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24-11-2018, 08:44 PM
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Moving Home

Hi

This is in "Finance" as it's about a serious financial decision. But I'd also like to chat about upsizing/downsizing, renting/rental experiences and places to move to ...

Ms d00d & I live in London, thinking of escaping to somewhere like Oxford or Reading. Ordinarily, we might sell here and buy there, but we don't have much of an income. We could sell our little house here and get one a bit bigger & better there plus an apartment there to rent out. There are various things we're considering including a bigger property there with a suite in the roof to rent out (for cash) to a professional on a lodger basis.

Now another option is to keep our place here, it has a high rental value, let it out, and we live in a rental property "there". Still with me I hope.

now .. The Crux

There is a thing known as "Property & Procurement Schemes"/"Private Sector Leasing"

Whereas, instead of the usual hassle, you hand over your place to the local council (or there are charities and private enterprises doing this) for something like three years, and they find a tenant, pay you if & when it's empty and take charge of maintenance.

I haven't yet got as far as the "Free Valuation" bit, but I'm just wondering if anyone has any thoughts.
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24-11-2018, 08:49 PM
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Re: Moving Home

Living in a rental property never feels like home, believe me I know. That's something to consider.
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24-11-2018, 08:57 PM
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Re: Moving Home

Originally Posted by TessA ->
Living in a rental property never feels like home, believe me I know. That's something to consider.
Thanks Tess, I'm sure you're right. But I was just thinking ... we could do so many things: a sea view in Hove, a farmhouse in Oxon ...

We may never move back to London, but at least we'd have a pretty secure income.

Tax ... is my next question.
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24-11-2018, 09:58 PM
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Re: Moving Home

Our house has increased in value a lot in just over 4 years, best investment ever. So that is my recommendation, get a house in the south of U.K.
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24-11-2018, 10:34 PM
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Re: Moving Home

There is a thing known as "Property & Procurement Schemes"/"Private Sector Leasing"

You could at least find out which department in your local council will be handling this, and maybe even which individual. How long have they worked there, what experience in property rental do they have etc etc. I'm beginning to realise that most councils seem to dream up lots of sparkly ideas which sound great on paper, but they have zero experience - or ability - to fulfil those ideas.

You could always sell your house in London and move here.............much cheaper housing - so lots more house for less money and beside the seaside!
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24-11-2018, 11:02 PM
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Re: Moving Home

On the face of it Private Sector Leasing seems a good idea, but a large proportion of the income you earn from it may well be used up paying for a rental property. (I am assuming your London property has no mortgage). This could mean you do not have as much income as you hoped for especially if you are taxed on the income and - especially if you want to rent a larger property,a farmhouse or a house with a sea view. Your ages need to be taken into account as well.

Theoretically (and it depends on what the figures are) you could sell your London home, buy somewhere else and have sufficient left over to use as income or invest.


Personally, I would be inclined to keep it simple -just sell and buy somewhere else. There is so much to think of with Private Sector Leasing - what if your house is trashed and never comes back to you as it was. I would not want the complication and if you have not been used to renting you may not settle in a house which is not your own.

It's an interesting thread and I look forward to hearing what others have to say. Good luck with whatever you and Mrs d00d decide.
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25-11-2018, 02:22 AM
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Re: Moving Home

Hi

Having your own house is security, renting is at the whim of the landlord, if they want you out, out you go.

Any improvements you do belong to the landlord not you.

I have recently downsized big time, best thing I ever did.

I live on my own but have lodgers, Zac and Derek.

I use the Rent a Room Scheme, 7000 a year, Tax Free, all you have to do is register on the Government Website.

They only stay with me for 6 months a year, been doing that for 5 years.

It works for me.
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25-11-2018, 06:52 AM
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Re: Moving Home

Originally Posted by d00d ->

There is a thing known as "Property & Procurement Schemes"/"Private Sector Leasing"

Whereas, instead of the usual hassle, you hand over your place to the local council (or there are charities and private enterprises doing this) for something like three years, and they find a tenant, pay you if & when it's empty and take charge of maintenance.
What about the British equivalent of Defence Housing Australia? they rent out places to defence force personnel and their families at subsidised rents. You might get a better tenant and more money overall that way because you get your money whether it is tenanted or not and they do all the maintenance. No need for expensive tenant insurance. The only problem is if they are not looking for accommodation in your area (I can't imagine that being so in London).

https://www.dha.gov.au/investing/lease-your-property

I used to own rental properties and if I had known about this then that is where I would have started out. Lease writing, maintenance and empty properties (between tenants) cost a lot. I would definitely recommend that way.
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25-11-2018, 05:52 PM
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Re: Moving Home

Originally Posted by realspeed ->
Our house has increased in value a lot in just over 4 years, best investment ever. So that is my recommendation, get a house in the south of U.K.
Prices appear to have gone down here in London. I don't know about sold prices, but asking prices definitely. Prices peaked about one year ago, and as a rough guideline: an av. small house in H&F was on the market for 1M, now nearer 900K.

Mines not in that bracket.

Originally Posted by Lindyloo ->
There is a thing known as "Property & Procurement Schemes"/"Private Sector Leasing"

You could at least find out which department in your local council will be handling this, and maybe even which individual. How long have they worked there, what experience in property rental do they have etc etc. I'm beginning to realise that most councils seem to dream up lots of sparkly ideas which sound great on paper, but they have zero experience - or ability - to fulfil those ideas.

You could always sell your house in London and move here.............much cheaper housing - so lots more house for less money and beside the seaside!
Good point Lindyloo. I wouldn't go along with it without an initial sensible face-to-face meeting with someone at the Town Hall followed by professional businesslike communication with my solicitor.

HERE is the webpage about it on the council website. Interestingly, they give links to other people offering similar. I clicked the Finefair link and that's a hardish sell.
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26-11-2018, 07:49 PM
10

Re: Moving Home

Thanks guys


Aerolor ... keep it simple ... thanks.

swimfeeders ... I think you have the right idea, I might just do the same.

Bruce .... Yeah ... thanks.
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