8:37 AM, 14th June 2019, About 4 years ago 10
I wanted to share my experience of being a landlord and a tenant.
I rented out my flat and a small 2 bed terrace and that has enabled me and my son to live in a house in an area I couldn’t afford to buy in. We were happy and then 6 months in to my 12 month contract the agent served a section 8 and said the landlord needs to live in the house as it’s their only UK residence.
I immediately started looking for another home, but I was gutted. The rents have gone up. I found a lovely house with a higher rent, but I worked out that my income could cover 30 x monthly rent. I paid a weeks rent holding deposit to the agent. I failed the affordability test.
They didn’t tell me the algorithm they use, but they estimate my expenses. The agent has not returned my deposit. Half my house is packed in boxes. I’ve got a month to find a house. But it’s not just a house, it’s a home we’re looking for. I feel it won’t feel like a home as I could be asked to leave at any time.
Although I think I’m a great landlord, this has been a learning curve. I feel vulnerable, my home life is fragile and I’m not in control, it’s a scary place.