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going into partnership on flat
robwend
Posts: 2,919 Forumite
hello there!!, need some sound advise. got a family member whos just started renting a flat in a highrise right in the center of town, close to all networks uni,s ect. they have been offered the property to buy at a discounted rate, now it would be a cash buy, and the propertys only worth about 60k.<1 bed good size flat. with secure entry and parking and seaviews, rental prob about 450 a month <hes got a discount due to a mates flat>but leasehold fees a month are 75 pounds.i would put in half the cash amount, but i dont want to do anything stupid, he would continue to live there and we agree on the rent with me recieving half. bad idea? anyone got massive pitfalls to open my eyes with? obviously all will be done be a solicitor, and it will be joint, and tenants in common ect ect, it would be a long term investment with the intention to re let it should the family member dicide to move. xxxxcheers wendy
You're not drunk if you can lie on the floor without holding on
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Comments
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Is now the best time to be doing this, with prices dropping - especially flats?
What would happen if you did'nt have anyone to rent it to, could you afford it?0 -
Exactly how much money would you be putting in and how much return would you be making on it. Taking into account all of your working costs. Repairs etc.
Taking into account the fact that flats are falling in price faster than any other type of housing. So your capital will be going down.
How does it look now relative to another (say a high interest bank account) investment.Freedom is not worth having if it does not include the freedom to make mistakes.0 -
How much are the communal repairs bills?
Big risk with flats.0 -
thx guys, it isnt till next year anyway, but thtas why im asking now to give me lots of time to thinkYou're not drunk if you can lie on the floor without holding on0
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thers a 75 pound a month charge for that, covers it all xxpoppysarah wrote: »How much are the communal repairs bills?
Big risk with flats.You're not drunk if you can lie on the floor without holding on0 -
Originally Posted by poppysarah
How much are the communal repairs bills?
Big risk with flats.thers a 75 pound a month charge for that, covers it all xx
No, there is no guarantee about costs. You can suddenly get a repair bill for one-off repairs of £10k.
What is the block like? When was it built?No reliance should be placed on the above! Absolutely none, do you hear?0 -
not the best block in the world, but rentable. but as you say downside it if any major repairs coem up. but then all landlords have that risk dont they.......No, there is no guarantee about costs. You can suddenly get a repair bill for one-off repairs of £10k.
What is the block like? When was it built?You're not drunk if you can lie on the floor without holding on0 -
not the best block in the world, but rentable. but as you say downside it if any major repairs coem up. but then all landlords have that risk dont they.......
I had the idea from your post that this might be a local authority block. They are actually very difficult freeholders.No reliance should be placed on the above! Absolutely none, do you hear?0 -
Major repairs cost an arm and a leg. New lifts are incredibly expensive. If the block is in a state then chances are it'll get done up at some point soon - in which case you might have to pay something insane like 75k+
You also reckon it's a bargain so I'd expect that repair bill has come to light with someone who doesn't want to pay it.0 -
thers a 75 pound a month charge for that, covers it all xx
Not if the roof needs doing!...much enquiry having been made concerning a gentleman, who had quitted a company where Johnson was, and no information being obtained; at last Johnson observed, that 'he did not care to speak ill of any man behind his back, but he believed the gentleman was an attorney'.0
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