Sometimes finding the right buyer can take longer than expected. If your property has been on the market for a while, it could be worth exploring your options for renting it out instead.
You wouldn't need to become a permanent landlord to do so, you could simply let your home for a short term period of 6 to 12 months and then relist it for sale at the end of the tenancy.
Or, if you're happy with how the tenancy has gone, you could keep your property as a long term investment, providing ongoing rental income.
If you do not own your property outright and are currently repaying a residential mortgage, you will need to obtain 'consent to let' from your lender before proceeding.
If your lender does not give you consent to let, you'd need to remortgage your current mortgage into a Buy to Let mortgage.
Letting your home made easy
Becoming a landlord can be daunting, and we understand many people will be put off by the hassle and cost of letting their property.
There are a lot of laws and regulations governing the lettings industry, so there is certainly quite a bit you'd need to know to get your current property compliant with lettings standards, and it may require an upfront cash investment to do so.
There is inevitably the risk of tenants inflicting damage to your property during their stay, but this can be covered via insurance or even entirely avoided when you work with a qualified letting agent who can manage your property for you.
We have local lettings agents across the country who can source reliable tenants, and they can also provide a free rental valuation so you can get an estimate of how much your home could be let for each month.
They'll also inspect your property before it's let, providing you with a comprehensive breakdown of what needs to be done to the property to get it to rental standard, as well as providing recommendations for contractors and suppliers.
If you decide to let your property with a letting agent, it should be one that is a member of one of the industry's self-regulatory bodies, such as Propertymark or Safeagent. At Your Move, we're members of Propertymark, and we can ensure that our fully managed landlords have peace of mind that:
- All paperwork is completed properly and legally administered
- Tenants are properly credit checked, vetted and referenced
- Legally required gas and electrical inspections and certifications are completed
- The property and its furnishings are protected with a thorough inventory report
- Regular property inspections take place to ensure your property is well looked after by the tenant
- The rental income earned from the property is securely held in a dedicated account and protected by insurance
- All maintenance issues are handled quickly and fixed by trustworthy contractors
- If there are any letting legislation changes you are informed of the necessary updates required, which are then carried out by professionals
- Your Move adheres to the nationally recognised Code of Practice and are a part of a government approved redress scheme
Allowing Your Move to manage your property fully will take the weight of legal and administrative requirements off your shoulders, and you can rest assured your property in the hands of qualified experts.
You can find out how much your property could be let for with a free no obligation rental valuation. You'll get the chance to speak with a lettings expert and ask any questions you may have.
Your Move E-Marketing Executive
