should we get rid of our tenants in order tosell quick?

nugget08

SIR, YES SIR !!:eek:

phlash

nugget08 wrote: »

SIR, YES SIR !!:eek:

Haven't heard that phrase shouted at me for over 6 years! Brilliant.

thecolour

Sorry for saying this nugget, but are you insane?

You are willing to jepardise a perfectly sustainable tenancy with decent tenants, which almost pays your entire mortgage, for the possibility of more and better viewings?

This is such an upside-down way of thinking. What if you kick them out, cannot sell, and then cannot get decent tenants again? Answer - even more stress. It's such a high risk strategy.

Also, taking a mortgae "holiday"?? Are you insane? Don't you realise that they don't just add those 6 months onto your mortgage at the end? That interest you are not paying mounts up and then you have to pay interest on that interest. Please do not do this. You are setting yourselves up for a painful landing.

Wake up! Depending on your area, you will be lucky to get ANY viewings in the present climate. Read the news, the housing market has crashed. You are probably too late to bail quickly for anything like a normal agents valuation.

Your best bet is to put the house on the market and find some way of subsidising your tennants, and hope that they do not leave of their own accord. Your property will sell with realistic prices, but you will have to wait a while. Things are not moving out there.

nugget08

i am well aware of the implications of our payment break. however, the reasoning behind this is that we want to sell this property asap. we are quite aware we may have to sell it at less than we had hoped. we can read, we're not stupid, we know what is happening with the housing market at the moemnt, but we are willing to take the risk.

the reason for the payment break is that we run the very very great risk that when we tell the tenants that we are putting the flat on the market, they will give us a months notice and leave (for which i would not blame them) we run this risk whether we offer them some sort of cash incentive or not. theres nothing we can do, its the risk you take. so, if we didnt take a mortgage break and suddenly found ourselves without tenants, we would have to pay £850 a month for that place, plus the £100 council tax etc, as well as rent and council tax and bills on our flat up in glasgow. this is an imposibility. we would be ruined within a couple of months, and with a baby on the way i will not take this risk.

we would also like to buy our own property up in glasgow, but cannot do this without the equity from the flat in london.so, our only option is to try and sell the flat, keep the tenants sweet and hope they dont bail too soon. but, if they do, at least we wont be in the sh**tter. if we dont sell this flat now, we will be stuck with it for another 5 yrs (or at least until the market starts to pick up) we are in debt with a baby on the way - we cannot afford to keep both places running anymore. we are not property tycoons and do not have a never ending supply of money.

we thought long and hard about the payment break, we are well aware of the consequences but unfortauntely we feel it is our best option. if all else fails and we cannot make a sale within 6 months, then we will simply get new tenants. we have had two sets or lovely tenants this year and have no fear that if needs be, we could find some again.

MissMoneypenny

neverdespairgirl wrote: »

Great minds think alike....

or fools seldom differ?

:rotfl::rotfl::rotfl:

I don't mind which one it is.You're one of the nice people on here, so I am more than happy to have been on the same wave length.

Snooze

PasturesNew wrote: »

Somebody from these boards wanted to buy the house they were renting. So they bought it. The agent never knew. What they did was gave notice to leave and moved out (all their stuff in a van up the road on the inventory checking day - and a couple of bits of garden furniture went next door for a few hours). The agent turned up, went through the inventory in the empty place, signed it off. They handed the keys back and left. Drove off up the road.... couple of hours later they moved all their stuff back in as they'd actually owned the house for a few days!

Worth a thought, but not if you've got dim tentants or they wouldn't understand what to do etc and might c0ck it up in the implementation.

Funny, I knew a lassie who did exactly the same thing.

Also had it happen zillions of times when I used to use agency temps for my business. Some of the guys and gals sent to me were top notch and I was that impressed with them that I offered them perm jobs but the employment agency (just like LAs) has a "finders fee" and is often STUPID money. I simply told the agency I didn't want them anymore and then next day had the "temp" come in and sign the contract. :rotfl: I love getting one over on agencies - they really do ask for it.

Rob

tbs624

thecolour wrote: »

Sorry for saying this nugget, but are you insane?

.....Are you insane? ......

Wake up! ..... Read the news, the housing market has crashed. ......Your property will sell with realistic prices, but you will have to wait a while. Things are not moving out there.

Do you know Nugget as soon as I saw you'd mentioned your recent valuations I thought , poor Nugget , s/he thinks *we* are depressing , just wait till the HPCers crawl out of of bed and join in ......and here they come............ we are all dooooooooomed..............;)

neverdespairgirl

MissMoneypenny wrote: »

:rotfl::rotfl::rotfl:

I don't mind which one it is.You're one of the nice people on here, so I am more than happy to have been on the same wave length.

:blushing:_party_

Thank you! I think you are very nice too :A

franklee

nugget08 wrote: »

if we didnt take a mortgage break and suddenly found ourselves without tenants, we would have to pay £850 a month for that place, plus the £100 council tax etc, as well as rent and council tax and bills on our flat up in glasgow. this is an imposibility. we would be ruined within a couple of months, and with a baby on the way i will not take this risk.

This makes my blood run cold as there must be many others in exactly this position making the LL at risk of repossession, even bankruptcy and the tenants at risk of homelessness. (It's all been caused by the unsustainable house price boom that should have been curtailed before it got this far yet the government have done all they can over the last few years to keep it inflated drawing ever more people in).

I hope the sale plan works out. If not and you have to rent it out again lets hope you get good payers as tenants again otherwise you'd be in real trouble. I suppose your plan C if all else fails could be to move back, at least that way you will only be paying out for one household.

I hope you let us know how it's all going.

PasturesNew

Pricing is key though.

Not what any valuation said last year and the year before.
Not what any valuation says today.

The EAs are still over-valuing a lot of properties just to get the business signed up.

You need to look at what places like yours have REALLY sold for in the last 3-12 months, especially the last 3-6 months.

Any you can see on Rightmove just like yours at £X aren't selling at that price. And you need to price to sell.