Sell your house fast....

payingfornowt

Neas, I agree from a political standpoint but its my GF so I'm sticking by her ill informed decision. She like you just wanted to get on the ladder and saw this as a fast track with a 100% btl mortgage. Anyway Neas, good luck with the deposit, you seem to be hitting the ladder the right way.

No the mortgage is getting paid (as far as I know) but Tennant is leaving in 3 weeks, the tennant owes money so maybe a deal can be done in return for co-operation.

Maybe this is more of a relationship whinge but I think my partner has to act very fast to limit her losses, and she seems to be just

She is under no disillusion as to my feelings on the situation.

Ill get packing then, looks like were moving house.

abaxas

This may sound like bad advice but...

Go to argos and buy a new tv for around £200
Go straight to 'cash convertors' and sell the tv.

You'll now understand why it's bad to go to a 'house fast type place'.

neas

In these climates selling up totally.. and then renting for a while would be the ideal solution.

If you GF had BTL 5 years ago she'd be laughing now.. (so long as she sold now lol)... But gains have turned to 'drains'..

Positive equity to Negative Equity... its a scary world we live in.. but this is just pieces of paper not the end of the world.

All the best anyways .

teabelly

Is the cash situation due to the tenant not paying? If she didn't budget for non payment then she has been epicly dense. Where on earth did she find a 100% BTL mortgage anyway? How along ago did she buy? Has she paid tax on the rental income in excess of the mortgage interest and other costs?

Can she earn some extra income to cover the short fall while it is sold?

If you are renting at the moment is there anyway you could afford a normal mortgage on the place? Seems sensible if you can't find a buyer to live there yourselves as you won't be paying out rent when you have a home of your own. It might also be worth approaching the BTL lender to see whether you could do this as they would prefer the mortgage was paid rather than having to go down the repossession route (which is a risk if you don't find a buyer soon enough) It is also worth checking out if they will accept reduced payments ( assuming it is IO) in the short term if you decide you definitely want to sell. It should at least take some of the pressure off financially.

owitemisermusa

payingfornowt wrote: »

Thanks Doozergirl & Dolcevita,

I agree Dolcevita, blunt but fair. £130k Is probably generous (her valuation) and as you say Doozergirl stamp duty hits at £125k.

I totally agree with Dolcevita that my GF should take a loss, learn from it and move on without regrets but I worry that she will not look at it that way and throw good/my money after bad.

£90k would leave her in a terrible position, about 30k in debt. The only way I can see out of this is if we move into the house (we rent elsewhere) whilst it is on the market and hold out for £125k.

What do you think would happen if we went with an estate agent at £120k would it go quick?

Sorry if the questions are rudimentary. I know nowt about the housing market, thats why I told my GF I wanted nothing to do with it.

Since the market is allegedly so poor, why not hold onto it till things settle? I mean if it means contributing some cash towards the mortgage monthly then so be it (as long as she can afford it).

I believe it's the rush to sell that will create the real panic.

pinkshoes

How much is the tenant paying in rent? (The interest on the mortgage must be £625 a month, so hopefully more than this, otherwise it would have been a bum investment from the start!!).

Why can't you move into the property? It seems daft paying rent when you already own a property without a rent paying tenant!! (make sure you get the outstanding rent!).

ixwood

Neas, when did you suddenly turn into a property/economics guru?

2 weeks ago you were clueless having a tantrum about being ripped off by previous generations cos you couldn't buy a nice house straight out of uni.

owitemisermusa

Folks, spare a thought for those already in property!

Smashing

ixwood wrote: »

Neas, when did you suddenly turn into a property/economics guru?

2 weeks ago you were clueless having a tantrum about being ripped off by previous generations cos you couldn't buy a nice house straight out of uni.

Read this forum for 2 weeks and you suddenly become an expert. I've lurked around here for a while and seen it plenty of times - you can tell the ones who are just regurgitating what they've heard previously as they often fail to take the particular circumstances of the poster asking into consideration when replying.

One-size property advice does not fit all. Give a definite answer and you'll get 3 or 4 exceptions to the rule spouting about their experience. Usually preceded with a 'don't listen to him/her...'
The more they get away with it, the more the comments become more inclined towards...'what do you know/how many houses have you bought?' style personal attacks.

Happy posting!

nelly_2

Well rather than posting on the internerd about it I'd have phoned up an EA and got it on the proper market first.

If they buy your house people do make you an offer please let us know as it will help clear up any subsequent threads like this