Housing Catch 22 please help

clark24

I do totally feel for you, it's stories like this that really put me off ever becoming a landlord.

Regarding the damage, our current landlady had similar issues with the tenants before us. They, and their very destructive dog utterly trashed the cottage. It was filthy, stank, piled high with rubbish and the dog had scratched and chewed everything it could (walls, doors, floors etc) plus they hadn't paid rent for ages and 'overstayed their welcome'. They also broke the boiler, windows.... well it wasn't good.

We've been here since August and came to an agreement with the LL whereby we allow as much access is needed to the assorted trademen (we do have the right to choose times etc) and we get a rent reduction due to us doing lots of the clearing and cosmetic work. It's not been fun but on the plus side we are allowed to decorate to our (admittedly conservative) tastes. We can make it our home, as it needs cosmetically renovating. The LL pays for the big stuff, we pay for smaller stuff as and when we believe it needs doing.

I would say you should see if there are people like us out there ho like a challenge and would rent your place. Hire a skip, throw all that is completely trashed (in our case LL paid for skip and I filled it) and give appropriate rent reduction. If the flat is left unheated, not properly ventilated etc over winter you will be storing up a lot of trouble, plus it is costing you a lot in the meantime.

Good luck, I hope you find a way of resolving the situation.

hamster2013

try the auction route.... but be prepared to lose 10-20% of the market price , i.e if your neighbour is on market for £120k and is willing to sell for up to £110k, you should expect to get around £80-£90k for your's in auction

BitterAndTwisted

You can go through the extending the lease process without actually paying for it, you just need to go through the application process and have the cost of it taken into consideration when factoring in the asking-price. If you don't do this it will be two years of ownership for your buyer before they can apply but this may not address the negative equity issue.

If you are utterly determined to get out of this mess the only way I see you achieving it its for both of you to live in the flat while you sort the kitchen, the damp and the decorating but this really depends on your partner's own circumstances and where you are both living now.

What strategy did you plan to put in place to extend the lease when you bought the flat?

lessonlearned

hamster2013 wrote: »

try the auction route.... but be prepared to lose 10-20% of the market price , i.e if your neighbour is on market for £120k and is willing to sell for up to £110k, you should expect to get around £80-£90k for your's in auction

I doubt that there would be enough equity to redeem the mortgage.

You cannot just walk away from the mortgage debt, it still has to be paid back to the lender.

demelza5

Thank you for all your replies. I really got my fingers burnt with an unprofessional letting agency who did not tell me about the dogs, the damage and deterioration of the flat over the 3 years it was let whilst I lived elsewhere. Unfortunately the tenant got herself into financial difficulties (which included utility companies using forced entry to install prepayment meters) so there was nothing to be gained from pursuing her. Naively at the time I thought that I didn't need specialist landlord insurance - another rookie error!
I went back and forth with the agent for some time, I kept her deposit but it barely scratched the surface of what was needed. The agent eventually agreed to repaint the interior and fix the damage to the garden.
I can't afford to sell at a loss as I would still have to pay the difference, although the thought has tempted me!
Current list of jobs: replace front door (wooden with rusty hinges, it won't open), fix damp, fix holes in laminate floor made by dogs, replace curtain poles (tenant ripped previous ones off wall and stole curtains - might have been the dogs), reseal all double glazing units, replace kitchen, cement around back door crumbling away, back gate damaged, replace broken light fittings, replace chewed lino in bathroom, replace external waste water pipe (yes, again chewed off by dogs).

I have considered us moving into my flat but my partner works nights as a paramedic and I don't feel it's fair to put him there until we at least have a functioning kitchen and curtains! I take the point about "if we were really determined..." and I'm still thinking about that one.

Really helpful advice about kitchen solutions, equity release and letting options. Going to explore them all. And yes I have let it become an emotional issue, I was devastated when I first returned and it still haunts me! Onwards...

RAS

Hi

You both need to let emotions aside on this and move in.

Get yourself on www.freegle.org.uk or freecycle if it still operates in your area. A poster elsewhere got a kitchen for a friend last week; turned out to include a sink, hob and fitted oven.

Even if you only get a sink unit, standalone fridge and cooker, you can cope.

Also get curtains and curtain poles; keep the dimensions on your phone or somewhere you can access at all times.

Make a more detailed list of things needed and start stashing them.

Buy some WD40 and spray the front doorhinges; I got a tap not opened in 20 years ot work after 5 hours.

The thing to spend money on is a good damp survey.

demelza5

Oh yes - I have already emailed the council's "empty home" scheme but they have not replied to my 3 enquiries - and I have been very proactive in chasing!

I think my only option with the lease will be to take out a loan once the flat is rentable. Can't see any other way at present. Hmmm.

demelza5

Thanks RAS - I am looking on freecycle now

lessonlearned

Well done for making a start - it can't be easy.

However, once you get started it will snowball and you will see results.

Good luck and just keep moving forwards.

MamaMoo_2

Where abouts are you based?
You could also try the "freebies" section on sites like Gumtree, Bargain Pages, Vivastreet etc.
Also, have a look on Facebook to see of there are any local buy/sell/swap/giveaway sites