In a panic - flat about to be reposessed

justjohn

Cool_Chick wrote: »

Thank you both.

My flat is approx 900 sq ft - a victorian house conversion across 3 floors. Very close to Fulham Broadway tube in London. Chelsea border. So the price is mostly due to the location. I got it cheap as it needed all this work done, but I never could afford to do it up. So it's really on its last legs.

It needs around £15k- £20k spent on it to make it decent - new kitchen, new bathroom, level the floors, replace windows, sprucing up. I've had quotes.

I know it won't rent but I'll ask the Estate Agent too this week.

20k is nothing to a developer or a diy renovator. infact its ideal. if you sell it will not bother these type of people. they will expect to make something on the renovation.

Cool_Chick

Oh, £360k would get NRAM off my back and let me start afresh! Perfect. But if the agent says £300k I'll be knocking on your door for a cheque, haha!

NiftyDigits

If you are definitely going to sell, perhaps you can do a deal with a builder/refurbisher to bring it up to spec, if there is money in it.
If there were the possibility to split it into two flats, there is another option. Though it being a leasehold probably isn't helpful.
There are always possibilities, but often one cannot see the woods for the trees.

barbarawright

Bluntly, however terrible the spare bedroom is, you will have no problem finding someone who will pay £60 minimum a week for a bed, some storage space and access to a bathroom and cooking facilities. Get the right person and they'll probably be only too glad to do some diy/decorating in exchange for a week's free rental. And for a lot of people, a cat is a bonus - I'd love part-share in one.

Obviously your problems aren't all solved and it won't be easy, but hopefully all your activity is making you feel a bit more optimistic. Getting started is always the hardest part and you've definitely done that.

Cool_Chick

Hi Justjohn, if it was renovated, it would be an ideal place for anyone. And make someone a fortune.

I got £25k for a personal injury in March 2011. Stupidly, I told NRAM. They convinced me to overpay my mortgage by £20k saying I could have "instant access" whenever I wanted it back. So I got some builders quotes and asked for it back a month later. The dirty toerags refused and got very heavy with me. Lying, bullying, disgusting behaviour. I went to the Ombudsman and got part of it back in December 2011. And £300 for my compensation. But it was an awful, awful time. I'd planned on fixing the property up and renting it out. But the amount I ended up with wasn't enough to do all of the work. So I blame them for this situation.

Beware of NRAM!

justjohn

Once you have sorted yourself out a bit. you need to decide what you want out of life. "whats going to make you happy"

depending on what you get for the flat, you may have many options open to you.

there are some cheap properties both to rent and to buy around the uk.

whitewing

Don't forget that you can come on here and get some opinions on big decisions. Don't forget that they will only be opinions and so always check them out elsewhere. But it may help you get things straight in your head and not to be panicked into poor decisions.

Cool_Chick

Ooh, Niftydigits, how do I do that? My lovely neighbour is a developer but he said he is fully booked up for 2 years. Would someone else do so? I don't know how to go about it.

Thank you Barbarawright - I'm feeling much better now! I feel quite embarrassed about my first post!

sophistica

I hope I can help you...

you have time on your hands and you are sitting on a valuable asset. I would go onto freecycle and start looking for furniture and DIY materials and do up your flat but by bit. The more you do to it the more it is worth.

If you don't have the skills, go to the public library and read some DIY books.

A lodger would pay off your arrears in a few months.

Have you contacted the FSA and checked whether your lender is following the rules for repossession? My brother nearly went bust as he owed £750,000 and he didn't pay his mortgage of £500,000 for nearly a year and he wasn't repossessed...so don't overreact your problem is minor in the greater scheme of things.

Each day take a small step to sorting out your problems and in a few months things will all be better. I am single with a cat and I know how it all feels but you and your cat are relying on you...think positive.

whitewing

Don't be embarrassed; I would have got help sooner if I'd had more knowledge of mental health and finances myself. It's good when people discuss things honestly. Maybe start yourself a new diary thread (on DFW or Families board perhaps) and move on positively. We'll come and join you.