Had enough of letting / buy to let

Retired_Mortgage_Adviser

From what I can see from your posts, it looks like the tenant has exhibited issues with paying rent on time and in full from more than a year ago and it is showing no signs of getting any better.

No investor with any sense is going to take on this property with the tenant in-situ (unless it's below market value with a large enough discount to compensate).

You are now looking to get out out of it all and sell. I hope this isn't an unfair assessment but to my mind it does not look like you have the time, inclination or knowledge to start and finish what will likely be a long drawn out eviction process and you should strongly consider outsourcing the process to a professional eviction firm, clean up the place and start marketing it.

jamels2 wrote: »

The first place was meant to be my pension and a year ago I fixed for 5 years on a buy to let mortgage. At that time I thought the tenant was back on track with rent payments, however it's got worse and her own life problems are having a knock on effect with paying the rent properly..

jamels2 wrote: »

That is possible , would it be wise to use an eviction company ( such as landlord action)?
Tenancy begun July 2015 and changed to periodic automatically in July 2016.
I would have happily rented for a few years until the mortgage ended , providing I was receiving the rent properly. But the tenant has been a headache for the last 6 months.

AdrianC

jamels2 wrote: »

How can I sell to an investor with the tenant still there and a poor record of paying.
If I sell the property I have to pay 4% penalty to the mortgage company.

Would YOU buy a place with a sitting tenant who doesn't pay the rent? No, nor me.
Not without a significant discount on the vacant possession value - one that'll make 4% look cheap.

jamels2

To reply, tenant has a job so can't claim benefit.
My 40k savings is a long way off the 80k or so I need for another flat. Properties here are 220-250k for anything decent. With overtime I can at most get another 150k mortgage. So that ideas unlikely.
Looks like a professional eviction is the best way forward. Then live in it for the duration of the mortgage.

Tayloriw1

No investor with any sense is going to take on this property with the tenant in-situ

sal_III

I have always struggled to understand the logic of buying BTL property, before your have your own home. Will bookmark this thread and link it as a cautionary tale for future posters with bright money making ideas.

AnotherJoe

sal_III wrote: »

I have always struggled to understand the logic of buying BTL property, before your have your own home. Will bookmark this thread and link it as a cautionary tale for future posters with bright money making ideas.

But but but but it's easy money innit ?