Please help !! Im running out of options

[Deleted User]

Im a regular poster on here and usually giving out advice - but OMG - this problem I cant sort and I need the brain power of MSE forumites->
 

 Im LPA for my ex partner whose had several strokes and trying to help him remortgage - but now may have to probably sell a BTL he owns. 

Its in Third Ave, Canvey

Ex council 

Non standard 

Selleck Nichols built house

Council planning gave me a letter describing how place was built to help with lenders 

Its a pile of utter cr*p! 

Trying to raise money so he can pay his x wife off in divorce. Its becoming a complete and utter nightmare and Ive been trying with his mortgage broker since June

Rejected by TMW and Coventry after valuation  

People do get mortgages on those houses ( as I checked deeds of neighbours etc ) but those that do seem to lend, require £25,000 min income ( he dont have ) for BTL or they don’t do BTL. 

Tenants living there used to own it years ago. Sold and rented back. The initial 5 year tenancy over so now on periodical tenancy. Lowish rent £850 pcm so not attractive to investors. House very tired and needs work. 

It was a stupid stupid purchase (cash ) and thats why we are ex’s but he is the father of my kids are has noone else to help him 

Id have to give 6 months notice to leave at present as we know 

Gas cert and EPC ok and agent manages it. Deposit scheme etc all good. 

Ive gone back over ex’s bank statements and think I found the £500 he paid for a survey in 2017. I cannot work out the company from statement. I dont understand ( or maybe they did ) say dont buy the place as you wont sell it. 

Neighbours sell for around £200k

He paid just shy of £180k in 2018 a month before his first stroke 

I really need the absolute minimum of £125,000 to pay off wife and get him a clean break so he stays in the former FMH ( cant raise money on that apart from taking over existing mortgage ) 

Im thinking possibly an auction with tenants in situ. I need to keep as much stress away from ex as possible due to his health. 

Any ideas, suggestions - anything welcome pleeeeease !!! 

hazyjo

Was going to suggest auction.

The neighbours may have put on an outer brick skin (or whatever it's called or done whatever other option made it mortgageable).

You could try to explore the cost of that? Not sure how much value it would add though in an estate or street full of them?

Rent might be low, but what's the yield?

A number of the Jewish community are buying in Canvey atm from north West London so it might be worth an ad in the Jewish Chronicle if it goes up for auction? Anything is worth a shot!

Good luck!

md258

Would the ex wife accept the property (with or without tenants) instead of cash? She may not see it as a "pile of utter ..." and may see it as a "free" house. As an extra sweetener (for the wife), she would also get her half of the money earlier before any care costs start reducing the pot.

SDLT_Geek

I am sorry to hear of your troubles, I have often found your posts enlightening and helpful.  I hope that you receive some useful comments in return.  The only things I can think of are:
(a)  As md258 suggests, transfer the property to the ex spouse as part of the divorce.
(b)  Have the circumstances of the tenants changed, since they sold the property?  Would they be able to buy it? 

getmore4less

Lowish rent £850 pcm so not attractive to investors.
I really need the absolute minimum of £125,000

8% gross yield might attract an investor but the type of property and condition may put them off.
if it is one of the 3 beds one of those got over £200k last year

that rent look low for even a 2bed looking at RM are there any restrictions on putting it up?
That could make it more attractive long term to an investor if they can get the rent up even if it takes a year or two.

Going rate for 3b  seems to be be  £1k-£1200pm  6% gross puts it at £200k

https://www.rightmove.co.uk/house-prices/ss8/third-avenue.html?country=england&referrer=landingPage&searchLocation=Third+Avenue

going out 1/4 mile there are sales.

[Deleted User]

Thanks everyone so far. The house is not PRC - so its not one that needs repairs as such. Its non standard but a different non standard. Lol ( a bit like Boris saying go out, but not out out ) 

No the ex spouse doesnt want Canvey property. He bought it with an inheritance and she was against the house - but ex did what he wanted.  She earns an alright salary to get a mortgage and with her agreed £189,000 settlement she can get herself a half decent house. 

The aim is to do anything to keep ex in his own home ( worth £375k) where my son has moved in to look after him. We think it would kill him to have to move. 

He has mortgage offer to take over existing mortgage on FMH and use a bit of his savings as they will only lend him £67,000 ( owes £88,000) - that was easy ! 

The other bit of his savings he’ll need to use to possibly make up the difference when he offloads the Canvey house if we dont sell / remortgage for enough.