johnetoobad

[Mrs E Blackadder]

Gawd knows what prediction they will make about the price of my house! General concensus of opinion of the 'look arounders' is that it isn't perfect, decorated to their taste and ready for them to move into. Duh, no. That's why it is being marketed as 'in need of some modernisation'. but they obviously don't bother to read the details before viewing.

 

Jeeezz, can't people buying a house think for themselves anymore? Are they no longer capable of choosing their own decor? No, of course they can't because those stupid tv programmes about buying houses lead them to believe that even though they are buying someone elses home, it should be perfectly interior designed (with a fully landscaped garden) to their taste.

 

Forget house price predictions. If it aint got a designer kitchen and bathroom (that they will rip out within 6 months anyway) then they just aint interested!

 

Anyway, that's my rant for today!! How's it going with you Johne? Got any further with deciding on whether or not to let them repossess, or do you think renting out your property might be a good bet after all? I did consider renting out where I am, but it does seem a bit of a minefield, and also I wouldn't get enough to cover the mortgage. Don't understand why they wouldn't accept you voluntarily handing back the keys, I mean the wine selection would definately have swayed it for me. Perhaps you should offer them some sort of country hamper along with the wine - throw in a couple of turkeys and a gammon joint, few jars of chutney and pickle and a £5 M&S voucher and off you go:lol:

 

Seriously though, you do begin to feel like the house is a bit of a millstone round your neck don't you?

[Happyhippy1959]

Hippy is just hanging in by his bootstraps,,, !!!!!!!!!!! though last month I missed both mortgage and SL,,, Mortgage lender was fine, pay it back at £25 per month extra !!!!!!! ok,,,, SL people a lot more tenacious they gave me a payment holiday some time back,, now the bad boys are saying that is arrears... Well to be honest just wrote to em told em I am in negative equity and my job is hanging by a bootstrap and if they want to repossess be my guest. I will try and pay over the odds but hey !!!!!! I have 8 years to go on the loan told em they would get it all by the end off so !!!!!!!!!!! they just send a letter out asking me to ring a premium rate number and that it could be past to a Debt collection agency ha ha ha.. join the q baby...

[Mrs E Blackadder]

Wonder if your queue is as long as Mr B's. His goes round the block twice and then comes back on itself

 

I've got a night off tonight, no one coming round to look at a house they have no real interest in. Think I'll have a nice warm bath, mug of cocoa and an early night for a change.

 

Hope Johne manages to sort something out. This being stuck in limbo isn't good for anyone.

[johnetoobad]

got a first time buyer round on sunday, not sure if the pile of boxes and packed away kitchen might be a bit confusing ( I will simply say my lucky lottery winnings means I'm off shark hunting in bermuda), but am prepared to try and sell the house other wise they can auction my ass as it were

[johnetoobad]

my new rental will leave no saving in monthly payments, thus I am kind of preparing for any Official receiver to console poor Northern Rock that the piggy bank remains permanently out-funked, as they say in the Bronx (i think)

[johnetoobad]

off to the park to play on the swings, see you soon

[Mrs E Blackadder]

Out-funked. I like that. It sums up how the past few years have made me feel!

 

Be careful on those swings Johne, we don't want any grazed knees

[johnetoobad]

ok new variable to fry my half baked brains (that post-war culinary classic); magical gumtree (host to all psychopaths and sex-slaves) has turned up a prospective tenant;

so new options and pleeez entire forum users this is a genuine call to arms;

Plan: don't tell the bank re: intention to let, let the property (I will still be having to pay something into house until next september to cover the 2007 mortgage rate), hope the DSS tenant will not eat the floor boards, magic my way through to next september (and mortgage renewal), at which point I will reveal tenant and apply for consent to let, and happily crawl through to a slightly less bloody sunset?!!!!

 

Although arcane and stupid, this must surely be better than simple default (i know i know, and don't call me Shirely.....)

 

what do you all fine wise people reckon?

 

help:whoo:

[Mrs E Blackadder]

I suppose your problem is mainly whether or not to inform the mortgage company that you are renting out your property, no doubt resulting in an instant rise of whatever percentage they charge when you decide to let. I suppose you could do a 6 month let to test the water, or does the person who has contacted you want it for longer?

 

As for the DSS tenant wrecking your house, please remember that they are not all bad! I would need help in the form of housing benefit should I have to rent. I would never wreck my rented property and would ensure that my rent was paid on time because I need a roof over mine and the children's heads. Some of us would make good tenants

 

Hopefully someone with experience of letting will give you the benefit of their wisdom, but I have to agree with you that it could be a better option than defaulting or having the house repossessed.

[johnetoobad]

sorry, didn't want to be rude about DSS, and really I am totally against all class-based snobbery as my own grandfather Arch-Duke Rambottom used to sell fish he poached down the boozer for a laff, so yes i totally see your point and i stand well corrected, besides I myself eat the floor boards, have done since i was a boy

 

cheers Mrs B, I remain cracked, but not crack-headed

[Happyhippy1959]

John keep in there mate,,,, I am still waiting for my SL company to answer my 2 x letters I sent in response to me missing a payment... The cheeky so and so's have added the premium holiday to the arrears ( nice one ) I told them I would not be ringing a premium rate number and to send there details through for me to set up standing order.... Service is appalling,, all they said was we will pass your account to a Debt Collection agency Yeah go a head join the other 17 of em...

[johnetoobad]

HH; well done, that can not surely meet FSA guidance, i.e to pass you to a premium rate number, what nobheads, that must be easy to contest and hold as evidence of obstruction.

to be honest can't really get me head round your situation, not sure if you are happy staying but struggling or happy struggling but staying, what are your short to medium term goals?

it's probably just getting on as usual hey?!! me too!

 

whey aye keep up the hard work

[brokebutnotbeatn]

My mortgae company wiouldn't give me permission to let. Then the 'hand the keys back' dept had words with the 'we won't let you rent' dept and they did for an extra 1% and other terms I couldn't meet. Clearly couldn't so let it anyway. Now...my mortgage is being paid so will they take me to court? Its let or sell for £40k min less than the mortgage. me thinks not. x

[Mrs E Blackadder]

I myself eat the floor boards, have done since i was a boy

 

Wouldn't cream crackers be tastier?

[johnetoobad]

broke-mate,

 

thanks that about sums me sums up, thank you very much, I have chatted to a few more savvy pals and one even has a sister who has 5 approved (non-buy to let mortgages) on the go without the bank so much as giving a .. as it were, so yep its a risk,

 

I will refrain at this point from checking out the 'nightmare landlord' story boards as this will no doubt drive us all to soviet Russia in fear, so yep think I may join you.

 

just sourced a loan to cover next 12 months should rent option go tits up, got a decent agent in hand and as I move out this weekend hopefully someone else will move in at some point.

 

what a mess, but i suppose you need to pay to protect investments.

 

that 40 grand of ours may take a while to improve, but could it get any less, they are GIVINg away property in my area it is a buy-to-let dream

[johnetoobad]

it is just an additional premium of tax this inform the mortgage co' business,

i presume you have Landlord Insurance and other stuff sorted... will these companies ever check with original lender? not sure, lots of threads online about potential to check land registry etc, but really drops in the ocean or what!!

Not sure how to re-direct post after 12 months, but like you said, do you think we will make 12months if we don't do something... mental!

[johnetoobad]

it is just an additional premium of tax this inform the mortgage co' business,

i presume you have Landlord Insurance and other stuff sorted... will these companies ever check with original lender? not sure, lots of threads online about potential to check land registry etc, but really drops in the ocean or what!!

Not sure how to re-direct post after 12 months, but like you said, do you think we will make 12months if we don't do something... mental!

[donein]

ok new variable to fry my half baked brains (that post-war culinary classic); magical gumtree (host to all psychopaths and sex-slaves) has turned up a prospective tenant;

so new options and pleeez entire forum users this is a genuine call to arms;

Plan: don't tell the bank re: intention to let, let the property (I will still be having to pay something into house until next september to cover the 2007 mortgage rate), hope the DSS tenant will not eat the floor boards, magic my way through to next september (and mortgage renewal), at which point I will reveal tenant and apply for consent to let, and happily crawl through to a slightly less bloody sunset?!!!!

 

Although arcane and stupid, this must surely be better than simple default (i know i know, and don't call me Shirely.....)

 

what do you all fine wise people reckon?

 

help:whoo:

 

Frankly - rent the property out.

 

I have worked in the letting industry for over 15 years. Its time you stopped playing on the swings and make a positive decision and get on with it. There lecture over lol!

 

Seriously now I would forget selling - whats the point - you can't afford to and you're in negative equity.

 

Get as much rent as you can, do proper credit checks (I can advise you) and get a proper agreement done (I can help you)

 

If you want my help in regards to letting then please ask.

 

As for getting your mortgage companies permission you have two choices - get it or not get it.

 

unless you tell them - how will they find out.

 

Write to the mortgage company and offer them a lower amount for the next 6 months until you get on your feet. I did this for 12 months and even asked them to send round their debt advisor. I explained my circumstances and ended up paying a token £100 per month for a year. Clearly this wont work as well if you inform the mortgage company you are renting the property out.

 

Also the deposit must be paid into a gov scheme - ths is very easy for you do. And you must comply with the regs. Again I can tell you all you need to do if you want advice.

 

 

 

You do have options and personally I believe that giving your house back should really be a last resort.

 

Just my view.

 

As for lettings - definately a better option than selling at this moment in time.

 

Also nothing wrong with DSS BUT there are pitfalls you need to be aware of.

[johnetoobad]

Wow! Honestly, thanks for that. Sorry beneath the bravado am totally Done-in myself. Thanks for your consideration, I have always worried about this rental options since the sums have never added up, but the realisation that I could gamble now I am in my last year before renewal on lending more to pay the difference is a recent shift.

 

I had cancelled DD, am sitting here with 20 boxes of books before I even get to the kitchen, with a skint partner who is just about managing not to run off and a very cute baby who doesn't care really about finance but does like the swings!! So yes I will definitely take up your offer for further advice.

 

Very gracious Donein, thanks

[johnetoobad]

I've had an agent over that offers a 'one off' 200 quid payment to find, credit check, they even get a mortgaged guarantor signed up for the tenant, and secure a month's up front, beyond that I would have to get the CP12, got an Energy certificate from the dusty HIP pack, i believe electrics need only be visually ok I have done nothing that requires building regs work, would not rent any appliances that needed safety testing etc.

I would factor in a good amount from the loan to service periods of rental loss and any other jobs that turn up

 

I suppose the hardest thing is as an owner knowing exactly which bit is damp dodgy and in need of paint (but essentially ok) but what can be 'acceptable' for renting purposes, i could do with a cheap joiner to fix the warped doors, an upstairs carpet and I hope that's it.

 

Please.. what else is missed?

[donein]

i had an agent over that offers a 'one off' 200 quid payment to find, credit check, they even get a mortgaged guarantor signed up for the tenant, and secure a month's up front,

 

okay - but i thought you said you said you had found a tenant via gumtree?? In which case why use the agent to find you a tenant?.

if you have found a tenant - i can arrange a credit check for you and include rent guarantee if required - depends how much risk you want to take & clearly something you need to think about it.

most agents charge a percentage of the first months rent as a fee so £200 is not bad check exactly what you're getting for that - as sometimes their fees are hidden.

 

if you can find your own tenant - i will assist you with anything else - no charge except costs (ie rent guarantee insurance/credit search/referencing fee)

 

you insist on one month rent up front and a deposit of between one months rent and six weeks - your choice. The deposit is forwarded to a gov scheme - i will assist you in setting this up - it is very easy and a legal requirement.

 

Your tenant pays the referencing fees

 

beyond that i would have to get the cp12, got an energy certificate from the dusty hip pack, i believe electrics need only be visually ok i have done nothing that requires building regs work, would not rent any appliances that needed safety testing etc.

 

if the property has gas you will need a gas safe engineer to perform a gas safety - costs around £65 although depependant on no of appliance. A certificate must be given to the tenant and kept in the property at all times.

i will advise how to ensure compliance against trading standards.

an electrical certificate is advisable although not legal requirement. However, you should always show due diligence so get one. Cost is around £85.00.

be flexible when it comes to appliances - it is easy for these to be included in a safety check

and yes - you already have energy cert.

 

i would factor in a good amount from the loan to service periods of rental loss and any other jobs that turn up

 

i suppose the hardest thing is as an owner knowing exactly which bit is damp dodgy and in need of paint (but essentially ok) but what can be 'acceptable' for renting purposes, i could do with a cheap joiner to fix the warped doors, an upstairs carpet and i hope that's it.

 

If you send me pics i will advise you as to the condition. But rule of thumb - the better the condition, the more likely the tenant will respect the property and treat it more as a home. Magnolia / neutral colours best and carpets should not be thread bare or worn at entrances.

 

 

 

Please.. What else is missed?

 

inventory - i will forward you a template to follow and step by step instructions - if you follow them you will reduce any risk and insure against damage.

 

Agreement - must be compliant - oft complaint if poss. - can provide you with one. And give you instructions.

 

A few other things but pm me and i will assist and advise.

 

I have tons of experience in lettings (well over 15 years) and specialised in problem tenants and landlords. I have no problem sharing my expertise to help you through.

 

Please pm me for more help

[Happyhippy1959]

donein

I have kept your name on me file mate just in case I plan to go down that route. Mine will more be like a house share really as I have a three bedroom house with just the hippy in it...

 

Johnny, like the bit about asking the debt advisor round. ( keep that one in me back pocket.) Best of luck mate

[johnetoobad]

Hippy,

 

Check out lodging rather than tenancies if you want to stay in the house, lodging leaves you with slightly more control compared to tenancies in which you are effectively giving the tenant freedom to live peacefully and quietly without you disturbing them, I'm not talking about cranking the tunes up, but the legal side to co-occupancy.

 

If you have lodgers; no change to insurance status, no need to inform bank for consent to let, just set up a simple agreement and collect Lodgings (up to a certain amount) tax free.

 

In your situation where you just want a bit of income; hoover the carpet, get a new Duvet for the guest room and go for it; the other year I had a guy looking at my house for lodgings, he worked mon-fri in NHS management and just wanted place during the week, would have been perfect really.... but other things happened (like fatherhood etc)

 

Get a bit of cash in without worrying about this tenancy-****!!

 

http://www.spareroom.co.uk/

 

http://www.telegraph.co.uk/property/rentingproperty/8559745/Why-it-pays-to-take-in-a-lodger.html

 

(i in no way advocate buying the Telegraph, Viz is much better)

[Happyhippy1959]

Thanks John thats where the old hippy is heading me thinks. Should be no problem, work in large hospital and have a hotel on me doorstep who have been bought out and are now not offering staff accommodation... Had me first months pay packet without overtime, not bad really as i work all weekends long shifts and get weekend allowance added on, so can survive on that just about. Good news is held me ground and they have given me back me overtime as they can find no one to cover have three weeks of over time,,,, so things looking up.

 

Having a problem with First plus secured loans,,, really rubbish, not answered any of my letters or my e-mail of complaint..... I have all correspondence to put in front of judge should they try anything nasty.... They will be paid by cheque from now on as I am not paying premium rate call costs ( simples )