House Sale Advice!

thelem

Paninero wrote: »

I Owe around 62,000 on my mortgage, A low estimate of my Home is around 45-50,000 (in its current state) Top Estimate would be 65-70,000 (This is if its done up to a high grade)

So heres the question should i
A.) Borrow 9000 and do the house up as best i can in the hope i sell it for 70,000 and pay the mortgage and the loan.
B.) Borrow 9000 and pay it off the mortgage and sell the house as is and try get 52,000.
C.) Should i sell as is then borrow the 9000 to cover the shortfall in the mortgage.

I think you need to get some professional advice from someone who will look at the property - including a better valuation than Zoopla and recommendations of cheap things you can do to improve the saleability of the property. I'm thinking of a lick of paint here and there, a good clean, maybe plans (and outline planning permission) for work that could be done on the property to attract a developer. You'd still need to get a good price for it though, which is where the valuation comes in.

I need to sell the house as i have just had a Baby with a girl who lives in a different town and we should really move into together.

I don't understand what has changed here, if you were already letting the property. Are you just saying that your lender won't let you let the property, and you can't live in it? Have you discussed your situation with your lender?

Paninero

thelem wrote: »

Sorry, I know it's not the main point of the thread, but I feel I need to stick up for the tenants here. If you've got a good property and you're being a responsible landlord, then you'd be very unlucky to get a string of bad tenants. That leads me to believe that it's likely that either your standards are too high (any tenant will cause wear and tear to the house, such as chipped paintwork) or you weren't being careful enough in choosing your tenants.

As has already been pointed out, most external repairs (roof, windows etc) can't usually be blamed on the tenant, although you may have been putting off the better tenants if you let the property fall in to disrepair.

Hello,
A little background to this. I bought the house while in a relationship it was supposed to be a first home for me and my then girlfriend, her dad was a roofer and brother a plasterer, they were going to do the work for free. I got the electrics re-wired which cost 3500 and then had the bathroom done which cost 1000. Unfortunatley the girl left a week after getting the house and obviously her relatives were no longer prepared to do the work. She had the car as it was in her name so i was stuck in a house 20 miles away from where i work with no car.
Unable to pay the bills with no car and at a total loss i let the house out to two eastern european men who worked in a factory. They paid rent for two years then just disappeared. When i got in the house they had broke the bath, Smashed the sink, Broke every door off, punched holes in the walls, spray painted some of the bedrooms (quite well but not really appropriate for a family home). They have kicked holes in the upvc doors (The holes dont go all the way through but they still look awful) They had also cracked a coiuple of windows. One interior door has holes all over it where a dartboards been hung, they didnt do any of this delibaretley they were obviously drunks. I then met someone who was unemployed smoked and had 4 dogs had previously ripped off the council and was stuck for somewhere to live they said if i could get a sink and bath they would take as is for £300 a month which would just about cover the mortgage. i went to the local tip and found a red sink and a green bath and got a local plumbing apprentice to fit them for £20.
As for the outside the roof needs doing, the guttering needs replacing and the outside needs a fresh coat of exterior paint.
I understand constructive criticism but please bare in mind i dont sit and cry about things i do what i have to do. I was young and struggling to keep my head above water but i am now ready to take hold of the situation.
Im afraid a second job is not an option im already working 60 hours a week six days a week.
Letting it out any longer is not an option as the price from Halifax for a consent to let mortgage is far to high to be covered by letting.
Going bankrupt is not an option, im not on the breadline by any means and can afford to pay the bills for some time yet.
I think i will do everything that i can do to the interior and exterior myself. Put it on the market and live there till it sells.
Thanks for all the advice.

Fire_Fox

I'm impressed by your red sink and green bath, Christmas! :T TBH I think you'd be best off living there and trying to get the work done, then you will need to pay a fixed amount (more if you wish) if child support, benefits will help out more if you live apart than together which leaves you more spare money to dig yourself out of the current situation.

thelem

OK, so it sounds like the house was never really in a rentable condition, so you settled for anyone who would give you some money, but now you want to do things legally. The tenants have done some damage, but hopefully a lot less than the rent they paid you and at least you didn't have squatters.

How far is the house from your partner's place?
Are you on an interest-only mortgage, or are repayments reducing the amount you owe?
How long are you prepared to hang on to the property?
Will you be in a better situation a year from now if the market has fallen in that time?
Is £9k definitely the absolute maximum you can borrow?
What is the total interest on £9k vs your mortgage?
Have you investigated reposession without going bankrupt?
If you're already working 60 hour weeks will you have time for the DIY?
If you can't work extra hours, can you earn more for the hours you do work?

Whatever you do, don't let this situation harm your relationship with your partner and child.