Considering purchase and letting a flat

collinsca

GaleSF63 said:

collinsca said:

Hi All


-We live in a block of freehold flats where people either own and live or own and rent.

Are you in Scotland? I believe some of the rules on notice/eviction etc. are different.

Hi. Im in England

collinsca

Crashy_Time said:

I wouldn`t rent a property with the landlord in the same block, far too potentially intrusive, and the flip side is that people who might rent it will soon be banging on your door when they want repairs done plus all the legalities and tax etc. make this a shocking idea for 140k nowadays. As someone said go for a Vanguard or similar account, I prefer to track individual stock markets rather than use the "blended" funds though, as I think you can target buying opportunities in a specific region that may crop up better that way. If you want a ground floor buy a ground floor and stay clear of the BTL game IMO.

Thanks for your thoughts

dimbo61

You don't need to put all the £140,000 into a BTL property.
I would always buy a house before a flat.
Your own roof, garden, freehold etc.
Normally 25% deposit will be needed and put some of the rest into your pensions.
Always keep a good cash reserve to enjoy life.
You can buy as Tenants in Common if one is a higher rate tax payer and one a basic rate tax payer. Say 90/10% 
Start doing your research 

AdrianC

If it were me, I'd be looking to move from your current flat into a house, then invest the remainder.

collinsca

AdrianC said:

If it were me, I'd be looking to move from your current flat into a house, then invest the remainder.

Thanks, but in our area there wouldnt be a remainder. We would need to borrow a lot more to buy a decent house, otherwise i agree it would be a 'no brainer' to upsize and then save.

Greymug

collinsca said:

The only benefit in my particular case is that at the end we plan to have a groundfloor flat to move into.

You can always sell your top floor flat and buy one on the ground floor when the time comes. If that's the end game, there's no particular reason to own 2 flats now, especially given all the valuable points already given in previous posts.

In general, I'd say top floor flats are more appealing than ground floor ones so when you'll be looking to swap, you might even end up with a nice chunk of change.

collinsca

Greymug said:

collinsca said:

The only benefit in my particular case is that at the end we plan to have a groundfloor flat to move into.

You can always sell your top floor flat and buy one on the ground floor when the time comes. If that's the end game, there's no particular reason to own 2 flats now, especially given all the valuable points already given in previous posts.

In general, I'd say top floor flats are more appealing than ground floor ones so when you'll be looking to swap, you might even end up with a nice chunk of change.

thanks yes that is certainly an option 

Murphybear

I would agree with some of these comments, LL and tenant being so close can be a nightmare. We rented a big house on a farm and the LL lived in the farmhouse next door.  He kept complaining that my husband wandered round outside in his pyjamas.  I didn’t tell him that he doesnt possess any pyjamas