Can't afford to fix boiler

Crashy_Time

Just sell with tenants in place?

[Deleted User]

Crashy_Time said:

Just sell with tenants in place?

I bet there’s a whole host of landlords out there looking to buy an investment property with 2 non paying tenants and a knackered boiler. 🙄

babyblade41

Lover_of_Lycra said:

babyblade41 said:

First and foremost get the heating sorted ASAP. Forget for now what the tenants have and have not done 

Any CC's you can use or borrow from family to get you out of a spot for now ?

You are going to have a long wait evicting now but I would sell the property at an attractive price ..it will get rid of so much stress 

The OP entered into a DMP with over £90k of unsecured debt last year. Other than friends and family he has no lines of credit available to him. 

Oops missed that bit ... it's a sorry state of affairs then .
What a monumental mess !!

grumiofoundation

Lover_of_Lycra said:

Crashy_Time said:

Just sell with tenants in place?

I bet there’s a whole host of landlords out there looking to buy an investment property with 2 non paying tenants and a knackered boiler. 🙄

For the right price there probably are (it’s just how low that right price has to go).

AdrianC

Lover_of_Lycra said:

The OP entered into a DMP with over £90k of unsecured debt last year.

Indeed - ninety grand, October last year...
https://forums.moneysavingexpert.com/discussion/comment/76407975#Comment_76407975

Well, that puts "but Covid" into perspective.

Back on p7...
https://forums.moneysavingexpert.com/discussion/comment/77870560/#Comment_77870560

YorkieDave said:

There have been some really helpful replies on here, thank you for those.

It's quite disappointing to find some of you berating me. I'm not sure what's to gain. If you feel better for it then that's great! I was just looking for practical advice. 

I'm not sure why I feel the need to justify my preparedness, or not, for this situation, but I'll give a bit more information. I have one property I rent out. It's gone swimmingly for 19 years, until this year. I have all the legal requirements in place, TDS and safety certificates and tenancy agreements etc. In 2019, I had enough to cover 12 months rent / bills on the rented house, plus enough set aside for a major repair like a boiler. 
Then both my wife and I were made redundant from separate industries within a short space of time.
We then both went self employed. That means we've had hardly any help during the pandemic.. 
Add to that my previous tenants did a runner at the end of 2019 owing rent and leaving the house like something out of extreme cleans with damage to doors, fittings, walls etc. That cost a lot of time and money to fix.

I've been very careful who I've chosen as tenants, so I think I've been unlucky.
Could I have been more prepared, sure. Will I get out of the property game, yes, as soon as I can! 

Back then, two months notice to the tenants (and they probably wouldn't have "done a runner" leaving debt and damage), and the property could have been on the market and the debt sorted. Yes, hindsight about this year is easy - but if he'd thought to mention in the DMP thread that he had a rental property, I'm sure that would have been suggested...!

Quite why the OP got new tenants when the equity could have resolved the debt issue is another question entirely.

newsgroupmonkey_

annetheman said:

This thread is a hot mess. I can't wait to buy my own home!

Quite agree. It's a mixture of Angela_D_3 trolling and threatening people with baseball bats, people being particularly rude and unhelpful and even some of the regulars just making snide remarks and making huge assumptions.

The OP came in asking for help. Judging by the responses, he must have ridiculously thick skin to even bother responding.

AdrianC

newsgroupmonkey_ said:

The OP came in asking for help.

The OP is very short on options. About the only ones he has were given way back in the early pages - the council will probably make a loan secured against a charge. Has he spoken to them?

But given that he misled us about the amount and timings of his DMP, and failed to mention the rental property when asking advice last year about the DMP, I'd be surprised if the rental property was disclosed to his creditors during the DMP.

camden_kid

newsgroupmonkey_ said:

annetheman said:

This thread is a hot mess. I can't wait to buy my own home!

Quite agree. It's a mixture of Angela_D_3 trolling and threatening people with baseball bats, people being particularly rude and unhelpful and even some of the regulars just making snide remarks and making huge assumptions.

The OP came in asking for help. Judging by the responses, he must have ridiculously thick skin to even bother responding.

I've noticed a lot of the regulars make snide, above-it-all comments on this board. Some, I suspect, have ulterior, selfish motives.

[Deleted User]

AdrianC said:

newsgroupmonkey_ said:

The OP came in asking for help.

The OP is very short on options. About the only ones he has were given way back in the early pages - the council will probably make a loan secured against a charge. Has he spoken to them?

But given that he misled us about the amount and timings of his DMP, and failed to mention the rental property when asking advice last year about the DMP, I'd be surprised if the rental property was disclosed to his creditors during the DMP.

A DMP is an informal arrangement between someone and their creditors so there’s no need to disclose anything. Anyone could write to a creditor and offer £1 a week for existing debts. Sure your account will be marked as defaulted on your credit files and your creditors might take court action but a lot of the time they don’t if the Debt Free Wannabe board is anything to go by. 

AdrianC

"I'm really sorry, I don't have enough money to pay your £90k back. Please can we come to an arrangement so I don't have to start worrying about bankruptcy. What? That? The other house that I own and rent out? No, don't worry about that... That's beside the point... No, we don't need worry about that."