what are my options to move out?

puddy

why dont you wait until the tenants contract runs out, then move back in and live in your own property?

want2bmortgage3

as i mentioned in the original post, its not the area i want to live, too far out of the town, no train, only a 25 minute bus ride to town. i want to be in walking distance of town ideally.

want2bmortgage3

i have just re-read the full survey report which was handed to me when the potential buyer 1 year ago decided to withdraw their offer.

it appears to me that i was very naive in buying this property in the first place (back in 2006). i paid £140,000 back then.

the main problems it shows are:

- front porch movement - advises a rebuild, with proper base instead of current concrete raft which has rotated and caused the porch to move away at the bottom slightly. i have had this touched up with re-pointing in the hope the movement has stopped and a new crack wont develop.

- distortion in the flank wall/movement of roof trusses. surveyor said they couldnt access the roof area to confirm what has caused the roof tiles to no longer overhang the wall as it should.

- condensation / damp, survey says that moisture might be bridging an incorrectly contructed damp proof course.

- lease, originally 99 years now approx 68 years. says value is significantly decreased as the lease shortens. my enquiry to the lease company returned a quote of almost £15000 to renew, plus a large increase in annual ground rent.

i'm thinking i should possibly put the property on the market and get out while i can.....the increased chance in condensation being a problem in the coming winter is also a factor..

puddy

want2bmortgage3 wrote: »

as i mentioned in the original post, its not the area i want to live, too far out of the town, no train, only a 25 minute bus ride to town. i want to be in walking distance of town ideally.

small scooter?

if not, then i would sell it, its a lot of hassle

Yorkie1

If you do decide to put it on the market, you'll either need to sell it with tenants in situ - which may mean a lower market price, or get the tenants out before exchange - which could leave you with a small void period.

Also, the cost of extending the lease will continue to rise as its duration shortens. Your buyer will not be able to start the extension process for 2 years unless you have started it before you sell. The shorter the duration, the harder it will be for a buyer to obtain a mortgage.

Finally, I don't know much about whether the price from the lease company is negotiable or not. There's an organisation which provides advice; their website is lease. org or something similar. Might be worth looking into.

want2bmortgage3

Well, I think I'm going to sell as I am sick of any capital I have being tied up and being stuck, not in a hole, but at the parents where I feel I'm too old to be (30 btw).

This gives me two options again:
1. whether to 'move' and transfer the mortgage over to a new place, or
2. sell first and see what I'm left with to buy the place I want.

I am just hoping I can get a reasonable price considering the stupid lease issues and whether a potential buyer will be put off by it, also whether they will get a full survey and be put off by other issues I didnt see were there when I bought it 5 years ago.....

want2bmortgage3

The one thing I dont like to do is to tell the tenants I am going to sell, as they have been no trouble at all and always paid on time. Should I let them know I am thinking of selling and ask whether they were planning on staying long term, if so I could sell with tenants in place?

debrag

£100k to buy but £600 to rent.

We rent a small 1 bed for £650 but thats London if we were to move up north we'd get a bigger place for much less.

Yorkie1

want2bmortgage3 wrote: »

The one thing I dont like to do is to tell the tenants I am going to sell, as they have been no trouble at all and always paid on time. Should I let them know I am thinking of selling and ask whether they were planning on staying long term, if so I could sell with tenants in place?

How do you propose to show people round the property if the tenants are still living there?

want2bmortgage3

I suppose either serve the notice before viewings or see whether they want to stay and sell it with tenants already in place to an investor?