tenant fallen behind on mortgage payment

pinkshoes

sillywoman wrote: »

Does anybody have any advice on the companies that buy your property at 95% value that I have seen in the paper ? I bought the property for 72,000 and now it's valued at 88,00 so I'm assuming I would'nt make a loss ?

I think you'll find it's more like 85%, and that's if you're lucky... Perhaps 80% in today's market.

Who valued it at £88k?

SouthCoast

As you are running a business, try contacting The Business Debtline:

http://www.bdl.org.uk/

mlz1413

If you bought it at 72,000 and its value now at 88,000 don't bother finding a company to buy it off you just put it on the market at 80,000 (make sure sale is to someone who can proceed )

Take the money left from sale after fees and put it in the bank for rainy days.

You haven't said anything about the tenancy agreement so if it's on the original AST and is now rolling you should be fine, ask tenant to accept viewings with Estate Agent accompanying whilst she serves your 2 months notice (hopefully at that price you will get a quick sale).

If she doesn't pay any more that is a seperate issue you will have to address, but if mortgage co can see you are selling house then they should be ok about arrears for a short period.

sillywoman

Thank you all so much for your advice I think its best that I sell up at a quick sale bargain price and just get rid Im ! The mortgage company had a guy come and value it last july 2007 as we made a load of improvements etc thanks again