Plan to move out of parents

jamels2

Hello,
I'm a full time working 35 year old guy with no partner or kids. I am wanting to move out of my parents house but have a few problems doing it.
First of all, I already own a tenanted property which is where most ofy money is invested. Sell it or evict the tenant you say. Well I have been trying to sell it for 2 months and have had no offers, despite it being advertised 5 grand less then an identical property over the road.
Secondly, my father borrowed a significant amount of money off me many years ago, and so lets me live at his house rent free as long as I want as a way of paying back this money).
I have shared/lodged a few times in the past and don't really want to do this again at my age despite an offer of a cheap room from a work mate.
Also I don't want to move into the flat I own as its too big for me on my own and I don't want lodgers either.
So I am here to ask what options do I have?

Pixie5740

Has the identical property over the road actually sold? Buyers could well be put off by the fact you have tenants living in the property as it will take time (months) to evict them before you'd be able to complete unless you sell to another investor who doesn't mind there being tenants in-situ. If you are serious about selling evict the tenants first and then start marketing the property.

If you really don't want to get rid of the other property, and you don't want to lodge/share then your other options are to buy somewhere to live (assuming you can afford to do so) or rent a place on your own.

If you move out of your parents' home would that wipe off the debt your father owes you?

Edit: Oh I see from your previous threads that you're another one of those adults still live at home procrastinating what to do next with an "investment" property with a pretty short lease.

Caz3121

I see you have had a number of threads similar to this
eg https://forums.moneysavingexpert.com/discussion/5385621
have you extended the lease on the place you are looking to sell? If you only have 62 years left this will impact your potential market....how long is the lease for the one that is £5k more?

jamels2

Both properties are marketed with new 99 year leases, the extension cost to be deducted from what I receive as the seller. So that isn't really a concern, I just end up with a bit less (about 10% of the asking price).
I don't particularly want to keep the place it's just starting to frustrate me that it's not going to be quick or easy to sell.
Renting is possible , I don't mind the idea of renting alone it's just that I'd end up paying 50% of my take home wage on rent.
Although you could say the rent I take from my flat is about the same amount , so effectively it's not costing anything and I still have a property owned.

Pixie5740

Yes you can roll the lease extension up with the sale but that's still more time/hassle than buying an identical property which already has a 99 year lease. Add to that the fact you have tenants in-situ and your property becomes much less attractive than the one with no tenants and a 99 year lease. That said, have these identical properties actually sold or are they just on the market?

How big is the flat that makes it too big for 1 person to live in? Buying and selling isn't cheap so ideally you want to minimise the number of times you do it.

jamels2

The other property hasnt sold yet, but also has tenants and will be sold with 99 yr lease.
I agree about the fees, the idea of leaving it let out and renting would probably save in fees.
It's hard to make a change from a money saving point of view when you have an income of 1600 from a job and 750 rent coming in and only 250 mortgage.

elsien

I'm curious as to why you say the flat is too big for you on your own. I have managed to fill 3 bedroom house with no difficulty.

jamels2

It's a two bedroom with a big lounge and on my own I would only really use one room. There would be two unused rooms. I would rather buy a one bedroom house or flat in a better location. There is no bathroom window and access to the back garden requires a walk around the side of the building via a public walkway.

Pixie5740

I'm not really sure what the purpose of this thread is to be honest. You wanted to know your options for finally flying the nest at the age of 35 and those options are:

1) Evict tenants and live in the property you currently own.

2) Evict tenants, sell property and buy another one to live in.

3) Rent somewhere.

You don't seem to want to do 1 or 3 for one reason or another. You're half-heartedly attempting 2 although I don't see the point in it myself. The neighbouring property might be marketed at £5k more than yours but that tenanted property isn't selling either. Which leaves you with option 4...

4) Continue to procrastinate and living at home with mum & dad.

Thrugelmir

I'd go for option no 1.

Plus ask your Dad to pay you £20 per week.

jamels2

I haven't ruled out option 3 as although it's renting I would still have a property to fall back on.
It would save the hassle of selling and evicting a tenant who might not want to go.
It was also suggested to me a fifth option of buying a second property, but I don't fancy paying the sdlt.