no more OP for a while, selling other house.

rumncoke

Hi, our situation has changed since I last posted. Bit of a long story sorry. Due to my DH being on the sick at the moment awaiting surgery we had decided to bank the OP money in case he is off longer than 6 months when his pay would drop to half. This has made us think about our long term financial security if for any reason he was unable to work due to an accident etc.

So we made the decision to sell our old house which we have been renting out for the last 8 months. Houses are now selling round here as long as realistically priced. We are just looking to get rid of it. I spent a whole weekend worrying about telling tenants, even though they were late paying rent. Phoned LA 10 days ago & she was about to ring me anyway as they had been in & given notice. Unable to afford it anymore due to job loss & move back in with famity.

Upshot is they are doing final handover on Tuesday. Most of stuff was moved out last weekend. Even though they wont have given a full months notice that suits us fine, the sooner the better. I was a little concerned about state of house as garden is a complete mess, grass not mown since they moved in etc.

In fact decor wise it is probably better than when we let it out. Most rooms are freshly painted. They have changed a grey sink in the 1 bedroom for a new white 1. They are replacing lino in kitchen as the dog had torn it in a few places. I was going to do this anyway before we sold. Having spoken to someone about the garden they have given me a few suggestions for a quick fix. Just hoping we have some good weather next week.

So although we wont be making any more OP anytime soon hopefully before the end of the year we will reduce our mortgage by at least £140K:j

Sorry for the long post.

afsha

Thanks for your post ive just rented out my old house too.
I stress everyday about the tenants not paying on time etc.
Gave me some food for thought. Good luck on the sale.

rumncoke

Yes I must admit to finding it stressful too. It was our only choice when sale fell through at last minute last July. By then things were on the slide & nothing was selling & we needed the income to help with the mortgage. However due to the current interest rates that is no longer a problem.

Originally they were model tenants, as they were looking at long term with a view to buying in a couple of years. However they just got into difficulties when he lost his job in January, like so many others.

Just be glad to get keys back on Tuesday & start soting out to get it up for sale.