So, you're house sale is agreed and you plan to rent. It's not always quite as simple as you might expect. Rachael James, Head of Lettings has some top tips.
Symonds and Sampson Lettings department are finding the volume of sellers seeking a rental property has increased hugely over the last few months. It is all about timing and if you are in the position of having never rented before, it can be complicated transferring from one market to another.
Rachael James Head of Lettings offers some practical advice on how to be successful in securing your rental home.
There are two types of landlords and tenants: short term and long term and it is imperative as a letting agent, to match these requirements. Therefore, if a potential tenant is only looking to sign for 6 months to a year mainly because they are looking for a property to purchase, a long term landlord will not wish to enter into an agreement. This is despite the fact that a tenant’s financial situation is very secure.
There is also the vice versa scenario where the landlord is wanting a short term let and a tenant with a family is wanting a home for a few years at least. Please ensure that the letting agent is fully aware of your intended timescale.
The volume of Internet and telephone enquiries have quadrupled recently and it is important that applicants understand we have to qualify quite strictly ensuring the landlord’s instructions are honoured before making an appointment to view.
There is also the difficult situation with the selling applicant accepting an offer but not in a position to proceed with a tenancy because their sale is not legally binding yet. A letting agent will not accept a holding deposit until exchange of contracts has happened, it could all fall through at the last minute and the letting agent would have lost valuable marketing time for their client thus increasing the time that the landlord is without rent.
The rental market is twice as fast as the selling market and properties that are available now will be let and a tenancy can commence within a few weeks. It is therefore advisable to ensure your sale has progressed and nearing exchange before viewing properties to rent.
This is a very anxious and stressful time of course but it can be easier if you inform your solicitor and buyer that you would like at least a few weeks between exchange and completion.
It is also beneficial to have a plan B – secure and agree storage of your furniture and temporary accommodation with a holiday let.
Please do not hesitate to get in touch with our Letting Offices if you need further advice on your move, we are here to make it as smooth as we possibly can!