Asking on behalf of a loved one who is struggling to find a place to rent after her dad sadly passed away and now she’s left with no family to help out. Basically in the time her dad was terminally ill she was struggling with undertaking her freelance work while helping care for him - and following his death had to go through the process of clearing out his possessions etc (he was an accomplished artist and printmaker so there was a lot go through).
After selling the house she inherited she has roughly £200k in the bank so is entirely capable of paying rent years on end (including increased deposits if need be) even if she weren’t looking to revitalise her freelance or potentially find full time work - however, the automated nature of many property agent’s websites means it’s a struggle to even get viewings given that they are predicated on having an income beyond a certain threshold.
The place she’s been renting in the meantime is now being sold and she really needs to find somewhere but it feels are if so many places are locked off to by those formalities even if she should be a safer bet for landlords given her direct access to the money? She’s a very peaceful, responsible and considerate person it seems a shame that there’s a struggle for her to find somewhere when really she’d be an ideal tenant.
I’m wondering if anyone here has had an experience like this or could provide some advice on the best way to approach it given the circumstances?
Thanks in advance for any help! Appreciate your time
Did she have any form of carer’s allowance. Even income from benefits would count as income. Certainly, showing a savings account statement with a sizeable balance would be reassuring, but this is a case of her having to go into agents personally and presenting her case with them in person. Once the agent has an understanding of her situation, they will have LLs on their books who would potentially let to her. SHe needs to do the legwork to get around to them and get known.
Unfortunately not, she was still working at the time trying to pursue her goals and to be honest has had a bunch of health issues of her own which definitely slowed everything down. So she was earning (just under the threshold of what a lot of agencies ask for and thus they will just reject her by default). She had originally just been planning to buy another house outright, but finding something that suited her health needs has been tricky and thus she’s forced to rent and stay freelance while continuing the search and looking to potentially return to more stable work once settled.
I think what you’re saying about approaching the agents directly makes sense, as I was saying on paper she can completely afford it and can pay everything necessary in the short term it just feels like the system is really backward as things are more automated - technically someone could lose their job and income whereas that money of hers isn’t going anywhere fast.
Looking forward to the day she finds a place to stay and get everything back on track.
I think if she pays upfront and has a guarantor she has a good case
She should speak to agents directly as suggested
Validate her story with probate documents etc
Maybe she had to sell the family home, to pay inheritance tax. Perhaps the proceeds aren’t enough to buy somewhere in the area where she has friends, like Craig and his family. She could move up north, to Kent, or to Wales, but if she was living in London, she wouldn’t be able to get anything affordable.
There is a charity called Novus Homeshare, where she could live with an elderly person, in return for 13? hours help a week, and pay £50+ a week for accommodation. That is what a lodger paid to live with my mother in Camden, from 2018-2021. He had an excellent deal. (By the way, there is an inheritance tax course this afternoon, by the biggest Ll’s association, on Zoom, costing £60, for members).
Of course, she is vulnerable, too. She could meet an unscrupulous landlord, or agent, who might want to fleece her of her inheritance. The new renter’s reform legislation says you won’t be able to pay rent upfront.
Make arrangements to pay say £2,000 per month from this savings account into another living expenses account by regular transfer. ( this would provide income for 100 months or just over 8 years. + whatever interest allows ) Declare this amount as “income” when applying for rentals on automated systems.
But ensure you let the landlord know where you income is coming to (in this case a self administrated annuity) and be ready to share details of the scheme .
Lots of landlords would be more than happy with this - especially if you can show there are also future opportunities awaiting .
unless she wants to live in central london, 200k would purchase a small flat or even a house in some places. Why would she want to rent under these cirumstances?