New Build House

Davesnave

LittleMrsThrifty wrote: »

To be fair to the OP, in a world where people can receive compensation for spilling a cup of hot coffee on themselves and talk of mis-sold PPI, etc are widespread - the idea doesn't seem so crazy after all.

No one has been unfair to the OP.

And it certainly wouldn't be crazy seeking redress, if every mistake and bad decision, or even just bad luck, could be wormed-out of via an obscure loophole somewhere.

We'd all do it.

However, don't you think that if such a loophole existed, the route would be well signposted after others had driven articulated lorries through it?

That's what's crazy about this thread!

andyhaughton

you dont actually know the full picture here, the long and short if it is that after my divorce my exwife took my son to germany and left me with the debt, the crazy thing actually is that if the house does actually come into profit shes entitled to half of it and hasnt paid a penny into the mortgage

I dont need any sympathy, thats just my bad luck as you say, please no more comments now

Bluebirdman_of_Alcathays

OP - you aren't helping yourself. If you stated how much is left on your mortgage, and what the house is worth, people could start to offer meaningful advice.

GwylimT

What investigation have you under taken concerning the flooding in the garden?

I assume you have consent to let from the mortgage provider?

What is the outstanding balance on your mortgage?

andyhaughton

yes its only interest only as I cant afford repayment which would cost me another £300 per month, I still owe £210,000, would be lucky to get £160,000, I could not charge £1200 rent when the market dictates £900

andyhaughton

yes I have consent to let, Im trying to get an proper inspection done soon regards the flooding

GwylimT

andyhaughton wrote: »

yes its only interest only as I cant afford repayment which would cost me another £300 per month, I still owe £210,000, would be lucky to get £160,000, I could not charge £1200 rent when the market dictates £900

What is the going rate for a bedroom in a shared property in your area? You would most likely be better off financially living there yourself and renting out the other bedrooms.

andyhaughton

The going rate is 900pcm after agency fees and insurance I get 780, my mortgage on interest only is 840

i couldnt live there again too many bad memories ive had problems with previous tenants who left owing rent and caused £3000 worth of damage I had to put right, yes bad luck again, Id be very wary about having multiple tenants

fairy_lights

GwylimT wrote: »

What is the going rate for a bedroom in a shared property in your area? You would most likely be better off financially living there yourself and renting out the other bedrooms.

I was just going to suggest this.
Living in the house and renting a room or two has got to be a better option than renting it out, topping up the mortgage, and paying rent to live somewhere else.

GwylimT

andyhaughton wrote: »

The going rate is 900pcm after agency fees and insurance I get 780, my mortgage on interest only is 840

i couldnt live there again too many bad memories ive had problems with previous tenants who left owing rent and caused £3000 worth of damage I had to put right, yes bad luck again, Id be very wary about having multiple tenants

Why do you need an agency?

If you really wanted to improve your financial situation you wouldn't mind being a live in landlord.