Asset rich cash poor

Lilsmum

I am 45 years old and own 3 properties outright.
I currently am unable to work as a result of a severe spinal injury and am in receipt of ESA which is £400.
I am unable to live on this and have until this month lived on my savings. They have now completely gone and I have no idea how I will pay my bills.
I have a poor credit history as my finances fell into disarray when I went into hospital.
I have no living family and am single.
I need to sell two of my properties as quickly as possible but need money to live on and survive in the interim. I am too physically unwell to undertake practical tasks at any of my properties.
I don't know how I will survive.
Please help.

[Deleted User]

Are the properties rented out? That may provide a short term solution.

bargainbetty

Put one of the properties up for immediate auction - that will bring about a quicker sale.

Again, are they currently rented out? If not, why not?

Peter333

Lilsmum wrote: »

I am 45 years old and own 3 properties outright.
I currently am unable to work as a result of a severe spinal injury and am in receipt of ESA which is £400.
I am unable to live on this and have until this month lived on my savings. They have now completely gone and I have no idea how I will pay my bills.
I have a poor credit history as my finances fell into disarray when I went into hospital.
I have no living family and am single.
I need to sell two of my properties as quickly as possible but need money to live on and survive in the interim. I am too physically unwell to undertake practical tasks at any of my properties.
I don't know how I will survive.
Please help.

I am finding it VERRRRY difficult to have sympathy with you. Do you know how many people would love to be in your position right now? OWNING THREE PROPERTIES OUTRIGHT.

You say 'oh I have no money, and my savings have run out.'

And???

Why did you not put one of the properties up for sale some months back? You must have known that your savings were dwindling.

Another thing is, if you sell two out of the three properties, (and live in the third one,) you will have enough money to not HAVE to claim ESA. I don't know where you are living, but even in the cheapest parts of the country, 2 properties being sold outright would net most people some £140-£200K! That is PLENTY of money to live on for a good while, without claiming anything, especially as you will have the house you decide to keep, already paid for!

So sell the properties, get the money in your bank, and cancel your ESA claim to save the state some money. Or as the person above me said, rent the properties out, to get some income in. The amount of rent you get will mean you won't have to claim ESA either. You can make plenty of money from the properties.

I can't believe you are even allowed to claim it when you own 3 properties!

Do the people who dealt with your claim know this?

I am not benefit bashing, not for one second, but someone who OWNS 3 properties, claiming ESA, and then claiming poverty because their 'savings' have run out, just incenses me.

Lilsmum

Hi,
The properties are not rented out as they are in an awful state of disrepair.
I do not have the funds to address this so that is not a viable income stream at the moment.
I am looking for cash to keep me afloat until at least one of the properties is sold.
Thank you for responding

somethingcorporate

As the above advice, auction will probably be your best bet. You could try one of those cash for houses type companies but they will offer you 40%+ off the market value.

Peter333

Lilsmum wrote: »

Hi,
The properties are not rented out as they are in an awful state of disrepair.
I do not have the funds to address this so that is not a viable income stream at the moment.
I am looking for cash to keep me afloat until at least one of the properties is sold.
Thank you for responding

I'm sorry Lilsmum, I didn't mean to have a go at you (and I know I did,) but it's just that so many people are struggling from day to day to pay their mortgage and bills, and for someone to be sitting there with 3 properties, complaining that they have no money; it just seems kind of insulting to those people who don't even have a home of their own at all.

And I'm still struggling to understand why you didn't address the issue a long time ago, knowing your money was running short. Even properties in disrepair, will fetch some money.

I doubt you will get any other financial help. Best get an auction company to try and help you sell quickly, or a 'we buy your property now.' type company to purchase one or two of the properties.

All that said, go to CAB anyway, or call the DWP to see if there is any immediate financial help you can get. But if you do declare the properties (as you should,) I don't think you will get anything. As I said, I am surprised you even get ESA, as it is means tested.

freeisgood

I would sell one pronto at auction, use the money to refurb the other ( I presume you are living in the third?) or sell the two at auction, and then you can buy a small property with the proceeds and live off the rental income.

Are you living in a one or two bed at the mo? Don't forget you could always get a lodger.

Stevie_Palimo

Peter333 wrote: »

I am finding it VERRRRY difficult to have sympathy with you. Do you know how many people would love to be in your position right now? OWNING THREE PROPERTIES OUTRIGHT.

You say 'oh I have no money, and my savings have run out.'

And???

Why did you not put one of the properties up for sale some months back? You must have known that your savings were dwindling.

Another thing is, if you sell two out of the three properties, (and live in the third one,) you will have enough money to not HAVE to claim ESA. I don't know where you are living, but even in the cheapest parts of the country, 2 properties being sold outright would net most people some £140-£200K! That is PLENTY of money to live on for a good while, without claiming anything, especially as you will have the house you decide to keep, already paid for!

So sell the properties, get the money in your bank, and cancel your ESA claim to save the state some money. Or as the person above me said, rent the properties out, to get some income in. The amount of rent you get will mean you won't have to claim ESA either. You can make plenty of money from the properties.

I can't believe you are even allowed to claim it when you own 3 properties!

Do the people who dealt with your claim know this?

I am not benefit bashing, not for one second, but someone who OWNS 3 properties, claiming ESA, and then claiming poverty because their 'savings' have run out, just incenses me.

Simply a disgusting thing to say, Green eyed monster or what you know nothing about the individual and there circumstances here so say nothing rather than a jealous rant.

Lily-Rose_3

Stevie_Palimo wrote: »

Simply a disgusting thing to say, Green eyed monster or what you know nothing about the individual and there circumstances here so say nothing rather than a jealous rant.

PMSL, no it isn't a jealous rant! He is absolutely correct. What a nerve, pleading poverty when you own three properties.

I find it incomprehensible that someone would defend the OP regarding this. And we do know a lot about their circumstances, because they told us LOL. Their circumstances are that THEY OWN THREE PROPERTIES. And Peter is correct that the OP should probably not be claiming ESA if they own three properties.

You seem incredibly defensive of the OP. Do you know them?

Puddylove

I'm sure we can all sympathise with someone with a severe spinal injury, and no family or partner to support them.

I think the only way to free some cash from your assets would be to sell one house - perhaps contact an estate agent today to see whether they advise auction or otherwise.

If you sell one property, perhaps that would free enough cash for you to live, but also to renovate a remaining property so that it would be rentable.

I suspect that the point about ESA may be correct - best to check regarding benefits

Good luck with a speedy return to health.