby the Bastard wrote:
Thats still £30k + a year. IF someone is earning £30k a year and is only looking for a 1 bed then they'll be buying and not wasting their time with renting.

Op is in London though, wont get many flats on that income i'd of thought
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MarJay
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PostPosted: 17:51 - 10 Mar 2023    Post subject: Reply with quote

Nobby the Bastard wrote:
Thats still £30k + a year. IF someone is earning £30k a year and is only looking for a 1 bed then they'll be buying and not wasting their time with renting.


Disagree. Plenty of people rent all the time now even on higher incomes because of things like stamp duty and so on. I had a pair of doctors in my rental because it was near the hospital. Both had salaries of £70k+ and could have bought but were only on a year placement, so didn't want to commit. You can also find people who have separated or divorced who want to be near kids but don't want to commit to buying until the divorce is all done and dusted. There are loads of reasons why someone might not buy.
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Nobby the Bastard
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PostPosted: 17:58 - 10 Mar 2023    Post subject: Reply with quote

Either £1k is normal for rent for a 1 bed or my £600 a month for the mortgage on my 4 bed is incredibly cheap.
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Ste
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PostPosted: 18:37 - 10 Mar 2023    Post subject: Reply with quote

12 months rent upfront? Laughing

Nope.
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Easy-X
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PostPosted: 18:46 - 10 Mar 2023    Post subject: Reply with quote

Rental because she's moving up here without seeing any properties ahead of time. If I pick something out an fuck up somehow it's easier to look for somewhere else. Rental's also not a terrible proposition given her age. BTW can you get mortgages in your 80s?
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Nobby the Bastard
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PostPosted: 19:37 - 10 Mar 2023    Post subject: Reply with quote

If you have an income, yes.

If you are looking at £1K per month for a one bed she has considerably capital behind her?
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Easy-X
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PostPosted: 20:13 - 10 Mar 2023    Post subject: Reply with quote

Nobby the Bastard wrote:
If you have an income, yes.

If you are looking at £1K per month for a one bed she has considerably capital behind her?


She'd be fine with just the money from the house sale if it came down to it but obviously long term it should be invested sensibly. I'm guessing that would either be buying an annuity or an actual property.
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Tierbirdy
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PostPosted: 20:42 - 10 Mar 2023    Post subject: Reply with quote

What about those Churchill (I imagine there are other companies out there but I cant think of any) retirement/independent living communities? Purpose built blocks of flats for the over 60s only to rent/buy, typically have some nice communal areas for the old duffers to sit around reminiscing about the good old days and how kids these days should eat less avocados and pull themselves up by their bootstraps, or whatever it is old people do, and a few staff during office hours to keep an eye on them. I imagine theyd be more used to meeting your requirements than your average estate agent trying to flog bedsits to scrotes.
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MarJay
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PostPosted: 20:45 - 10 Mar 2023    Post subject: Reply with quote

Nobby the Bastard wrote:
Either £1k is normal for rent for a 1 bed or my £600 a month for the mortgage on my 4 bed is incredibly cheap.
cheap. Mortgages get cheaper over time because of inflation. My other half has just had an offer on her 2 bed rental property for £1000 pcm...
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Nobby the Bastard
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PostPosted: 20:54 - 10 Mar 2023    Post subject: Reply with quote

Ive only had it for 6 years and it's worth north of quarter of a million.

Inflation has nothing to do with it.
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to v or not to v
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PostPosted: 21:40 - 10 Mar 2023    Post subject: Reply with quote

stick a caravan on your drive and let her rent it for mates rates.
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Polarbear
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PostPosted: 01:43 - 11 Mar 2023    Post subject: Reply with quote

Nobby the Bastard wrote:
Ive only had it for 6 years and it's worth north of quarter of a million.

Inflation has nothing to do with it.


Quarter of a million sounds huge but in todays prices is fuck all. My eldest daughter is in an HA property on a new housing estate where the private versions of her 4 bed house are selling for a tad under half a million. Totally rediculous for a new property on a huge mixed estate but thats costs today.
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MarJay
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PostPosted: 19:46 - 11 Mar 2023    Post subject: Reply with quote

Nobby the Bastard wrote:
Ive only had it for 6 years and it's worth north of quarter of a million.

Inflation has nothing to do with it.


My house is worth half a million. What is your point then? It's possibly just where you're located. Maybe look at rental prices near you and compare that way?
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Easy-X
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PostPosted: 20:29 - 11 Mar 2023    Post subject: Reply with quote

Anyhoo Rolling Eyes

I wander round to some local estate agents and had a good chat and more sense was to be had. Explaining her income (plus lump sum from the previous property) they were all joys and smiles. Bit more optimistic now.
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Polarbear
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PostPosted: 02:05 - 12 Mar 2023    Post subject: Reply with quote

MarJay wrote:
Nobby the Bastard wrote:
Ive only had it for 6 years and it's worth north of quarter of a million.

Inflation has nothing to do with it.


My house is worth half a million. What is your point then? It's possibly just where you're located. Maybe look at rental prices near you and compare that way?


It doesnt matter a shit what your house is worth, It matters it's paid off before you retire.

I can live off a grand a month as far as my house is concerned. Imagine adding a big rental on top and Id be fcuked
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