We’d like to remind Forumites to please avoid political debate on the Forum.

This is to keep it a safe and useful space for MoneySaving discussions. Threads that are – or become – political in nature may be removed in line with the Forum’s rules. Thank you for your understanding.

📨 Have you signed up to the Forum's new Email Digest yet? Get a selection of trending threads sent straight to your inbox daily, weekly or monthly!
The Forum now has a brand new text editor, adding a bunch of handy features to use when creating posts. Read more in our how-to guide

Can I Get this BTL

The_nightmare_returns
The_nightmare_returns Posts: 19 Forumite
in Mortgages & endowments
Ive seen a fantastic BTL. A massive house converted to 4 flats. but its got an old man living in one of the flats who is on a restricted tenancy. Can I get over this
Think not of what goes before you. Beware that I might be behind you!
«1345

Comments

  • owner
    owner Posts: 95 Forumite
    Get over it how ? You can buy it and keep him on as a tenant, but you can not get him to leave unless he wants too, and there are restrictions as to rent increases etc.. If the deal stacks up with the other 3 market rents plus his rent then it's still a goer.
  • The_nightmare_returns
    The_nightmare_returns Posts: 19 Forumite
    Trouble is the lender doesnt like this and says he must be on an AST. he is only paying £200 a month and every one else 750
    Think not of what goes before you. Beware that I might be behind you!
  • toonfish
    toonfish Posts: 1,260 Forumite
    you need to find another lender - as long as the overall rent stacks up it should be OK. The problem from the lenders point of view is the resale value on the property is affected by the tenancy.
    I am a Mortgage Adviser
    You should note that this site doesn't check my status as a Mortgage Adviser, so you need to take my word for it.
    This signature is here as I follow MSE's Mortgage Adviser code of conduct. Any posts on here are for information and discussion purposes only and shouldn't be seen as financial advice.



  • The_nightmare_returns
    The_nightmare_returns Posts: 19 Forumite
    MX are being funny I think the only way i can get it is if the old man miraculously has a sudden desire to leave.
    Must phone the boys
    Thanx for your help guys
    Think not of what goes before you. Beware that I might be behind you!
  • MortgageMamma
    MortgageMamma Posts: 6,686 Forumite
    Part of the Furniture 1,000 Posts Combo Breaker
    Surely you would not do anything as heartless as that. He's an old man have some respect!
    I am a Mortgage Adviser

    You should note that this site doesn't check my status as a mortgage adviser, so you need to take my word for it. This signature is here as I follow MSE's Mortgage Adviser Code of Conduct. Any posts on here are for information and discussion purposes only and shouldn't be seen as financial advice.
  • The_nightmare_returns
    The_nightmare_returns Posts: 19 Forumite
    MortgageMamma wrote: »
    Surely you would not do anything as heartless as that. He's an old man have some respect!

    Er Yes an old man shouldnt be living like that on his own. Thats what nursing homes are for. I think he has seen the power of persuasion so all can now proceed. Just need a good looking female crackhead for a tenant now.
    Think not of what goes before you. Beware that I might be behind you!
  • AndyWallace
    AndyWallace Posts: 253 Forumite
    The_nightmare_returns wrote: »
    MX are being funny I think the only way i can get it is if the old man miraculously has a sudden desire to leave.
    Must phone the boys
    Thanx for your help guys

    Crap choice of lender. MX are notorious for being pedantic and won't allow you to have council tenants in the property.
  • The_nightmare_returns
    The_nightmare_returns Posts: 19 Forumite
    AndyWallace wrote: »
    Crap choice of lender. MX are notorious for being pedantic and won't allow you to have council tenants in the property.

    The flats dont have seperate leases and I am told there are not many lenders who will do it. I might get leases sorted out when I own the house.
    How will they know what tennants I have. I dont like council tenants. I like professional women they are more fun if they cant pay.
    Think not of what goes before you. Beware that I might be behind you!
  • AndyWallace
    AndyWallace Posts: 253 Forumite
    There's not many that will mortgage multi occupancy buildings. I'm not going to research for you but you could ask your fees free adviser to have a look at Paragon.

    Andy.
  • JoeK_3
    JoeK_3 Posts: 1,374 Forumite
    MortgageMamma wrote: »
    Is that your sick little fantasy that you get off on? You are probably some sad twenty five stone dirty couch potato who changes his clothes once a week, oh and you probably have a richard the size of a peanut. :mad:

    MortgageMamma, I would never have thought it! lol

    OOOH, you can lose it.

    JoeK
    I am an Independent Financial Adviser.
    Anything posted on this forum is for discussion purposes only. It should not be considered financial advice. Different people have different needs and what is right for one person may be different for another. If you feel an area discussed may be relevant to you, then please seek advice from an Independent Financial Adviser who can advise you after finding out more about your situation.
This discussion has been closed.
★ ★ ★ Meet your Ambassadors

🚀 Getting Started

Hi new member!

Our Getting Started Guide will help you get the most out of the Forum

Categories

  • All Categories
  • 353.8K Banking & Borrowing
  • 254.3K Reduce Debt & Boost Income
  • 455.2K Spending & Discounts
  • 246.9K Work, Benefits & Business
  • 603.4K Mortgages, Homes & Bills
  • 178.2K Life & Family
  • 261K Travel & Transport
  • 1.5M Hobbies & Leisure
  • 16K Discuss & Feedback
  • 37.7K Read-Only Boards

Is this how you want to be seen?

We see you are using a default avatar. It takes only a few seconds to pick a picture.
Update Your Picture