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Help...I think Im in trouble
Comments
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^^ I agree with gallygirl. If they aren't aware by now then they won't become aware unless you tell them and if you are redeeming it via solicitor then I can't see any issues.
Just out of interest, did you change your correspondence address when you moved out or are mortgage related letters sent to the property address?0 -
I would chat to your tenants.
Tell them you are thinking of selling - they might even want to buy it!!
You could offer them a discount in rent for any inconvenience of viewings. The first thing to do is keep them onside.
I would then do some research. Realistically, are you sure you can cover the mortgage if it sells? Don't forget selling costs to be paid e.g. EA fees and solicitors.Should've = Should HAVE (not 'of')
Would've = Would HAVE (not 'of')
No, I am not perfect, but yes I do judge people on their use of basic English language. If you didn't know the above, then learn it! (If English is your second language, then you are forgiven!)0 -
In my opinion, it seems unlikely you'll sell it to an investor. Given that the rental payments don't currently cover the interest on a 35 yr mortgage, the rental return probably isn't great from that point of view. What's the annual rental income?
In this situation, I'd be serving notice on the tenants (ask your LA how to do this correctly), with the aim to selling with vacant possession. You scare off a large number of potential buyers with tenants in situ, and you'll only find the purchasing process stalling (or collapsing) later on while they remain."Real knowledge is to know the extent of one's ignorance" - Confucius0 -
Nram only offer 12 months consent and they have strict guidelines on renting -LTV etc. Consider selling if it clears the debt. You are in breach of your mortgage condition.0
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I hope this makes you feel better.....I work for uk leading bank. You say you have all mortgage payments and have landlord certificates and I assume landlord insurance via the agents if not personally. Just focus on selling it. Primarily any lender just wants to be sure you can and do pay your loan.0
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Oh and btl is only appropriate if you are buying, to let. Hence the name0
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