Tenant Flat Fire - Next stage - how to sell?

dunnomate

Me too !!!!!!!!!!!!!!!

[Deleted User]

Its Xmas eve and I've just got the surveyors report, which - after my amends - will go out to tender.

Will keep you updated on how this progresses and my (no doubt) battles with insurance, etc.

Season's Greetings to you all and thanks for your support!

Curley

And a merry Christmas to you cgw, I hope this has not spoiled your festivities.

Keep smiling

clutton_2

merry christmas and a happy new year to everyone who has rallied round here .... xx

reformedEffortMaker_2

silvercar wrote: »

Cgw has had a bad experience, not all "DSS types" are bad news. If you refuse all tenants claiming HB, you limit your market and you also deny housing to those in need. There are tenants on benefit who are honest and make good long term tenants. The way HB works, some tenants may change from being self-relient to needing benefit for a while during a bad spell.

Yes I know that not all "DSS types" are bad news, however, I am sure almost everyone would agree that when you have to work for something, you treat it better?
At the end of the day, this is a forum for people to give advice/opinions, the OP can take it or leave it. I am sure all landlords will agree that this set of circumstances is 'rare', but funny how everyone guessed. Correctly. That the tenant was a 'HB' tenant without the OP explictly saying so. I just asked her to give a thought as to whether it was worth the grief thats all......Just out of interest silvercar-what's your opinion on having a property 2 1/2 hours drive away?

[Deleted User]

I do appreciate and understand what you are saying, reformed.

I hadn't originally intended to let the flat.

Having done the major refurbishment on the flat, I was going to sell it. But there is also a big refurb job going on in the rest of the building. The roof has been replaced, the outside render has been done and all the windows replaced. All this before the fire. There are other works ongoing and when all that has been done, I planned to sell, because it is a long way away in travel time. But I do have friends in that town and rail and road links are being improved.

So the letting was supposed to be a short term thing.

Longer term, if it had worked out.

I suppose I don't feel comfortable with seeing people as 'types'. But that doesn't mean that I have unrealistic expectations. I guess life has taught some people to behave in an opportunistic way and they may be so steeped in anger and desperation that they will take advantage, even when they don't need to.

But there are people like that in wallks of life and spheres of influence, as well truly self controlled, responsible and inspiring people.

Oh well, thanks again and I appreciate what you are getting at.

clutton_2

half of my portfolio are single parent mums on benefits - they are great tenants.

[Deleted User]

Hi Guys

Well, I've been through the surveyor's schedule of works and made amends.

Had email from loss adjuster who has checked the policy and has agreed to start paying the lost rent.

I think I want to sell. I'm not quite sure as the area on the south coast is in the process of regeneration. Buyers who like the architecture but don't want to pay the fashionable south coast town prices. University development, faster train to London and attention being paid to run down areas.

But it is too far from where I live. That was worse when I was physically working on the flat but is still difficult to manage. Easy when tenants are amenable but impossible in a crisis.

If I decide to sell it should happen as soon as the flat is complete.

The work is going out to tender next week.

There are five flats in this Victorian building.

Mine is the best as it has seperate access. On a hill, it is basement at front and ground floor with large garden at back (some neighbours have conservatories/extensions). Mine is the only one with central heating.

The top flat has resident leaseholder. The freeholder owns the other three.

The freeholder wants to sell his flats soon and is asking me if I would consider selling mine along with his as a sort of package. That way he says he is hoping to attract 'investors/developers'.

He says that we can make an arrangement to all share the freehold whether I sell with him or seperately.

I can't see much advantage to selling along with him.

Does anyone else have a view on this?

Or any other advice?

You have all been very useful.

silvercar

I would tell the freeholder to get back to you if/ when he has found a developer wanting to buy his and yours. That way you aren't ruling it out but he has to do the donkey work and find the interested party.

I would sell, the flat hasn't done you any favours, its probably time to let go. Also having just been done up by the insurers it will look in good condition for potential buyers.

[Deleted User]

Thanks.

I think that sounds like a good strategy.

I've always felt that I'm bad at maths and bad at managing money.

Probably a confidence thing.

For example: I used to almost admire people who were organised enough to have credit cards etc. I always felt I was far too irresponsible.

Working freelance, the only way I could be sure that I was making anything like a good contribution to the household was to save.

The original mortgage was the house I live in was for £26,000 in 1982 (House now priced at around £200,000 - far more than it's worth! Its a tiny terraced house).

When I paid off the mortgage, it was £17,000 in 1989. It was a huge sum to me and I felt very proud - not to own something but to relieve the family and my husband of the burden of a mortgage.

So I bought the flat for cash nearly four years ago. As a freelancer I have no pension.

In my line of work, I need to have good cash flow and reserves because I have to 'bankroll' each project and I'm paid fees, reimbursement for materials and expenses. Sometimes is is weeks or months before I'm paid.

I'm too chaotic to manage overdrafts etc so I have to keep a reasonable cushion in my current account. I don't like the idea of paying interest on money that one has had to borrow.

I don't think I'm mean - I often peruade mates to borrow money from me - interest free - rather than pay for it to a bank.

It seems rotten to be in crisis and need to borrow money and then the lender charges you for it - just when you can afford it least!

I took all kinds of 'independant' financial advice in the past, but I will have made a profit from the sale and this is better than the interest rate it would have achieved in the building society.

I'm not sure if I will have enough to buy something closer to home , which is what I would like to do, because property prices are higher.

But I think that I want to look for something which needs work.