Graduates returning to the nest, a new start for all!

[VanCleefArpels]

Carrying on from the 2019/20 Uni students thread let’s talk about what it’s like to have our fresh graduates home, for some of us invading our nice empty nest, for all of us creating a new household dynamic…….

It goes without saying that I will be guarantor @VanCleefArpels. DD's friends also have guarantors.

I might have to get involved to prove that the tenants aren't fly by nights who will do a moonlight flit.

I think that a lot of us aren't in a financial position to help our DC buy a house. In DD's case she is having a gap year before she does a post grad degree so who knows where she will end up?

Yes, we've already had the guarantor conversation with DS. He's coming home this weekend so looking forward to hearing more about his progress with things (hopefully)

Glad your dd's start went well @Benjispruce4

Isnt it awful how hard renting is now? I cant understand it. Is it because very few can afford to buy now? life just seems so bloody hard for the kids now. We help as much as possible but we have low wages ourselves so are limited. Its awful.

@FayeGovan did your DS go to look at that room in the flat?

I agree about everything seeming to be conspiring against young people at the moment. We can only hope that persistence pays off with flat/house hunting.

Well, I sort of promised ds to pay for travel insurance (as he otherwise wouldn't bother with it, making me more anxious 😁).
If he stays in Thailand for a year, that would be £500.....

@FayeGovan i think it’s a mix of not being able to afford to buy at starting salaries plus the BTL business is not as profitable as it once was due to tax and regulatory changes and I think many landlords are withdrawing from the market (I will be once fixed term mortgages come to an end)

Having said that I know that my older one’s cohort are very reluctant to buy even when they are now 3-4 years into their careers and earning just about enough (with help from parents) because of rising interest rates and inflation for fear of negative equity etc

@LouisCatorze ,he cant go and see anything as we're in Scotland..I'm not sure if he'll have to take something unseen, there's no choice in it and he's getting desperate. Hopefully with a 6 month contract if he's not happy he isn't there too long. I think everything he's seen is getting snapped up and even getting a virtual viewing isn't happening as the landlords can get it rented without even that hassle for them. Its frankly scary and my worry is he loses money to a scammer in his desperation. I know money has been transferred already. Against everything i think is right. But i feel powerless as he's sorting it himself. So I'm trying to calm down, keep my fingers crossed and hope it works out.

@Xenia my tenants have been in about 7 years. They have no intention of moving out at the moment. So that is good.

@Benjispruce4 DH did think about buying in Norwich as Ds was there and it's also our nearest city. But decided against it. We'd have to furnish it etc. too.

I am guessing as Dc2 offered about £30-40/week above asking price they kept it for her so she got time to travel down to London to actually see it. But I as asked to give all my details to be guarantor before she had actually seen it ( 2 days later)

As ds is starting a new job, surely we wont be asked to be guarantors? We were guarantors when he was a student...

We were guarantors for DS first flat based on his age (under 25). I believe this is quite common.

So dc1 has finished his course and planning to go to Thailand, and DC2 still at uni.
However DH was asked to be guarantor for a friend's daughter starting her first job in London. Not sure why not her parents (doctors). We presumed at the time they wanted 2 guarantors.....

Ds is planning to rent a room ,would he need a guarantor for just that?

@Notagardener, presumably he said no way?

@Notagardener maybe in London two guarantors are required because of the ludicrous rent costs? I saw a one bedroom flat in Zone 4 being advertised for £2000 pcm (not including bills). From the emojis used, I think a lot of people thought the owners were having a laugh.

@FayeGovan is it in an established let (so there's already a group of young people in the flat)? It rather depends if the room let is being managed by the young people already in the flat or by the letting agent or landlord?

I think its the landlord but not 100% sure

@FayeGovan, we know youngsters renting in local area for £780 (bills included) a month - £850 (bills not included) in a houseshare, if that helps.

If being organised by the current occupants it’s likely to be an unauthorised sublet of which I’d be extremely cautious

most House shares are done by room ie the tenancy is for the room only plus use of the communal areas

DS is paying £780 ex bills for a nice studio flat in SE London

Actually its through a letting agent

Ha ha, it's his best friend's daughter, so he said yes...

Yes its 795 including bills

DD was in the office again yesterday and there was a party after happy holidays so she was back at midnight again. She’s too tired to talk about it all but seems happy. Her job is not a grad scheme and she was mixing with interns and grads last night on much more money. She has mixed feelings as she is as, if not more highly quality than them. I’m of the opinion that she has a foot in the door of a really good company and that there is less pressure in her role so if she works hard, she’ll succeed.

*happy hour not holidays! 🙄