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Sale falling through - what shall we do with this complete turkey of a flat?
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OP, the more you tell us, the more convinced I am that getting rid ASAP is your best (possibly only realistic) option!It's not difficult!
'Wander' - to walk or move in a leisurely manner.
'Wonder' - to feel curious.0 -
So let it. In round figures that's £5K per year. Let it for 10 years, that's £50K. Then sell it, you won't be so bitter at having to sell at a reduced price if you have had some good income from it.ginger_chocolate wrote: »Another flat in the same block rents out for just over £500 a month
EDIT only just read the bit about the short lease. Have you looked at the cost of extending it?0 -
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This is one of the rare cases where renting it out couldn't be considered immoral, because a first time buyer can't realistically buy the flat with it being near impossible to get a mortgage. That being said, you say you have a good income anyway, so why keep the stress? Get rid, go on holiday, enjoy your life.0
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This is one of the rare cases where renting it out couldn't be considered immoral, because a first time buyer can't realistically buy the flat with it being near impossible to get a mortgage.
Putting tenants in a building that nobody is going to maintain or solve any problems that come up is a bit morally questionable isn't it?0 -
Red-Squirrel wrote: »Putting tenants in a building that nobody is going to maintain or solve any problems that come up is a bit morally questionable isn't it?
My thinking is that if it's not OP, it'll be whoever buys it at auction. I'm not convinced many people buy cheap flats at auction to actually live in. But yes, if the building isn't going to be maintained properly then you have a fair point regardless.0 -
As long as it is not a top floor flat I don't see an issue. The worst major thing that could go wrong is the roof leaks, then the top floor flat I am sure will engage with the others about getting it repaired.0
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I would be slightly worried about tenants here - there's nothing dangerous about the building to my knowledge right now, but that could change.
Anyway - I had a long chat with OH about the problem this evening and I'm glad to say we've decided to put it back on the market for cash buyers only for a month (we haven't settled on a price yet) to see what happens. I suppose we should be grateful that we're actually in a fortunate enough position to take the hit and still move house. I suspect a lot of our neighbours could find themselves in a really nasty position in a few years time with very few options. It's a shame these kinds of issues aren't publicised more really.0 -
As long as it is not a top floor flat
Guess what...0 -
So let it. In round figures that's £5K per year. Let it for 10 years, that's £50K. Then sell it, you won't be so bitter at having to sell at a reduced price if you have had some good income from it.
EDIT only just read the bit about the short lease. Have you looked at the cost of extending it?
And a ton of hassle maybe, and increasing tax attacks on landlords from the government maybe? Drop the price until it sells then forget about it IMO.0
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