Renting

[Onelife]

I know its difficult for young people to get on the housing ladder but I didn’t realise renting would be as difficult.

Our daughter has just secured her first Entomology position which requires her to relocate down to Hampshire. The biggest hurdle we have found is that most letting agencies want proof of income…difficult in our daughters’ case as she doesn’t start her new/ first job until Sep. My wife and daughter went to see a couple of lets over the weekend the first of which was £825 pcm and according to my wife you’d have struggled to swing a chicken in.

While they were there, I spotted a couple of flats in Farnham so phoned my daughter who gave the agent a ring…the lady at the other end of the phone was as rude as I can be at times and clearly had no intention of letting to a young 23-year-old lady.

We’ve been compiling and list of lets today but I think this is going to be more difficult than I/we thought it would be. I suppose it’s a case of agents can be choosier in the nicer areas…. which is a little concerning as I don’t want my daughter living anywhere, she could be more vulnerable.

She contacted an Airbnb this afternoon which was lovely but whether or not they will be prepared to do a long term let we’ll just have to wait and see.

More frustrating days to come me thinks

[Whynd1]

I remember when I worked I hr, I was asked a few times for a conformation of income letter by an employee who was going to act as a guarantor for her son. This was for him to rent a flat he was training to become a blacksmith.

Perhaps that may help in regards to your daughter.

[Manoverboard]

Long term lets are a dream come true for many of the Airbnb property owners.

[david63]

Long term lets are a dream come true for many of the Airbnb property owners.

I doubt that many, if any at all, Airbnb establishments will be taking long term lets currently due to Covid-19 restrictions which may come into force at any moment.

[Onelife]

I remember when I worked I hr, I was asked a few times for a conformation of income letter by an employee who was going to act as a guarantor for her son. This was for him to rent a flat he was training to become a blacksmith.

Perhaps that may help in regards to your daughter.

Thanks whynd. ...The option of being a guarantor was mentioned by one letting agent and this is something we would do. The agent said we would need to provide proof of our income, however, as my wife explained, we are both retired so this option wouldn't be open to us. Now l may not be correct on this but l think my wife said that failing proof of income the agent said we would need to disclose our savings, up to l think she said 33 times the monthly rental value?....We could do this and whilst l understand the landlords need some protection it does, if l have understood correctly seem a bit excessive.

Thank you....she hadn't thought about asking.... her soon to be employer for a conformation of income letter, which in hindsight and knowing better would have been the sensible thing to have done. She'll get on with that this morning no doubt.

The offer of the job is subject to reference, which won't be a problem, however, our daughter (should she find a let) will be reluctant to commit until this has been confirmed. Apparently HR are working from home, which means the wheels seem to be turning slower than what they otherwise would be. I'm sure we/ she will get this sorted but with a start date but three weeks away things need to start moving.

Things would be a dam sight easier if we didn't live so far away.

[Onelife]

Long term lets are a dream come true for many of the Airbnb property owners.

She is hoping to hear back from the Airbnb this morning.....fingers crossed

[Onelife]

Long term lets are a dream come true for many of the Airbnb property owners.

I doubt that many, if any at all, Airbnb establishments will be taking long term lets currently due to Covid-19 restrictions which may come into force at any moment.

Great news ....not!!!

Thinking about it David......would the same rules apply to that of a long term let rather than..., let's say a hotel booking?

[Meg 50]

could she find a house share?

the first time JD rented the agent asked for a reference from her current landlord.
She pointed out that she was living at home - but we still got the letter!

[Jan Rosser]

Gosh this takes me back many years ago to my late husband and I paying half the rent on a flat my younger son and his then girlfriend (now wife) were renting in Norfolk after they left university. Her parents acted as guarantors I believe - she had a job but my son was still a student so naturally we helped out.

I don't understand why retirement pensions cannot be classed as "income" - that is what it is after all but rules are rules and I'm not familiar now with the way these things work. I think obtaining proof of income from your daughter's employers is the way to go.

I anticipate you spending a lot of time on the road after she moves - we hated the trip to Norwich from South Wales - flippin nightmare roads - their next move was to Leicester so a bit nearer and now they are up in the north-west - still a fair drive away - no way am I travelling on a train at the moment

[Manoverboard]

Long term lets are a dream come true for many of the Airbnb property owners.

I doubt that many, if any at all, Airbnb establishments will be taking long term lets currently due to Covid-19 restrictions which may come into force at any moment.

Restrictions ' could ' be applied for overseas enquiries, I do not follow the logic for UK Nationals who live / move to areas that are not in a spike .... please explain

[Onelife]

could she find a house share?

the first time JD rented the agent asked for a reference from her current landlord.
She pointed out that she was living at home - but we still got the letter!

Hi Meg....she could and it would be a cheaper way to go but after four years of house shares she is now looking for her own space.

[Onelife]

Gosh this takes me back many years ago to my late husband and I paying half the rent on a flat my younger son and his then girlfriend (now wife) were renting in Norfolk after they left university. Her parents acted as guarantors I believe - she had a job but my son was still a student so naturally we helped out.

I don't understand why retirement pensions cannot be classed as "income" - that is what it is after all but rules are rules and I'm not familiar now with the way these things work. I think obtaining proof of income from your daughter's employers is the way to go.

I anticipate you spending a lot of time on the road after she moves - we hated the trip to Norwich from South Wales - flippin nightmare roads - their next move was to Leicester so a bit nearer and now they are up in the north-west - still a fair drive away - no way am I travelling on a train at the moment

Out of sight out of mind Jan

[Clophill4]

We were in the same position with my son who recently started a job in Bristol (Clifton so very expensive). As far as the guarantee was concerned the agents were quite happy to use proof of pension in the same vein as proof of income, and this was also set at gross pension of 30 times monthly rent. When it came to verification etc this was all done via a national company not the local estate agent.

[barney]

Have you considered thinking outside the box keefy?
If she can afford to pay that level of rent, then she can easily afford to pay a mortgage.
You could look at raising a deposit to get her started on the ladder.
I did that for my son.
He bought a new two bed flat and rented out the second bedroom to a friend to help with the mortgage. I gave him the deposit.
Luckily I had the spare cash but you could always look into equity release as on option, assuming value in your house.

Money in the bank is nice but investment in your kids is better.

[david63]

I do not follow the logic for UK Nationals who live / move to areas that are not in a spike .... please explain

Depending on the type of Airbnb there is the risk of two "households" being in the same property. If the Airbnb was totally self contained then there would not be a problem, but if it was a "room in a house" then there could be a problem. Airbnb have their own rules for Covid-19 anyway.

could she find a house share?

Could be that same problem as a shared Airbnb

[Onelife]

Hi Barney....l'm always thinking outside the box which is why nobody understands a word l'm saying

This is something we have considered but her initial term of employment is for one year so I'm not sure this option would be viable when you take into account the costs of solicitors fees etc......It is however an option we would consider if they extend her employment.contract.

I'm not so sure I would want to go down the equity release road though.....my wife has worked to hard to give it away to some compound interest scheme.

[Manoverboard]

I do not follow the logic for UK Nationals who live / move to areas that are not in a spike .... please explain

Depending on the type of Airbnb there is the risk of two "households" being in the same property. If the Airbnb was totally self contained then there would not be a problem, but if it was a "room in a house" then there could be a problem. Airbnb have their own rules for Covid-19 anyway.

Fingers crossed for an all on one floor flat / appartment or a cottage then otherwise all the Airbnbs / B&Bs / Inns & Hotels may as well close their doors and I simply cannot see that happening ... can you ?
.

[david63]

I simply cannot see that happening ... can you?

If "push comes to shove" - yes, but I would agree that it will be a last resort.

[Onelife]

Quick update...

Well she’s sorted and has now moved in to her new flat…lovely area of Alton, and just a stone throw from Alton park and high street.
The flat is lovely…all white goods included and a brand-new bathroom suite. Bedroom, study and lounge with kitchen adjacent ( not intrusive).

We managed to get a decent two peace suite for £35 and a lovely bedroom set, wardrobe, cupboard and two side cabinets (oak Furniture land) £230.

Don’t you just love a bargain.

Oh! and she said she'll pay me back over twenty years.... how considerate is that: lol:

[Stephen]

Quick update...

Well she’s sorted and has now moved in to her new flat…lovely area of Alton, and just a stone throw from Alton park and high street.
The flat is lovely…all white goods included and a brand-new bathroom suite. Bedroom, study and lounge with kitchen adjacent ( not intrusive).

We managed to get a decent two peace suite for £35 and a lovely bedroom set, wardrobe, cupboard and two side cabinets (oak Furniture land) £230.

Don’t you just love a bargain.

Oh! and she said she'll pay me back over twenty years.... how considerate is that: lol:

That's the polite NEVER version

[Whynd1]

Our eighbour has just moved down to Essex and for the time being has placed his property onthe rental market. The price he is asking astounds me,although we are in a good catchment area for schools.

[Meg 50]

I always understood that a rent should be much the same as a mortgage repayment

[Manoverboard]

It used to be based on the rateable value of the property but that method may have been replaced.