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

Mehullakhani

lynzpower wrote:

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.

Why do I have to wait 2-3yrs ? Couldnt I put it up to rent, and then for sale at the same time? Or do you think potential buyers would be put off having tennants in place already ?

R

Mehul

pavlovs_dog

Mehullakhani wrote:

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.

not all DHSS/housing benefit are mindless vandals, slobs and hooligans ywho will trash any residence they can get their hands on you know

people claim benefits for all sorts of reasons - dont be so presumptious, things dont sound too great as they are the way you describe them - dont let a closed mind lessen your chances of making good out of the situation.

lynzpower

Mehullakhani wrote:

Why do I have to wait 2-3yrs ? Couldnt I put it up to rent, and then for sale at the same time? Or do you think potential buyers would be put off having tennants in place already ?

R

Mehul

I meant if you wanted to contract your home to the local housing department, in the borough where I work, they will only take on a private buy in if the LL is willing to agree to 2-3 years. thats a contractual agreement in respect of my LA and others in london I know of.

lynzpower

OP. Someones been listening to too many horror stories!
Ive seen your comments on DSS tenants and without sounding too harsh, Im echoing what pavlos dog is saying. Many of my clients ( DSS) are simply not vandals, and this is the common misconception which ensures those amongst us stay homeless longer.

they could be:
older people or people with disabilities whose other private rented accom has been sold
women & children escaping domestic violence
single parents whom cannot get a standard council property, cos councils flogged them all off ( hence you having one)
people who have had thier homes repossessed through debt problems
Every single person has thier own history and reasons for being homeless and in 5 years of working in social services dealing with trying to house homeless families and older people & people with disabilities, usually dealing with about 3 a day, I have only come accross about 5 cases where vandalism and trashing the place has occured.

I had a case of a woman 67 whod been working for UN abroad, and unbeknownst to her her employer hadnt been paying her NI. Came back to the uk as she was out of work and is entiteld to HB but not habitually resident so the council housing dept couldnt offer housing from thier own stock. She was a lovely, kind, intelligent aticulate calm woman, who from no fault of her own found herself in a bad situation. Id house her over students in a shot!

EdInvestor

Housing associations will also take properties on a long contract like the LAs.