With all the other ‘fun’ of April Fool’s day in the UK. I received an email from my property agent to tell me that my current tenant has given notice to leave. 😦
I was hoping that they would renew for at least another 6mths but they have decided to move. So the agent will start marketing the property asap so I can try and get another tenant and not have too much of a void period.
The agent needs to do the inventory and house inspection. Plus the tenant had agreed to make good some of the changes they had made, so it will be interesting to see if they stick to their word or not.
This is where the ‘risk’ of BTL comes in. How long will the void period be? How many months will I have to pick up not just the mortgage payments but the additional ‘add-ons’ of: council tax, utility standing charges and other costs to keep the property in ‘tick-over’. Including checking that the property is OK and that services are switched off and that the void complies with the insurance policy.
I hope that fortune is on my side and a new tenant is found quickly.