What can I do with this nightmare property . . . . . ?

Mehullakhani

Hey guys

Just wanted some advice about a property . It was left to me by relatives, a few years ago. Since then I have used it as a temporary residence, between jobs, as my job involves a lot of moving about.

It is a 2-bed flat on the 13th floor of a council tower block. However, I do actually own the property now , leashold.

It is in decent condition, but probably does need a new bathroom/kitchen, and a lick of paint - nothing very major wrong with it though.

Anyways, I have now settled down in north london, in a new house, and this flat is in Kent . It is becoming a real hassle for me to keep going down to check on it, and because of my job, I really dont have the time.

It is costing me about £800 a year in service charge, and I also have to pay council tax on it - although I do get a 10% discount for it being empty and unfurnished.

I really dont know what to do with it - and am looking for some advice . . .

1) Sell it - Because it is on the 13th floor, banks will not give out mortgages, so it has to be a cash buyer . Talking to estate agents they dont rate my chances of selling it very highly at all. Even if I did sell it - it would only be worth about £60k.

2) Rent it out privatley - Could be okay, but I dont have the time to really manage it - so would most prob have to hand it over to a lettings company . . .

3) Lettings co - Have phoned lots of them, and most say that they only way of getting it rented out is to let DSS/Housing benefit tenants live in it. I dont mind this, but I dont want to end up with the place wrecked, and have thousands in repair bills.

4) Any more ideas . . . .

Thanks guys. Sorry to go on, but its starting to cost me loads, and am a bit fed up

Mehul

ScoobyZ

Auction it.

You will get normally get an investor. You can set a reserve so you dont give it away.

noddynoo

sell it 60k is 60 k and you will be hassle free with a nice nest egg into the bargain

Doozergirl

You could also rent it out on a long term let to the local council. You can work it so that they maintain the property if you accept a bit less than market rent for it. The property will need to be in a decent state beforehand.

If you speak to someone at the council, I'm sure you can get an appointment and they'd let you know what needed doing to it, if anything.

Find out what the going rent is on a similar property and compare what you'd get in rent to the interest you'd earn in the bank. Ifyou sold, as said, it would go at auction - quite easily for £60k of someone's money I should think. they'd probably let it to the council though

lynzpower

Exactly what I was going to say Doozergirl. Im not too sure whereabouts in Kent it is but the LA I work for ( central london ) ARE PAYING I KNOW FOR A FACT £350 per week for a one bed flat above a shop ( pretty run down I have to say) in Leytonstone. WAY above Market rent. Yes, london not kent, but this gives you an idea of a part of the market. Which part of kent, the nearer you are to London, the more likely you will be able to get higher rates from London authorities.

Mehullakhani

Renting it back to the council was on my options list - however, at the moment they are having real probs with the housing authority who own the blocks, and so are not taking on any more tower block properties. Doh - because they were taking properties a few months ago . . . Double Doh !

R

Mehul

silvercar

Rent it out through an agent and let them manage it. When the council start looking for properties to rent (and they will in time) pass it to them on a contract that lets them maintain it.

lynzpower

Whereabouts in Kent is in Mehullakhani?
Just thinking another council might not have these reseravations?

Another thing to say is that that LA's also are still in the process of buying properties on the open market for homeless families in repsonse to the 6 week rule. It might be worth an approach as to whether Kent want to buy it, or Medway, or wherever you are. Or the Almo HA who run the block ? You are likely to make more as its a more desirable property to HAs, LAs & almo cos than it might be to the open market,

Just a thought

Good luck

Mehullakhani

Its in Erith, in Kent - near Bexleyheath/welling etc etc.

R

Mehul

smittenkitten

1) Sell it - Because it is on the 13th floor, banks will not give out mortgages, so it has to be a cash buyer . Talking to estate agents they dont rate my chances of selling it very highly at all. Even if I did sell it - it would only be worth about £60k.

WhY?????? is it because its on the 13th floor

lynzpower

which coucils have you approached? You could always approach Bexley, or Bromley councils, they often buy stock out of thier area for the 6 week rule or to rent long term. Letting out can make some big money, but you have to promise not to want to sell it for 2-3 years or have the tenants out.