chewits - the debtquake monster is coming

kissjenn

Hi Mac,

If you have sufficient margin between costs and income I'd suggest using an agent especially for 1 property. The requirements are onerous, far more than we'd ever anticipated and growing constantly. Rule One is you will always be in the wrong and end up paying for everything and when the tenant destroys the place, defaults on rent or simply refuses to move then see Rule One.

We always planned on having a few to mitigate the risk which is what's happened. STill galling but at least one or two out of 13 playing silly bu88ers is a pain whereas one out of one laying silly bu88ers is a financial nightmare.

HTH

KJ x

macgirl

It does thanks. We'd defo use an agent, in our case it would be false economy not to, though I can see why you don't.

We bought this house to renovate, live in for a couple of years, then rent out. We didn't anticipate house prices would quadruple, plus 2 kids = mucho nursery fees, has meant we've now been here almost 8 years.

Little DD starts school in September, so that's when we intend to buy another bigger house for us to live in. The plus is that because we've been here over 6 years, it should reduce the Capital Gains bill when we eventually sell.

Thanks again - hope the shop's doing well

kissjenn

I'd be tempted to have it valued (which you'll need to convert it to BTL mortgage) for later CGT purposes plus depending on value of this one and new one maybe consider doing partial remortage also to ensure you get the best rates on deposits if this house has a lot of equity in it. IYSWIM.

Are you emotionally tied to this house prior to renting it? I ask beacuse I dealt with a client who started to dictate bizarre terms for renting based on who she'd like to live their - preferable with a little blonde girl (she was pregnant at the time), enjoys music and plays an instrument ... she just couldn't detach from "her home".

savingholmes

Hi KJ sorry I was out last night so didn't see what a horrid day you had.

The first thing I would say is STOP BEATING YOURSELF UP it is absolutely not allowed under any circumstances.

My motto in life is there are plenty of people around who will try and put me down I am certainly NOT going to help them do it.

Yeah so you may have made some honest mistakes along the way. Fine. Have a brief hippo moment (wallowing in self pity) and then SUMO (Shut up and move on). There is a great book on that - and yeah I have read it!

Next look at all the things you have done RIGHT and I bet there are an awful lot of them. You have had a very successful career etc, raising a family, carer to your OH and still keeping all these balls in the air. So you drop one occasionally - yeah it is confirmed - you are 100% homosapien!

My OH recently put petrol in our diesel car £215 mistake... I just told him I would dine out on it for years and that was the end of that. Not because we don't need that money as actually it was a huge blow with me on sick pay - but because it was pointless to do anything else.

So dust yourself off. Say some positive affirmations in the mirror like I am absolutely fabulously wonderful and brilliant or whatever works for you.

Lastly hugs - and try and arrange some time with a friend for some sympathy and a relax! You are one amazing women - and don't let negative self talk tell you any different.

kissjenn

SH - Thank you so much. Definately in Hippo time at the moment, palputations and shakes last night. Much better this morning. You're right, what's done is done and sod all i can do about it. Part of the anger is that the system actually supports this man and sends out the message that morally and ethically what's he's doing is fine, the criminal in this is me for not sending a letter by recorded delivery.

So deep breath and I will SUMO by Monday morning.

PS I've met Paul McGee - does that get me any bonus points?

savingholmes

kissjenn wrote: »

SH - Thank you so much. Definately in Hippo time at the moment, palputations and shakes last night. Much better this morning. You're right, what's done is done and sod all i can do about it.....

So deep breath and I will SUMO by Monday morning.

PS I've met Paul McGee - does that get me any bonus points?

You're welcome. Yeah SUMO can be very hard! and yes having met the author gets double bonus points!

I first heard someone else deliver a talk based on the book and the SUMO method. I found it really helpful as in the past I have had almost OCD-like repetitive circular thinking.

I like this posted by weirdchina on twitter

A positive attitude may not solve all of your problems, but it will annoy enough people to make it worth the effort!

and this also on twitter

StevenDownward

"If you talked to your friends the same way you talk to yourself, how many friends would you have???" - Suze Casey #fb

kissjenn

That's very true but I think we simply don't judge others to the same ludicrous standards which we set for ourselves. It's easier to be kind to someone who's failings have no direct impact on our lives than to those who do.

You're OH and the car is a good example where he'll have beaten himself up to a greater extent than you'd ever manage. Where it becomes intolerable is when someone shrugs and whatevers and leaves you to pick up the pieces. That's when an annoying mistake becomes a catalyst for less sanguine response (te5ticles, ripping, stuffing and throat come to mind).

So parking ticket and job are whatevers to be honest. Eviction is :mad: because my honest mistake which had no material bearing at all is a sufficient loophole for a blatant fraudster who abuses his neighbours to remain in a property. That's what will take til Monday to SUMO up to.

PS Solicitor just been on phone to advise need to employ Sheriff Officers now to serve notice on this man tomorrow or potential it will take another month. How can someone do this to another person, can't even pretend to hide behind I'm a big corporation.

macgirl

kissjenn wrote: »

I'd be tempted to have it valued (which you'll need to convert it to BTL mortgage) for later CGT purposes plus depending on value of this one and new one maybe consider doing partial remortage also to ensure you get the best rates on deposits if this house has a lot of equity in it. IYSWIM.

Are you emotionally tied to this house prior to renting it? I ask beacuse I dealt with a client who started to dictate bizarre terms for renting based on who she'd like to live their - preferable with a little blonde girl (she was pregnant at the time), enjoys music and plays an instrument ... she just couldn't detach from "her home".

Thanks for that. We have just switched deals and fixed for 5 years. I thought we could either change the term of this and keep it for this house (it's in my name only) or transport it to the new house - whichever works out cheaper. I was hoping to keep this mortgage on this house and transfer to BTL when the fix runs out. When I've talked to them before, it seemed to be an option - the mortgage provider just need to approve it...?

As for emotional ties, my youngest was born here, but to be honest - I can't wait to leave, so providing they're not total dossers, I don't care. I think I'd prefer a family only because they seem less likely to move around... A friend advised against nurses bizarrely. She had 3 in and they left fleas in the sofa! (this will be unfurnished)

Thanks for your advice though - much appreciated

macgirl

Sorry things are so carp and stressful KJ.
SH has some very good advice (I'm loving your posts lately SH - the one on MrsCmr's thread especially :A)

Positive affirmations are defo the way forward. It's what got my through my 10k last weekend, I just need to apply it to the rest of my life.

As for palpitations KJ, I feel your pain. That was me yesterday and the resulting feeling of stress on my body reminded me that life is short - and stressing over work - or anything for that matter, just ain't worth it.

Hope you both have a good weekend x
*Scuttles off to find the SUMO book*

kissjenn

macgirl wrote: »

Thanks for that. We have just switched deals and fixed for 5 years. I thought we could either change the term of this and keep it for this house (it's in my name only) or transport it to the new house - whichever works out cheaper. I was hoping to keep this mortgage on this house and transfer to BTL when the fix runs out. When I've talked to them before, it seemed to be an option - the mortgage provider just need to approve it...?

As for emotional ties, my youngest was born here, but to be honest - I can't wait to leave, so providing they're not total dossers, I don't care. I think I'd prefer a family only because they seem less likely to move around... A friend advised against nurses bizarrely. She had 3 in and they left fleas in the sofa! (this will be unfurnished)

Thanks for your advice though - much appreciated

Mortgage companies usually insist on changing to a BTL deal if the period you're looking to let is over a couple of years or more. If you don't switch and just look for approval to let, they may include that in your overall lending limits but that may or may not be an issue depending on salaries. Likewise the deposits now required to reduce rates may be worth looking at what you have across both and working out the optimal mix and where you'd benefit best from a fixed if it is transferrable.

SUMO's good. I have a postcard on my desk I refer to when blood pressuring is rising.

I've organised sheriff officers for the morning and prepared all the papers. SO's were not impressed I'd done it and not the solicitor but given the fact they only informed me at 4:30pm that it needed to be served tomorrow AND they didn't have the time, what other option was there.

So ding ding Round 2 - KJ versus the f3ckless Fooker