To Approach Or Not To Approach?

[BlueRhino]

Hi,

First post, so please be gentle....

I am soon to be redundant, and am looking to move from N. Scotland back home to S. Wales in Feb next year.

I was going to wander blindly into the housing market, but I stumbled across this site back in April, and have been soaking up all the good info that you guys have been posting and finally got the stones to register and post....

After taking a neutral position for the last several months, as I have did not have to rent or buy then as I have only just found out about being made redundant, I have come to my own conclusions about the state that we are in. I have also been keeping a record on the price of houses, number of houses for sale/rent in South Wales from the websites of certain estate agents in South Wales since April, just to find out for myself what the market trend is and not rely on VI spin.

In a nutshell, many houses still on the market from April, prices dropping by over 10%, amount of houses for sale increasing, houses being put up with more than one agent, all the usual info, but I know it's a fact. Yes, there are still stubborn sellers who have not dropped their price since May, but plenty who have.

I entered this as a total neutral, and from discovering for myself from reading agents sites, talking to people back home, reading blogs, challenging work colleagues' views, you would have to have your head in the sand (or your life savings in property) not to believe that things are headed for a very bad time. Just my opinion.

Anyway, to the question. I would be a mug to buy now, so I have decided to rent. I have found a house that I would love to rent, but I cannot move in until 1st Feb. The house has been on the rental market since Sep. and I would think is unlikely (but obviously not guaranteed) to be rented out before the New Year.

Is there an approach that can be made to the agent about this house now, or do I have to wait until I can make a move in Jan and hope that it hasn't gone by then. I don't want to rent it empty now to guarantee it for the future....it's not that bloody nice! But is there an option I don't know about?

Sorry for the long post, and thanks for ANY advice......

BR

[London Landlady]

Hi,

First post, so please be gentle....

I am soon to be redundant, and am looking to move from N. Scotland back home to S. Wales in Feb next year.

I was going to wander blindly into the housing market, but I stumbled across this site back in April, and have been soaking up all the good info that you guys have been posting and finally got the stones to register and post....

After taking a neutral position for the last several months, as I have did not have to rent or buy then as I have only just found out about being made redundant, I have come to my own conclusions about the state that we are in. I have also been keeping a record on the price of houses, number of houses for sale/rent in South Wales from the websites of certain estate agents in South Wales since April, just to find out for myself what the market trend is and not rely on VI spin.

In a nutshell, many houses still on the market from April, prices dropping by over 10%, amount of houses for sale increasing, houses being put up with more than one agent, all the usual info, but I know it's a fact. Yes, there are still stubborn sellers who have not dropped their price since May, but plenty who have.

I entered this as a total neutral, and from discovering for myself from reading agents sites, talking to people back home, reading blogs, challenging work colleagues' views, you would have to have your head in the sand (or your life savings in property) not to believe that things are headed for a very bad time. Just my opinion.

Anyway, to the question. I would be a mug to buy now, so I have decided to rent. I have found a house that I would love to rent, but I cannot move in until 1st Feb. The house has been on the rental market since Sep. and I would think is unlikely (but obviously not guaranteed) to be rented out before the New Year.

Is there an approach that can be made to the agent about this house now, or do I have to wait until I can make a move in Jan and hope that it hasn't gone by then. I don't want to rent it empty now to guarantee it for the future....it's not that bloody nice! But is there an option I don't know about?

Sorry for the long post, and thanks for ANY advice......

BR

You could try a very slow approach - view, 2nd view 10 days later etc - if you have not already viewed.

If you have, why not try & drag the negotiations out for ages - for example offer quite low, when they refuse, come back a week later with a slightly higher offer etc.

Also, it takes a while from getting your offer accepted - checks etc - so you probably could draw it out until you need to move in.

The owner will probably think a bird in the hand is worth 2 in the bush?

[BlueRhino]

You could try a very slow approach - view, 2nd view 10 days later etc - if you have not already viewed.

If you have, why not try & drag the negotiations out for ages - for example offer quite low, when they refuse, come back a week later with a slightly higher offer etc.

Also, it takes a while from getting your offer accepted - checks etc - so you probably could draw it out until you need to move in.

The owner will probably think a bird in the hand is worth 2 in the bush?

Hi LL,

That sounds quite feasable actually. What with Xmas being in the middle of negotiations, it could drag on a little longer, eh? I don't want to be rude and offend though, so what would be low enough for negotiations to start without putting them off?

It is a £600 pcm, and I am willing to put 6 month up front on a 12 month contract. I was thinking £525 to start? Also, how long does it normally take after being accepted to get the keys?

As you can tell, a bit of a renting novice, but keen to learn...

Thanks

BR

[London Landlady]

Hi LL,

That sounds quite feasable actually. What with Xmas being in the middle of negotiations, it could drag on a little longer, eh? I don't want to be rude and offend though, so what would be low enough for negotiations to start without putting them off?

It is a £600 pcm, and I am willing to put 6 month up front on a 12 month contract. I was thinking £525 to start? Also, how long does it normally take after being accepted to get the keys?

As you can tell, a bit of a renting novice, but keen to learn...

Thanks

BR

Hi

i don't know how low - it depends on the area around there, similar properties etc.

Re the 6 months up front, that is very attractive to a landlord/lady BUT as I posted to the chap in Acsot, if you pay up front & then find something is not working - there is not much incentive for the owner to get anything fixed (unless it is amanged by an agent)

I wouldn't drag the actual negotiation out for tooooo long - maybe aim to get acceptance before Xmas? Say you want to move in early JAnuary.

Maybe go for 1st offer of £500 or £475 if very cheeky! You may put them ff completely!

timing - if things go smoothly, from acceptance of offer - it can be 1 week, normally 2. If things go slowly - takes however long it takes!

The owner may want references & the fact you are unemployed may make it harder. They may want bank, employer & former landlord references.

[BlueRhino]

Hi

i don't know how low - it depends on the area around there, similar properties etc.

Re the 6 months up front, that is very attractive to a landlord/lady BUT as I posted to the chap in Acsot, if you pay up front & then find something is not working - there is not much incentive for the owner to get anything fixed (unless it is amanged by an agent)

I wouldn't drag the actual negotiation out for tooooo long - maybe aim to get acceptance before Xmas? Say you want to move in early JAnuary.

Maybe go for 1st offer of £500 or £475 if very cheeky! You may put them ff completely!

timing - if things go smoothly, from acceptance of offer - it can be 1 week, normally 2. If things go slowly - takes however long it takes!

The owner may want references & the fact you are unemployed may make it harder. They may want bank, employer & former landlord references.

Hi LL,

Some good advice there.

Just spoke to the agent, got a viewing booked in for 2 weeks time.

I am (soon to be) ex-Air Force, and I will have impeccable references from them. I explained this to the agent, and was told that it is not a problem. I really don't want to be caught out with anything that might go wrong as I have a wife and VERY-soon-to-be-born child. I am going to be self-employed when I sort myself out down south, but I can prove my finances are sound via my redundancy settlement.

I don't mind getting the property in early Jan if I am moving in 2 or 3 weeks later.

If I was pushed, I could put the 12 months up front to quell any concerns about the l/lord getting their rent.

Can you, as a LL, forsee any more problems that I might face getting a property? With a 600 mile move and a new baby, I can't really afford to get anything wrong.

Thanks again LL, you are a great help.

BR

[London Landlady]

Hi LL,

Some good advice there.

Just spoke to the agent, got a viewing booked in for 2 weeks time.

I am (soon to be) ex-Air Force, and I will have impeccable references from them. I explained this to the agent, and was told that it is not a problem. I really don't want to be caught out with anything that might go wrong as I have a wife and VERY-soon-to-be-born child. I am going to be self-employed when I sort myself out down south, but I can prove my finances are sound via my redundancy settlement.

I don't mind getting the property in early Jan if I am moving in 2 or 3 weeks later.

If I was pushed, I could put the 12 months up front to quell any concerns about the l/lord getting their rent.

Can you, as a LL, forsee any more problems that I might face getting a property? With a 600 mile move and a new baby, I can't really afford to get anything wrong.

Thanks again LL, you are a great help.

BR

Don't listen to me - I'm only a Troll (apparently)

Seriously, I was suggesting saying now you want it early Jan, but spinning it out till early Feb

If you are really desperate, then go for the earlier date to make sure you are safe.

With a baby on the way - it makes a bit of a difference!

it's rally a case of deciding what you want - you could say now you want the property in erly Jan (if you do) & get it all sorted out veryb quickly with a Jan move in date.

don't worry about the no job thing - the ex Airforce will be an attraction - plus the fact you are a family.

As I sid - I don't know the area (I am SW London) so its all about supply & demand.

Also, check if it is also up for sale.

Good luck.

[BlueRhino]

Hi LL,

Thanks again. I have taken on board what you have said.

From the posts you have made here, and some of your others that I have read, you are certainly no Troll.

Appreciate the advice......

All the best

BR

[London Landlady]

Thanks & good luck with it all & the baby.

If you are looking for 2 bed places, there are a few around generally as that was what a great number of the wicked BTL people purchased.

[BlueRhino]

Hi,

Update..

I have been to see a house in South Wales that I fancied.

Flew from Inverness to Gatwick, then drove to South Wales to see the house and 2 others in that day. Travelled back on a flight later that same day. It was a long day, that ended with me sprinting through Gatwick with seconds to spare. Close...

Anyway, I have put an offer in for one of the houses. It is up for £675, and I have offered £625 with 6 months up front on a 12 month contract. The house is owned by a building society, don't know which one though.

However, I have a couple of questions.

How long do I wait before I chase the offer up? Any advice? It was put in first thing Thursday morning, and have not heard a peep since. Not even a courtesy call from the (very well known) agents...

Also, the agents want £260 fee, + 6 weeks bond which is £1200 before any rent has ben paid. However, when I gave the agents 2 weeks notice that I was coming to look at the house, they turned up 35 minutes late, and did not even have the keys ( the cleaner's still got them!). :angry:

So, I travel over 700 miles and got there 20 minutes early, they travel 10 miles, turn up late, and I didn't even get in to see the house! And they want £260 for what exactly? Is this amount the usual or is it high? It is for 2 people on the AST.

Poses the question....what if something went wrong with the house? Don't seem very reliable. They haven't even apologised!

Anyway, I have found another house for 650, identical, but not such a quiet area, but the agent seems competant. Could easily be the decider!! LOL

Anyway, thanks for any advice....

BR

[laughing_goat]

Hi,

Update..

I have been to see a house in South Wales that I fancied.

Flew from Inverness to Gatwick, then drove to South Wales to see the house and 2 others in that day. Travelled back on a flight later that same day. It was a long day, that ended with me sprinting through Gatwick with seconds to spare. Close...

Anyway, I have put an offer in for one of the houses. It is up for £675, and I have offered £625 with 6 months up front on a 12 month contract. The house is owned by a building society, don't know which one though.

However, I have a couple of questions.

How long do I wait before I chase the offer up? Any advice? It was put in first thing Thursday morning, and have not heard a peep since. Not even a courtesy call from the (very well known) agents...

Also, the agents want £260 fee, + 6 weeks bond which is £1200 before any rent has ben paid. However, when I gave the agents 2 weeks notice that I was coming to look at the house, they turned up 35 minutes late, and did not even have the keys ( the cleaner's still got them!). :angry:

So, I travel over 700 miles and got there 20 minutes early, they travel 10 miles, turn up late, and I didn't even get in to see the house! And they want £260 for what exactly? Is this amount the usual or is it high? It is for 2 people on the AST.

Poses the question....what if something went wrong with the house? Don't seem very reliable. They haven't even apologised!

Anyway, I have found another house for 650, identical, but not such a quiet area, but the agent seems competant. Could easily be the decider!! LOL

Anyway, thanks for any advice....

BR

Hi BlueRhino,

£260, is an awful lot of money to pay for admin. Usually you may have to pay for references and credit checks etc, but that should be around £50.

I think you could be right about this agencies reliability, it sounds like they're going to be a nightmare. You should post a thread on the 'What are house prices doing in your area?' part of the forum, to see if there is anyone in your area who can help.

If it helps, my last letting agent wanted me to pay £50 admin every time I renewed the contract, so I questioned what they were going to spend it on. At first they were not willing to disclose the detail, just saying it was admin costs, but as it became clear to them that I could move out if it wasn't justified or reduced. They started to be more open to negociation (got it down to £20). Anyway when it came time to renew the contract again, they tried to charge me £60, so I gave them all the same s**t. They again reduced it but by then I'd had enough and we moved out.

I don't know about your area, but where I live the rental market is quite competitive now and you can (to some extent) shop around. Ask the agent prior to viewing places what they charge and get them to confirm it in writing. Also, make sure they know you are shopping around.

LG

[BlueRhino]

Hi BlueRhino,

£260, is an awful lot of money to pay for admin. Usually you may have to pay for references and credit checks etc, but that should be around £50.

I think you could be right about this agencies reliability, it sounds like they're going to be a nightmare. You should post a thread on the 'What are house prices doing in your area?' part of the forum, to see if there is anyone in your area who can help.

If it helps, my last letting agent wanted me to pay £50 admin every time I renewed the contract, so I questioned what they were going to spend it on. At first they were not willing to disclose the detail, just saying it was admin costs, but as it became clear to them that I could move out if it wasn't justified or reduced. They started to be more open to negociation (got it down to £20). Anyway when it came time to renew the contract again, they tried to charge me £60, so I gave them all the same s**t. They again reduced it but by then I'd had enough and we moved out.

I don't know about your area, but where I live the rental market is quite competitive now and you can (to some extent) shop around. Ask the agent prior to viewing places what they charge and get them to confirm it in writing. Also, make sure they know you are shopping around.

LG

Hi LG,

Thanks for the advice. Sounds like I am getting ripped off with the fee. I think I will make sure that the estatge agent knows that I am looking around, and I will put in an offer for the other property anyway.

Big difference between £50 and £260. Fe*kers.

Thanks again,

BR