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Landlord Selling Up...Would You Allow Viewings?
Comments
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150k price drop, ouch. The OP is also a landlord as well as a tenant in this property I believe.
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But you rent out a property of your own and are presumably employed? Of course you have the funds, why not just give them notice and let them get on with it?
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What about being a landlord myself makes you believe I must have funds? Not all landlords are rolling in money you know.
I’m not a dishonest person and genuinely do not have the money to spend on moving again but I shouldn’t have to explain myself to some random twonk on the internet who believes house price crashes are always around the corner.
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And he'd have gotten £50k more had he accepted our offer but he was insistent the property was worth more.
Our landlord was the same, owner of our flat but tenant in his own home. He'd had to go perm because he couldn't find contract work and then was made redundant after 6 months from a firm no one here was sad to see go. He'd remortgaged twice to make ends meet whilst we'd been there.
I dont feel too sad for him, still made £250k on what he bought it for just not the £400k he'd hoped for.
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Ignore Crashy aka ReadySteadyPop. However that did make me think, is there a reason for letting a property and renting yourselves? Could you not move into your owned property, or if unsuitable then sell and buy somewhere for yourselves? Reason being, its usually much more inefficient to do it your way, both tax and headache wise.
- You're paying rent gross of the LL's income tax, but you have to deduct tax on the rental income
- When you sell, you'll pay CGT on your let property, which would be 0 if you lived there.
- Repair issues - you have to liaise with an extra party, to get things repaired by your LL and to get access to repair from your tenant, increasing the hassle, for two properties.
- Moving, as you've seen here, or looking for new tenants at someone else's whim
- Voids in the let property while you still have to pay rent, but potential overlaps in rent where you live if a move doesn't 100% line up.
You may have good reason, but since you don't seem to be wanting a short term rental, this might be a good time to shift to owner-occupier.
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We originally tried selling the house in 2021, got a buyer within a week of being listed and agreed to move into rented to break the chain. Shortly after we signed the tenancy for the rental, the buyer pulled out and we had a disagreement with the estate agent over remarketing so ended up renting it out.
Our owned house is currently tenanted so we can’t really do anything until they move out. We could serve them section21 but they’ve been good tenants and then they’d end up in the same situation as ourselves so could end up making us go through courts for possession etc. It wouldn’t really solve anything in the immediate future but is something we had considered.
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No one said rolling in it, just enough funds to move?
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A lot less buyers with money to burn around nowadays.
https://www.msn.com/en-in/news/other/mortgage-rates-back-on-the-rise-three-more-major-lenders-hike-home-loan-prices/ar-AA1VvEFr
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