Selling a 60k ex-local authority maisonette

montymouse

GDB2222 wrote: »

You could look at letting to your local authority or a housing association. They don’t pay particularly well, but they take on a large part of the headache. Typically, they will take the property for several years, and they pay you rent regardless of whether their tenant pays them.

The main snag is that you have no control over the tenants, who may trash the place.

This is an example.
https://www.lettobirmingham.com/we-are-birmingham-city-council%E2%80%99s-%E2%80%98social-lettings-agency-we-work-solely-council-provide-private

Thanks for that. The thought of the place ending up being trashed really is a worry. I did wonder though about being a social landlord. However, I think I am now veering towards selling.

montymouse

deannatrois wrote: »

I suspect if the OP does this, and the estate has become a bit of a sink estate, it will actually be worth less and be harder to sell when he wants to sell in in a few years. Better to sell now.

Good reasoning. The estate is two social housing blocks on a nice main road leading into the town. These two blocks are turning decidedly dodgy - to be honest, you can smell the waft of cannabis coming up from the bedsit downstairs. The downstairs bedsit used to have a nice lady living there, but now I have no idea who lives there - there just seem to be a lot of comings and goings.


Also, the bins all used to be neat, but now there are communal bins and rubbish everywhere.



I am sure that the place will soon be declining in value. Particularly as this maisonette is right next to the bin area, which is always in a terrible state. It is elevated slightly from the bin area, thank goodness, as the blocks are composed of a ground floor of bedsits and up above are maisonettes.



I dread to think what people viewing the place will think, despite the fact that we have got the interior looking good. I think it will only sell to an investor, not somebody looking to make a home.

hazyjo

The Council may buy it back. Their offers are often lower than open market. Might be worth getting their reply/offer before marketing so you can tell any EA you have an interested party or you'll prob be responsible for their fees anyway even if you do choose to sell direct to Council. Obviously they may not want it!

montymouse

hazyjo wrote: »

The Council may buy it back. Their offers are often lower than open market. Might be worth getting their reply/offer before marketing so you can tell any EA you have an interested party or you'll prob be responsible for their fees anyway even if you do choose to sell direct to Council. Obviously they may not want it!

Good idea. I will look into this also.

GDB2222

montymouse wrote: »

Yes, so I have heard from people who know people who let out property. It seems like a bit of a lottery, you can get tenants initially thinking that they are ok, but then they turn out not to be. Have also heard of people letting property out only to find it is then being used as a brothel or cannabis farm!

I did have one flat that was used as a brothel. It was returned in good condition, and I re-let it quite easily. I only discovered it had been used as a brothel when the new tenant complained of a stream of people ringing the doorbell. Mercifully, that stopped quite quickly.

montymouse

GDB2222 wrote: »

I did have one flat that was used as a brothel. It was returned in good condition, and I re-let it quite easily. I only discovered it had been used as a brothel when the new tenant complained of a stream of people ringing the doorbell. Mercifully, that stopped quite quickly.

Oh dear! So it seems like they only used it as a brothel for a short time? I have heard of holiday lets being used as "pop up" brothels.


I am glad for your present tenant that the door bell ringing stopped.

GDB2222

montymouse wrote: »

Oh dear! So it seems like they only used it as a brothel for a short time? I have heard of holiday lets being used as "pop up" brothels.


I am glad for your present tenant that the door bell ringing stopped.

They were very good tenants, actually, and no trouble at all.

sgun

GDB2222 wrote: »

They were very good tenants, actually, and no trouble at all.

I lived in a flat above a brothel for a while a few years back. Two women - by far the best tenants that were in the place for the couple of years I lived above it.

My brother had a brothel two doors down from his house and never knew until someone mentioned a small ad in the free paper with the address on it (that's what he claimed anyway!)

Zero_Sum

Depending on area you might only get max of £40k as thats the BTL stamp duty threshold. Family friends have been in similar situations & thats all they could get

lees80

A house worth £60k doesn't sell at £40k because the buyer can't afford (or doesn't want to pay) the extra stamp duty. Bejesus if one of your relatives fell for that they've been well and truly shafted.