Renting in SE1/SE16

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Tuesday 20 February 2007 4.40pm
Hi all,
We have decided to have a change of scene and are looking for a flat to rent in either SE1 or SE16.
We are particularly thinking of Rotherhithe or nearer to the river, but we'd also consider Waterloo. We want to be somewhere close to the tube/bus as where we are now, at Metro Central Heights in ELephant we feel very safe, and I don't want to move somewhere else and feel afraid to walk home at night.
We are looking to move at the beginning of May, dependent on selling our flat which went on the market today.
We want either 1 or 2 beds preferably unfurnished. We don't want to look at anything which is ex-local authority, and we'd like a bit of outside space if possible.
If anyone is thinking of renting their flat out please let me know either by private message on here or by phone, 07717 386580.
Tuesday 20 February 2007 8.34pm
We are going to let our flat in The Jam Factory per 15 May. 2 bed penthouse, great views and large terrace. It will be unfurnished. Send me a pm if you want to come and have a look.
Wednesday 21 February 2007 10.54am
we also will be renting our flat out, from 1st April. might not suit as it's one bed, furnished, 12 months only. but it's good for buses, being just behind Tesco, OKR.
Wednesday 21 February 2007 11.06am
Thanks Jon R- thats the wrong sort of area for us really, but good luck!
Wednesday 21 February 2007 12.05pm
Sarahmc, can I ask you why you want to sell your flat now? It seems you could get more out of it if you were to rent it out to cover for your new flat rental. Then you could sell your flat at a higher price once the E&C has been completely transformed.
Wednesday 21 February 2007 12.25pm
I agree. If you are going to move into rented property, there is really no reason for you to have to sell your flat.

If you rent out the flat in MCH, the mortgage will cover the rent and the service charge, so it should be cost neutral to you. But, you will benefit long-term from the rise in property prices (Kirsty and Phil said E&C was the best place to invest in the UK). And, if you change your mind, you can always move back to MCH.

If you need the equity now, remortgage the flat for the maximum you can borrow (which is lower on Buy to Let mortgages than on normal mortgages). Buy to Let mortgages are based on the rentable value of the flat, rather than your income, so there shouldn't be a problem remortgaging and freeing up some of the equity.

FWIW, that's what I'd do.

In fact, that's what I'm doing.
Wednesday 21 February 2007 12.26pm
Lots of different reasons! I've pm'd you.
Wednesday 21 February 2007 12.41pm
The Lady Miss Jo Jo wrote:
I agree. If you are going to move into rented property, there is really no reason for you to have to sell your flat.
If you rent out the flat in MCH, the mortgage will cover the rent and the service charge, so it should be cost neutral to you. But, you will benefit long-term from the rise in property prices (Kirsty and Phil said E&C was the best place to invest in the UK). And, if you change your mind, you can always move back to MCH.

If you need the equity now, remortgage the flat for the maximum you can borrow (which is lower on Buy to Let mortgages than on normal mortgages). Buy to Let mortgages are based on the rentable value of the flat, rather than your income, so there shouldn't be a problem remortgaging and freeing up some of the equity.

FWIW, that's what I'd do.

In fact, that's what I'm doing.

Exactly what we are doing. I had my flat valued and the man who did this is an expert in this area and he said that there is hardly a better area in London to invest in, then our part of SE1. He has seen prices double in the last 3/4 years and there is room for a lot more growth.
Wednesday 21 February 2007 12.45pm
I agree, but unfortunately we need to sell now for various reasons- my husband wants some capital to invest in a business, and my Dad, who is retiring soon would like some of his money back to pay off his mortgage (he helped me to buy it).
We don't plan to be off the property ladder for long though.
Wednesday 21 February 2007 12.55pm
When you rent out a property, don't forget that the capital gains tax issue will eventually catch up on you. If you sell a property that you have lived in your capital gains tax is 0. However, if you sell a property that you have not lived in you are liable for capital gains tax.

To make matters even more complicated, if you have lived in the property first, then rented it out and then sell it capital gains tax is applicable on an increasing scale depending on how long you have lived there initially and how long ago that is....
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