Hi everyone, I am currently purchasing a new build that will be completed at the end of June, ideally I’d like to advertise and gauge interest prior to this but apparently I cannot advertise on open rent until I can prove ownership.
Can anyone advise or help me with this?
TIA
Kirstie
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Openrent’s requirement is quite reasonable, there are lots of scammers out there. Also gauging interest means wasting potential tenant’s time as you can’t actually rent it out, so its not fair to tenants many of whom are desperate. All you can do is look at similar properties on rightmove and maybe even go and look at a few yourself as a potential tenant…
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In my experience of buying new builds, they are very rarely completed on schedule. In one case, it was YEARS late! In addition to the massive fraud/scam risk already mentioned, you also can’t guarantee when the flat would be ready to move into (and would be putting yourself at risk of breaching the tenancy agreement, and the associated legal and financial headache). To gauge potential interest, I would speak to local estate agents.
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Thank you, totally take your point…
I will be patient as I hope people here will be with me as I am new and just trying to work things out and be a good and decent landlord.
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Very true, thank you I can see the point you have both made.
I will wait until we are fully ready to let the property
Thanks again
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I had a similar situation when using another platform. Documentation from Land Registry that prove ownership aren’t usually available until several weeks after completion. Knowing this the platform allowed the use of the LL insurance certificate. You won’t be able to get this until completion. Also without being in possession of the keys your marketing wouldn’t include photos.
Be patient and in the meantime do some research on Rightmove. Look at similar properties and the rents being asked. Monitor the date each property was added to the sight and the time it takes for those let’s to become agreed. In this current climate it shouldn’t take more than a week. And with yours being brand new will appeal to everyone.
Good luck!
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Thank you so much for your positive and encouraging reply.
I will keep gaining knowledge and look forward to hopefully getting some good tenants who can enjoy the place.
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