As Lettings Agents we have seen many what are termed ‘reluctant landlords.’ This is when someone who has moved on, either physically to a different location or ‘in life’ ie in with a partner and can’t find a buyer for their existing property. And it’s where our Rent to Buy scheme really does come into its own.
That’s because it practically guarantees a hassle-free tenancy when rented out (it doesn’t make sense to pay two mortgages, after all, and if you can’t sell then the next best thing is to rent). What puts many landlords off renting is the prospect of having to chase up tenants for missed rent, or the upkeep of the property when they no longer live nearby. It’s just an added hindrance to an already busy life. Here at iSell we understand completely and which is why we always advise ‘reluctant landlords’ to consider our Rent to Buy Scheme.
Benefits of Rent to Buy for Landlords
It’s hassle-free! Probably the best bit for landlords… the reason it’s hassle-free is because you have a sitting tenant who has a vested interest in looking after your property ie because they intend to buy it themselves. This means not only will they keep it in pristine condition and already regard it as ‘theirs,’ but they are also obliged to carry out ongoing maintenance. The latter saves a fortune for landlords, especially if you’re planning to rent it out for a few years under the scheme.
You’ll always get rent on time. No need to chase up rents from ‘reluctant renters.’ Your tenants want to purchase your property in the long run so the last thing they want to do is upset you by paying late rent. They’d also be breaking the terms of the legal Rent to Buy agreement if they did. So, you can always guarantee that your mortgage will be paid off in time every month, resulting in no nasty overdraft charges.
So, how do you get started on a Buy to Rent Agreement? Well the first thing you need to do is read through the terms of the Agreement to make sure that it is indeed what you’d like to embark on. Next, let us find you an appropriate tenant (actually, you’ll be pleased to learn that won’t take long because we already have a list of ‘good’ tenants already waiting to sign up to our Buy to Rent Agreement).
Next, you’ll need to get the paperwork out the way. To do this we can put you in touch with a solicitor who is familiar with the Buy to Rent process. But, if you’d rather use a familiar legal face of your own, then that’s fine too, of course.
After that, you just sit back and wait for your mortgage to be paid off every month by your hassle-free tenant. It really is that easy! Meanwhile you may be pleasantly surprised to find that in order to make it easier for you, we are happy to pay your solicitor fees for you. Interested? Then find out more here or give us a call on 0333 577 0733. You can also email us at email@example.com.