Buying a house (and renting)

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Moggy
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PostRe: Buying a house (and renting)
by Moggy » Fri Nov 23, 2018 4:30 pm

The landlords finally replied to me earlier this week. But they answered nothing, basically they are busy on projects and promise to get a full answer to me within 3 weeks. :lol: :fp:

But in good news, an invoice arrived from them today requesting the ground rent. That’s good news as it means their Section 146 notice is now utterly invalid. Stupid bastards.

I still think this’ll end up in court, but I have mountains of evidence of their incompetence now. I’ll give them the three weeks and then start chasing again. If I don’t get any results then I’ll be looking at solicitors early next year.

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KK
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PostRe: Buying a house (and renting)
by KK » Sat Nov 24, 2018 10:50 pm

Anyone looking for a place to flatshare, well BOY HAVE I GOT A FLATMATE FOR YOU!


Live and let live, indeed...

I wonder what his ResetEra username is.

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Errkal
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PostRe: Buying a house (and renting)
by Errkal » Sun Nov 25, 2018 6:54 am

Hahaha so basically I want someone to share the cost of this place because I can't afford it but you need to make it so your aren't there.

What a bell.

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Corazon de Leon
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PostRe: Buying a house (and renting)
by Corazon de Leon » Sun Nov 25, 2018 7:45 am

KK wrote:Anyone looking for a place to flatshare, well BOY HAVE I GOT A FLATMATE FOR YOU!


Live and let live, indeed...

I wonder what his ResetEra username is.


The comments reckon it’s a woman living in finabury Park. Holy gooseberry fool though :lol:

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Drumstick
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PostRe: Buying a house (and renting)
by Drumstick » Sun Nov 25, 2018 9:18 am

When reading that I thought it was a woman, FWIW.

One man should not have this much power in this game. Luckily I'm not an ordinary man.
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KK
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PostRe: Buying a house (and renting)
by KK » Tue Nov 27, 2018 5:15 pm

#everydaysexism

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Green Gecko
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PostRe: Buying a house (and renting)
by Green Gecko » Wed Nov 28, 2018 3:32 am

That's basically a therapy letter to every other flat mate they've ever had who's left because they've wanted to live there and not just die quietly.

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OrangeRKN
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PostRe: Buying a house (and renting)
by OrangeRKN » Fri Nov 30, 2018 10:54 am

Agency fees... how much of these can usually be negotiated out of or reduced? I've always rented privately, where the only costs have been paying a deposit and paying part of the first month's rent upfront. The extra agency fees seem absolutely mad.

Looking at places to rent now through agencies and it seems like you lose £300 minimum ON TOP of deposit and rent. For example this agency has a £70 per person reference charge, a £250(?!) charge for them preparing the tenancy agreement (surely this is just a standard contract they already have ready to go). It further says there is a "periodic" charge of £120 to keep the rental agreement up to date, which I assume is annual, and that sounds ever more mad.

There is also a £150 per person guarantor check too if needed, which I'm not sure how they determine it as they say you need to earn 2.5 to 3 x rent to avoid a guarantor. Is that judged off monthly take home pay after tax, or is it based off annual wage? There's obviously a huge difference between the two and for a 1000 per month rent I would only just reach that threshold in the latter case (my girlfriend will be earning too but she isn't currently full time employed so I'm covering rent to begin with).

And then there also seems to be a £110 inventory check charge on moving out.

Is this in any way normal?

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PostRe: Buying a house (and renting)
by pjbetman » Fri Nov 30, 2018 10:59 am

OrangeRKN wrote:Agency fees... how much of these can usually be negotiated out of or reduced? I've always rented privately, where the only costs have been paying a deposit and paying part of the first month's rent upfront. The extra agency fees seem absolutely mad.

Looking at places to rent now through agencies and it seems like you lose £300 minimum ON TOP of deposit and rent. For example this agency has a £70 per person reference charge, a £250(?!) charge for them preparing the tenancy agreement (surely this is just a standard contract they already have ready to go). It further says there is a "periodic" charge of £120 to keep the rental agreement up to date, which I assume is annual, and that sounds ever more mad.

There is also a £150 per person guarantor check too if needed, which I'm not sure how they determine it as they say you need to earn 2.5 to 3 x rent to avoid a guarantor. Is that judged off monthly take home pay after tax, or is it based off annual wage? There's obviously a huge difference between the two and for a 1000 per month rent I would only just reach that threshold in the latter case (my girlfriend will be earning too but she isn't currently full time employed so I'm covering rent to begin with).

And then there also seems to be a £110 inventory check charge on moving out.

Is this in any way normal?



Rip off. They also charge the landlord fees too, usually about £400 ish. Why would you need to pay for the Tenancy Agreement? That's completely the landlords responsibility. And the periodic charge isn't needed either....the agreement just goes on indefinitely, month to month unless you want to tie yourself down for another 6-12 months.

Is this agency finding high class properties, or just a normal letting agent?

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OrangeRKN
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PostRe: Buying a house (and renting)
by OrangeRKN » Fri Nov 30, 2018 11:04 am

Just a normal letting agent. Glad to know I'm not completely mad :lol:

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Drumstick
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PostRe: Buying a house (and renting)
by Drumstick » Fri Nov 30, 2018 3:54 pm

See if you can get hold of the landlord and speak to him/her directly and go around all these fees.

One man should not have this much power in this game. Luckily I'm not an ordinary man.
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Lagamorph
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PostRe: Buying a house (and renting)
by Lagamorph » Sat Dec 08, 2018 3:29 pm

Am in the process of Redeeming/Staircasing my Help to Buy loan, sent the forms and valuation off yesterday, and have just realised I sent them the wrong form :fp:
I sent them the form for if I were planning to sell my house, instead of the form for keeping my house and just paying off the loan :fp: :fp:

Will have to call them first thing Monday morning and see if they can just amend the record, as the forms are identical except for two tick boxes, or if I need to send them the correct form and if I need to send another printed copy of the report or not.

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PostRe: Buying a house (and renting)
by sawyerpip » Sat Dec 08, 2018 6:12 pm

OrangeReindeer wrote:Just a normal letting agent. Glad to know I'm not completely mad :lol:


While all the fees are completely ridiculous, and some of the ones you've mentioned seen particularly egregious, it's par for the course for letting agents.

The periodic fee will basically be to re-sign the same agreement for an extended period of time, so I've no idea how agents get away with charging so much. You can not re-sign and go on to a rolling month contract but then they can issue you with a notice to leave and easily find a new tenant who will need to pay all the fees.

The guarantor test should be based on your gross salary not your take-home pay.

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OrangeRKN
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PostRe: Buying a house (and renting)
by OrangeRKN » Mon Dec 10, 2018 10:12 am

References are all going through at the moment, ended up paying £390 in fees but negotiated £20 a month off the rent and got a 24 month contract with a 12 month break clause (which means no renewal fee after the first year). I softened to £390 when I saw another agency that had fees over £800!

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PostRe: Buying a house (and renting)
by pjbetman » Mon Dec 10, 2018 12:41 pm

OrangeReindeer wrote:References are all going through at the moment, ended up paying £390 in fees but negotiated £20 a month off the rent and got a 24 month contract with a 12 month break clause (which means no renewal fee after the first year). I softened to £390 when I saw another agency that had fees over £800!


That's not too bad then, saving money over the long run, well done. Got to stand up to these banana splits. And as for those charging £800...disgrace

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OrangeRKN
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PostRe: Buying a house (and renting)
by OrangeRKN » Wed Dec 12, 2018 2:46 pm

Those administration fees really went to good use... had to tell them to correct the tenancy agreement because they had made a mistake and written 12 months instead of 2 for the notice period :lol:

All good now though, it's a good job I read through it all.

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Lagamorph
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PostRe: Buying a house (and renting)
by Lagamorph » Sun Dec 23, 2018 10:51 am

Redeeming my Help to Buy Loan at the moment.

The Help to Buy people have done themselves out of money by insisting on an RICS valuation. Because of that I have to pay back less than they actually loaned me. If they'd accepted an Estate Agent/Bank valuation I would've been paying them about £4,000 more than they loaned me.

But having to go through a Solicitor, bloody hell. Not only is it costing me £800 in fees for the conveyancing (Ontop of the £200 for the survey and £200 admin fee for the Help to Buy people), but I've had to use practically an entire tree's worth of paper printing out forms to post to them. One of them is 8 pages long and you have to print out the entire thing just to sign the very last page.

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OnlyShallow
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PostRe: Buying a house (and renting)
by OnlyShallow » Wed Jan 09, 2019 7:12 am

So 7-8 years after starting this thread (what a lot has happened in that time!), I’m in the process of buying another house. Have I learned nothing :fp:

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Many Lives -> 49 MP wrote:People like you OnlyShallow are terrible banana splits. I hate you forever.
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Squinty
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PostRe: Buying a house (and renting)
by Squinty » Wed Jan 09, 2019 8:41 am

I'm going to see about remortgaging today. Looking to get something fixed for 3-5 years.

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Lagamorph
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PostRe: Buying a house (and renting)
by Lagamorph » Wed Jan 09, 2019 9:08 am

I applied to increase my mortgage by £27,000 last week to pay off my Help to Buy. Reduced my over all term by 3 years as well mind.

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