Moving/renting etc - do you think this is realistic?

[essbee]

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I've no experience of this essbee, but wanted to bump the thread for you.

try for scenario a.

if you have to go for scenario b, remember that it is usual for tennants to be on a 6 month FIXED contract initially and then 1 month notice. I doubt you will find tennants who will agree to one month notice from the off (would you?). Also its a bad idea to cut the finances so fine when tennants are involved imo - the house could be empty for longer than you thought, the boiler could go - anything could happen that would instantly wipe out the 150 and more.

think scenario c would be better, OR scenario d: get rented accom, get a job in the new town and cut the price until it sells. will mean you have less money to put into a new house, but happiness is more important.

Hi, Essbee, I'd go for scenario b - but the risk is if you don't have a tenant for any period of time...
Totally sympathise - moving is a nightmare, we are having a v stressful time with our sale atm. Good luck with it all, sure something will work out. Dinny

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badly, Essbee! our buyers are having their 2nd survey this morning, actually, so place is all primed and ready. keep your fingers crossed for us!

What a bummer ! If plan a fails then plan b could work, but from bitter experience it could be tough to get good tenants, particularly on a short term basis. Also even with agents being a landlord can be a pita (actually it was primarily because of them but that is another story !) to do from a distance. Also you usually have to have a minimum 6 month term, then you can roll it onto limited notice. That might still buy you time to resell next spring though and mean bills etc get paid over the winter.

Hope plan a works, you've not much to lose. Good luck.

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Any feedback on plan a ? Sounds like you are ina strong position. Will the income definitely cover all your expenses, bearing in mind you have to pay tax on any "profit" too plus make repairs at the drop of a hat.

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tbh I'd look upon it as is the house viable in itself to rent out. So if £700 would cover the mortgage, buildings/contents insurance policies plus a bit to set aside for odd expenses or if interest rates rise, as you don't easily have the option to increase rent immediately then it works.

Have you agreed to let it with the mortgage company ? You have to pay vat on the management fees btw and can only offset the interest part of any mortgage payments against the income for tax purposes plus expenses and fees.

By looking at it this way you can focus on the income needed for your new life separately.

was going to say watch out as you might have to pay tax on any profit.

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