O/T: Property / Selling / Renting / Estate Agents etc

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spider
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O/T: Property / Selling / Renting / Estate Agents etc

Post by spider »

Greetings FCF friends. :D

I was wondering if anyone here was involved in property or worked for an estate agent / lettings agency or suchlike. I have a couple of questions (via PM ideally) I'd just like a little bit of informal advice and thoughts if possible.

To cut a long story short I am giving serious thought to selling and renting or selling and buying (no mortgage on property) but its not quite that simple unfortunately.

Thank you.

wheeler
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Re: O/T: Property / Selling / Renting / Estate Agents etc

Post by wheeler »

Don't know much about it but I currently have two mates with different properties having lots of grief with the tenants in the properties they rent out & it really sounds far more hassle than it's worth. they just stop paying the rent & it's a total pain to get them out the flats now, not as simple as turning up & just throwing them & their stuff out as they have 'rights'. He's now having to cover the mortgage on his own house & the flat while someone else's is living there free of charge. He's having to go through courts just now to try & get them out & claim back owed rent, the problem is the courts will probably allow them to pay it back at £3 per week. One mate is putting the flat on the market as soon as this person is out, my other mate can't as he would loose to much money as the flat is worth much less than he bought it for a few years ago.

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Featch
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Re: O/T: Property / Selling / Renting / Estate Agents etc

Post by Featch »

We rent out two properties. They are managed by a very good brilliant agent who rigorously vets prospective tenants and has insurance to cover non payment of rent. So far so good! We try to do things probably and not cut corners, consequently we get top dollar rent! I'd recommend steering clear of leasehold flats as the service charge and other sundry fees are a real pain.

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spider
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Re: O/T: Property / Selling / Renting / Estate Agents etc

Post by spider »

Thanks both. :)

To clarify (as it sort of appears my post reads wrong) I will not be selling and renting it out, I will be selling it and renting accommodation for myself for a period as a small lump sump is required, its just a few things I could not quite figure out that I would like some informal advice on as I've not actually done this before and I cannot really post them in a public forum. :)

addo
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Post by addo »

Without knowing the specifics of your situation I would strongly counsel against your proposed path.

I have to deal with realtors and letting agents on a regular basis and the number I hold in any esteem is VERY low. Many aren't up to the job, some are lazy, a few are sharks. Added to that many lenders would place an emotive question mark over your fiscal competency in terms of selling up then planning to buy again. I've not known one case where this course has been followed and the result has come out as planned. I do know at least three people who have said after the fact, they regretted selling up with such a goal (free capital) in mind.

If it is possible to raise the sum required in any other way - even if it requires the telling of white lies - I would urge this route.