Buy to let info!

spindleberry

Hello,

Not sure if anyone can help, but its worth a go!
We have a property that we had to let out, reluctantly, after a chain collapsed. Well 4 years on, the property is on the variable and it seems we cannot get another buy to let due to the loan to value. Anyone know what the best loan to value is out on the market at the moment?

Or does anyone know of any sites you can sell buy to let property to other landlords who want buy to let properties with a sitting tenant?

I do not want this to go belly up when the variable gets too high. We are already paying into the property to cover the mortgage!

Thanks in advance!
SB

silvercar

When you say sitting tenant, do you mean a tenant under a current AST. Sitting tenants have far more rights but have generally been in properties for decades.

Your best bet is probably to contact local estate agents who may know established landlords who may be interested. If that fails you really need to give your tenant notice at the end of the contract and then market the property as vacant - that will increase the number of potential buyers.

spindleberry

I was hoping not to go down the agent route again as I have tried about 5 local agents and they have all failed to sell it in the past! I know I will probably need to in the end though. Just seeing if there are other routes I didn't know about.

Yes I mean tenant under an AST. He has only been in there 6 months so has another 6 months to run. He is aware of the situation and that we may sell. Thought it best to keep him in the loop especially for when it comes to viewings! A previous tenant made it so hard and that is one of the reasons it didn't sell that time.

Thanks silvercar

originalmiscellany

I imagine if 5 have not been able to sell it, it's on for too high a price. The old saying about a house only being worth what someone's willing to pay is true.
I imagine your only choices are:
a) Sit tight and plan for house prices to return in 5 years
b) Overpay (Surely you've done that in the past few years with record low interest rates?) to allow you to remortgage to a better deal
c) Sell for what it's worth, at a guess, pick what you think it's worth and take off 22% of the value and you might get a deal.