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Renting a House Problem

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DieselCage
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2006/07/14 18:19:10 (permalink)
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Renting a House Problem

Hi,

Im trying to move out from living with my parents into my own place. I have saved up for ages and can finally afford it. Im going to be living on my own and the place I want to move to is about £500 a month.

Now the letting agency have sent two forms too my bank to confirm I afford to pay £500 a month (dont know what the form is called) the problem is the bank say they havent recieved it both times. Its really p1ssed me off.

Now im thinking of paying the total amount payable (£500 x 6 = £3000) up front so I can move in straight away, as im sick of waiting.

Can anyone see any potential problems with doing this?


"Always act as though it were impossible to fail."

#1

16 Replies Related Threads

    atkinson2006
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    RE: Renting a House Problem 2006/07/14 18:33:29 (permalink)
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    as far as i am aware you can pay as far up front as you wish.

    13.12 Stone, 5ft9.5:
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    #2
    rmacken
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    RE: Renting a House Problem 2006/07/14 18:35:03 (permalink)
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    can I ask why you want to rent instead of buy?
    #3
    Skid
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    RE: Renting a House Problem 2006/07/14 18:36:34 (permalink)
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    Most prob because a mortgage on his own will cost a bomb..
    #4
    DieselCage
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    RE: Renting a House Problem 2006/07/14 18:52:36 (permalink)
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    ORIGINAL: Skid

    Most prob because a mortgage on his own will cost a bomb..


    that is why

    "Always act as though it were impossible to fail."

    #5
    atkinson2006
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    RE: Renting a House Problem 2006/07/14 18:56:31 (permalink)
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    i can't believe someone from england actually asked why your renting instead of buying, people only rent because they can't get a decent mortgage on your own UNLESS you earn 30k a year! lets face facts here people ENGLAND SUCKS!!

    13.12 Stone, 5ft9.5:
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    #6
    rmacken
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    RE: Renting a House Problem 2006/07/14 18:59:19 (permalink)
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    sorry, I earn £32K

    I am currently saving for my kids too for when they turn 18-25 when they want to fly the nest they will have a lump sum to place on a house.

    Could you ask your folks to release any equity on the house??

    before I get my head ripped off, it was just a thought!
    #7
    Rafriki
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    RE: Renting a House Problem 2006/07/15 00:04:47 (permalink)
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    Cant say its normal for a letting agency to ask your bank for proof of your ability to pay, normally a credit reference agency would be approached.
    There is no problem with you paying the 6mnths upfront but make sure that the contract reflects this and that you are, should you wish, able to get your monies back should you or the landlords, for reasons within the T+CS of contract, wish to serve an early notice.
    If i were you i'd try to work a compromise why tie up your money unnecessarily, you may need this for something else.

    "You may be disappointed if you fail, but you are doomed if you don't try." - Beverly Sills

    "Only I can change my life. No one can do it for me." - Carol Burnett
    #8
    kitty
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    RE: Renting a House Problem 2006/07/15 09:31:07 (permalink)
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    ORIGINAL: rmacken

    sorry, I earn £32K

    I am currently saving for my kids too for when they turn 18-25 when they want to fly the nest they will have a lump sum to place on a house.

    Could you ask your folks to release any equity on the house??
    before I get my head ripped off, it was just a thought!


    No dig intended rmacken but the way that kids are going these days they are going to expect that. Gone are the days where young ones save up to buy their own car, they expect one from their parents so I suppose the next one will be for parents to pay house deposits. I appreciate they're not all like that but it's a growing trend
    #9
    Worf
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    RE: Renting a House Problem 2006/07/15 12:15:55 (permalink)
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    the bank do not disclose your financial status to a request from the letting agents - just state wether or not you would be able to budget per month taking into consideration the income and outgoing that you have had over the past 6 months to 1 year

    i would be very wary of paying 6 months in advance in case seomthing went wrong - eg house burnt down - then you would have to wait sometime to get that money that you put up front back from the landlord etc

    just get the agent to fax it to your local branch.
    #10
    rambojackson
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    RE: Renting a House Problem 2006/07/15 13:15:32 (permalink)
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    surely if ur paying 500 a month rent, u could buy and pay the same amount(500) gettin a mortgage for 85-90 grand???
    surely any property bought would be an investment??
    #11
    BIGDOWNUNDER
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    RE: Renting a House Problem 2006/07/15 13:52:10 (permalink)
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    ORIGINAL: kitty


    ORIGINAL: rmacken

    sorry, I earn £32K

    I am currently saving for my kids too for when they turn 18-25 when they want to fly the nest they will have a lump sum to place on a house.

    Could you ask your folks to release any equity on the house??
    before I get my head ripped off, it was just a thought!


    No dig intended rmacken but the way that kids are going these days they are going to expect that. Gone are the days where young ones save up to buy their own car, they expect one from their parents so I suppose the next one will be for parents to pay house deposits. I appreciate they're not all like that but it's a growing trend




    Its already a fact here in Sydney..I don't know one person who didn't get a handout from mum or dad....Oh! yeh me


    I'll cross that bridge after i've burned it.
    #12
    atkinson2006
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    RE: Renting a House Problem 2006/07/15 20:21:16 (permalink)
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    i be will working hard and saving loads to get my own place, hate asking my parents for money

    13.12 Stone, 5ft9.5:
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    #13
    Ronin316
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    RE: Renting a House Problem 2006/07/16 01:36:11 (permalink)
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    ORIGINAL: rambojackson

    surely if ur paying 500 a month rent, u could buy and pay the same amount(500) gettin a mortgage for 85-90 grand???
    surely any property bought would be an investment??


    It's not as easy as that I'm afraid, I wish it was. We were recently refused a mortgage despite the fact the repayments would have been less han our current rent. Also, if you live in the south of England 90k won't get you much.
    #14
    Morba
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    RE: Renting a House Problem 2006/07/16 02:53:08 (permalink)
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    ORIGINAL: rambojackson

    surely if ur paying 500 a month rent, u could buy and pay the same amount(500) gettin a mortgage for 85-90 grand???
    surely any property bought would be an investment??



    in some places that wont get you a 1 bed flat in a crap area.

    :o
    #15
    riverrock
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    RE: Renting a House Problem 2006/07/16 09:22:20 (permalink)
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    I must say, England is a very hard country to get ahead in alright. There's plenty of work and opportunity, but not being able to buy a home is a humbling experience for anyone and something our parents would have found impossible to understand in their younger days.

    ORIGINAL: atkinson2006

    i can't believe someone from england actually asked why your renting instead of buying, people only rent because they can't get a decent mortgage on your own UNLESS you earn 30k a year! lets face facts here people ENGLAND SUCKS!!

    #16
    dannyboy
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    RE: Renting a House Problem 2006/07/16 12:03:19 (permalink)
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    ORIGINAL: kitty

    No dig intended rmacken but the way that kids are going these days they are going to expect that. Gone are the days where young ones save up to buy their own car, they expect one from their parents so I suppose the next one will be for parents to pay house deposits. I appreciate they're not all like that but it's a growing trend



    It's not right to expect anything but then it's getting to the point where it's a necessity to get some help since most first time buyers are a million miles away from earning enough to get a place, even if they can save a decent deposit it will take a good few years and then you'll still be saddled with a huge mortgage. The number of people working second jobs/doing overtime has increased dramatically because of the costs.

    #17
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