First time investment questions

Newuser2019

AdrianC wrote: »

Great, so there's your answer.

And plugging those into the lease extension calculator says that the statutory lease extension will be about £28k now, or £31k in two years time when you can go for it.


Now, what do you think the chances of paying £100k for a (£300k-30k) flat are?

BTW, £830/mo rent for a £300k flat is an abysmal yield. Not worth the hassle.

I'm not buying the freehold though am i. I am only delaing with the lease which for £100K or so is fantastic!

AdrianC

Who mentioned buying the freehold?

Newuser2019

Comms69 wrote: »

WHAT?


it take on average 6-9 months to evict someone.


The courts DO NOT pay you out.

WHAT?


It will take generally between 6-8 weeks for the judge to grant a possession order under section 8/section 21. Tenants can ignore the possession order granted by the court, which is normally a 14 day order and sometimes tenants are told to stay put by the council and encourage the landlord to go to eviction.


What you on about 6 - 9 months. Go away with that scare monger BS please. LOl what a joke.


As for the courts not paying out, i'm sure if i do the research i can take out some form of protection whetehr thta be with the courts, insurance for example if the tenant does not pay thier rent or damages the property... Seriously.

Tom99

Newuser2019 wrote: »

I'm not buying the freehold though am i. I am only dealing with the lease which for £100K or so is fantastic!

Unless you are seriously deluding yourself that a long lease is worth £300k then the 70yr lease at £100pa ground rent is going to sell for way over £200k.
Auction properties like this do not sell at fantastically low prices.

Newuser2019

BTW, i mentioned i listed an ad online for a property/investment wnated. Well this person replied saying the following, would like to know what you make of it? Are they basically askign me to but a share of the freehold a si'm not intersted in going into business with a complete stranger!


I have a rent to buy property 2 bed house 2 bathrooms with garden freehold in thorntonheath
Looking to sell my rent to buy agreement with right to buy
the property owes me 80 k investment since purchase
However up for negotiations

The best way to get on the property ladder to own your own home
I can buy the property for 225k in anytime over the next 8 years fixed price
It’s market value is 345k
The pcm is £1150 until a mortgage to buy it at 225k can be afforded on it
The quicker you buyer it or rent it out or get lodgers the bigger the return profit.

Newuser2019

Tom99 wrote: »

Unless you are seriously deluding yourself that a long lease is worth £300k then the 70yr lease at £100pa ground rent is going to sell for way over £200k.
Auction properties like this do not sell at fantastically low prices.

Your mistaken! I am not dleuding myself to anything! I was reffering to the £300,000 as the FREEHOLD VALUE!

AdrianC

Do you even know what the difference between leasehold and freehold is?

I'll ask again, because this really should be the easiest question of the lot...

If not for the short lease rendering it unmortgagable, what would this property be worth?

Comms69

Newuser2019 wrote: »

WHAT?


It will take generally between 6-8 weeks for the judge to grant a possession order under section 8/section 21. - research is your friend https://england.shelter.org.uk/housing_advice/eviction/section_21_eviction/how_long_a_section_21_eviction_takes Tenants can ignore the possession order granted by the court, which is normally a 14 day order and sometimes tenants are told to stay put by the council and encourage the landlord to go to eviction.


What you on about 6 - 9 months. Go away with that scare monger BS please. LOl what a joke. - By your own (incorrect statistics it's more than 1 month...)


As for the courts not paying out, i'm sure if i do the research i can take out some form of protection whetehr thta be with the courts, insurance for example if the tenant does not pay thier rent or damages the property... Seriously.

Is it half term already, surely someone who's saved up £70k isn't this naïve?

Newuser2019

AdrianC wrote: »

Do you even know what the difference between leasehold and freehold is?


Yes. I do. Leasehold isthe temporary ownership of a building or land. Freehold is the ownership forever to put it simply.



I'll ask again, because this really should be the easiest question of the lot...

If not for the short lease rendering it unmortgagable, what would this property be worth?

Just to be clear on what you are asking, ar eyou aksing what it would be worth if it had a long lease or if it was freehold?

Newuser2019

Comms69 wrote: »

Is it half term already, surely someone who's saved up £70k isn't this naïve?

Excuse me but i don't appreciate the way ypu are tlakign to me becuas ei doubt you would sya this to my face you keyboard warriror! I am not naive thats why i have 70k!


your chatting BS and i have listened to what you said but it's just not realistic based on everythign i have learnt and seen in the real world. Cringe.