Plan to move out of parents

Pixie5740

Ok great you've got 5 options so choose one and run with it.

What I will say about options 3 and 5 is that, going by your previous threads, you're gross rental yield is 5%. You can achieve similar returns just using high interest current accounts and you haven't joined your work place pension which would give you free money. Secondly, unless you extend that lease soon your BTL is a depreciating asset. You're already at 62 years and the longer you leave it a) the cost to extend will rise exponentially, b) the fewer mortgage options you'll have until you reach the stage where no lender will touch it with a 6' barge pole. (You've been told all this on the forum before).

As for evicting tenants who don't want to go well that's part and parcel of being a landlord. As long as you've dotted all the i's and crossed all the t's there is no defence against a correctly issued Section 21.

So there you have it, 5 options. Time to put your big boy pants on.

glasgowdan

The mortgage is only £250. Time to get the tenants out and move in.

The only reason you think the flat is too big for you is that you're currently living in a bedroom. Trust me, two beds and a lounge isn't too big for one person if the mortgage is only £250. Who knows.... you might even meet a girlfriend once you've moved out and find the flat much more suitably sized once she moves in!

jamels2

The 5% return is another reason for not doing option 5. With an extended lease the return will be lower, maybe 4%.
As you say is it worth the hassle when you can get similar returns elsewhere for a lot less work?
As for selling my flat is it worth considering an auction?

fairy_lights

jamels2 wrote: »

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.

Can you post the rightmove link so we can have a look?