Buying residential property, can I keep buy to let?

Ojb

Impossible to sell with tenant in situ. It is possible I can remortgage but by doing this and using the money as a deposit on another property my budget is limited to about 200k.
If by the time I retired this flat had no mortgage and I had the whole income then I dont see why it couldn't match a pension?

AlexMac

You won't know til you speak to her.

I just managed a successful end to a tenancy; tenant was on a SPT, and had been there 7+ years, but while she didn't actively want to leave, her circumstances were such that leaving was tolerable for her.

BUT,
- I gave her 6 months' informal warning (in writing, then via a chat) well in advance of the statutory 2 months; in the end she left after 5

- I'd treated her very well; soft rent, reassurance of no deposit retention, mended or replaced stuff like washing machines as soon as they bust...

And she reciprocated. On the other hand I also helped another past former tenant with the whole court/baliff charade to help her get a Council House- which was a very good move for her and her family...

How good have you been? As on balance, it seems your best move is to sell

Ojb wrote: »

Surely most evictions don't take this long, most people are decent and will honour the 2 months notice?

Crashy_Time

Ojb wrote: »

Impossible to sell with tenant in situ. It is possible I can remortgage but by doing this and using the money as a deposit on another property my budget is limited to about 200k.
If by the time I retired this flat had no mortgage and I had the whole income then I dont see why it couldn't match a pension?[/QUOTE]


The tenant could move out.

Ojb

Pretty good I'd say rent is low and any problems have been sorted out straight away.

Ojb

So I have done a property search in my area and If I keep my flat I will most likely be compromising on what else I can purchase for myself..my budget would be about 200-210 and this buys a one or two bedroom flat. If I seek my existing flat and take the equity then my budget is at least 230 k which affords a one bed house with garden. Im nearly 38 and starting to dislike the idea of flats as I get older. Houses are more attractive i think with own doors and gardens.

Crashy_Time

Ojb wrote: »

So I have done a property search in my area and If I keep my flat I will most likely be compromising on what else I can purchase for myself..my budget would be about 200-210 and this buys a one or two bedroom flat. If I seek my existing flat and take the equity then my budget is at least 230 k which affords a one bed house with garden. Im nearly 38 and starting to dislike the idea of flats as I get older. Houses are more attractive i think with own doors and gardens.

Best bet would be offer the tenant a rent cut if they will let people view, tell them that unfortunately you are selling it but they can stay until it sells, and see how much interest you get. You don`t want to get rid of the tenant and then find there are no buyers at your price IMO.

Computer_Beginner

AlexMac wrote: »

On the other hand I also helped another past former tenant with the whole court/bailiff charade to help her get a Council House- which was a very good move for her and her family...
ll

That was good of you.
(I think the subtle way you phrased this has been missed by the other posters... )

Ojb

Happy to offer tenant free rent for final two months so long as she goes on the agreed date!!!!

HampshireH

Assume you mean you will take her rent for the final 2 months and reimburse it after she has left.....rather than free rent for 2 months.

Comms69

Ojb wrote: »

Happy to offer tenant free rent for final two months so long as she goes on the agreed date!!!!

You cannot guarantee that.


Only two entities can end a tenancy - tenant or court. You cannot.


You can offer a mutual surrender, by paying moving costs or something similar; but the tenant is under no obligation to accept