Sell or let to rent?

Discussion in 'UK Property' started by jessica.kw, Jul 21, 2012.

  1. jessica.kw

    jessica.kw New Member

    Hi

    I'm pretty new to anything related to real estate and property investment so I really could need some help :) I'm moving to a bigger flat in London and don't really know what to do with my old flat. Should I sell it or let it for rent? Is it a good idea to keep properties at the time or sell them? The flat is located in London Islington and has about 50 square meters.

    Thanks
     
  2. jessica.kw

    jessica.kw New Member

    Also I really need a good real estate agent because I won't have much time finding a buyer/renter. I find it hard to get an overview via google because there are a lot of real estate agencies e.g. savills or <snip> Has someone made good experiences with an agency in London?
     
    Last edited by a moderator: Jul 30, 2012
  3. JustinBarley

    JustinBarley New Member

    What I think is that you should keep that flat and only let it out for rent.
    Properties are and will become more and more expensive in time. Especially in the big cities.
     
  4. TurnKey Landlords

    TurnKey Landlords New Member

    If you rent it out you will have to declare any income to the inland revenue so check that out first. Also, (and this is my area) you will need to either get permission from your existing mortgage lender or remortgage on a buy to let mortgage. Buy to let mortgages are typically more expensive than residential mortgages, but the affordability is assessed differently. You have to disclose the monthly rent (expected) to the lender, and it must be at least 125% more than the monthly mortgage payments. You should talk to a specialist BTL broker about this though because without your specific details it's difficult to give you accurate information.
     
  5. carrick

    carrick New Member

    Hi. have you rented it yet as my son is looking for a flat. What are the details? How many rooms etc? How much per month etc If you are selling what price do you expect? please let me know ASAP.
     
  6. showmethemoney

    showmethemoney New Member

    Hi,

    I'm looking around for a good buy to let property investment and new to this. Has anyone used 'National Homebuyers Investments' before? I have just been looking over their website and they offer BMV properties and wondering if it is worth signing up?

    Cheers

    :)
     
  7. may123

    may123 New Member

    I think you should let it out for rent, not sell this property. It become more expensive.
     
  8. J-Nevil

    J-Nevil Member

    I would say dont sell at the moment. Property prices are set to flat line in 2013 with the odd increase here and there so it is really not worth it. What is profitable at the moment is to rent your property. The amount of households renting has gone up massively in the last few years and rent prices are due to go up by about 18% in the next few years so this is good news for landlords. If you want to get an idea about how much your flat could be rented out for then check out some local agents.
     
  9. maryjoe

    maryjoe New Member

    It'll be better if you rent out since the current economic climate is down.After some you can sell out when the climate becomes up.Before you rent out make sure it's in a good condition.I would like to suggest you Saleswift , Cash buyer for any of your need regarding the UK property market.
     
  10. chinalandlord

    chinalandlord New Member

    rent is better than sell at this time

    of course, rent is better than sell at this time.

    BTW, does anyone hear about the website ThamesPropertyManagement? Yesterday I came across the website . I reviewed it for some time. It seems they provide the quality service I want with fair price. I want to give it a try, as I don't want to spend much on agent fee. So I have done some research online trying to find a good property for rent website in UK.


    I would appreciate it if you can give me some hints.
     
  11. john122

    john122 New Member

    about london property

    Hi everyone, this is your information about london property investment, management and all renting issues is good for me and i hope all peoples. I have a one more information to peoples who have properties in london and want manage them and find tenants for property then such persons have come across a website called "thamespropertymanagement" who find tenants and manage property for landlords who have property in london, worth checking out, as very fair fees. It looks like a quality service for international landlords who lave property to rent in london.
    Thanks...


    regards
     
  12. As41lton

    As41lton New Member

    Definitely worth holding onto it, put it this way, it's not going to lose any of it's value and with rental yields on the increase you'll be making more keeping your money in the property than you would with it sitting in the bank. That is of course dependent on your current mortgage / financial situation and it always pays to have a chat with a financial adviser before making any decisions...
     
  13. As41lton

    As41lton New Member

    Also have a look at this thread on the forum, it's applicable to this thread

    -Residential lettings market in central London strong in first quarter of 2013-
     
  14. Dalton

    Dalton New Member

    I agree with you justin. you must keep this flat with yourself and let it on rent to other party so that i become an extra source of income.
     
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