Your browser isn't supported
It looks like you're using an old web browser. To get the most out of the site and to ensure guides display correctly, we suggest upgrading your browser now. Download the latest:

Welcome to the MSE Forums

We're home to a fantastic community of MoneySavers but anyone can post. Please exercise caution & report spam, illegal, offensive or libellous posts/messages: click "report" or email forumteam@.

Search
  • FIRST POST
    • turtleneck
    • By turtleneck 8th Feb 18, 9:35 AM
    • 97Posts
    • 14Thanks
    turtleneck
    Additional property?
    • #1
    • 8th Feb 18, 9:35 AM
    Additional property? 8th Feb 18 at 9:35 AM
    Ive got one property (flat/maisonette) rented out and i am living at the parents. Ive paid just over half the mortgage.

    Not sure how to go about getting out of the parents as im getting a bit old for it!

    My options are:
    1. Evict tenant and move back in (however tenant doesnt want to leave)
    2. Rent a small place myself until tenant moves out
    3. Sell to a landlord and buy something else (maybe a small house)
    4. Buy another property reducing equity in each to 25% but paying the 3% stamp duty (could only afford another flat)

    Any ideas what would be best?
    Last edited by turtleneck; 08-02-2018 at 9:40 AM.
Page 1
    • G_M
    • By G_M 8th Feb 18, 10:01 AM
    • 44,391 Posts
    • 52,680 Thanks
    G_M
    • #2
    • 8th Feb 18, 10:01 AM
    • #2
    • 8th Feb 18, 10:01 AM
    I
    My options are:
    1. Evict tenant and move back in (however tenant doesnt want to leave) what tenant wants is irrelevant, but do you want to live there?
    2. Rent a small place myself until tenant moves out if you're going to move in there, then evict the tenant (legally!).
    3. Sell to a landlord and buy something else (maybe a small house)Finding another LL is hard. Plus you'll lose money.
    4. Buy another property reducing equity in each to 25% but paying the 3% stamp duty (could only afford another flat) Do you want to live in a flat or a house? Do you want tto continue asa LL?
    5. Evict tenant and sell flat on open market at full value. Buy a house.
    Originally posted by turtleneck
    .................................................. ..................................................
    • turtleneck
    • By turtleneck 8th Feb 18, 12:20 PM
    • 97 Posts
    • 14 Thanks
    turtleneck
    • #3
    • 8th Feb 18, 12:20 PM
    • #3
    • 8th Feb 18, 12:20 PM
    Long term i think a house is better investment being freehold.
    Id happily live in the flat but feel a bit bad as tenant has made there own and assisted with repairs eg got a new boiler fitted cheaper by her relative.
    • G_M
    • By G_M 8th Feb 18, 1:22 PM
    • 44,391 Posts
    • 52,680 Thanks
    G_M
    • #4
    • 8th Feb 18, 1:22 PM
    • #4
    • 8th Feb 18, 1:22 PM
    Long term i think a house is better investment being freehold.
    Id happily live in the flat but feel a bit bad as tenant has made there own and assisted with repairs eg got a new boiler fitted cheaper by her relative.
    Originally posted by turtleneck
    Make a one-off payment to the tenant to cover the cost of their time/materials for the repairs, and to the relative to bring that price up to market rate.

    Expecting your tenant to save his LL money is in any case not really the way to run your letting. By putting that right, you then also owe no favour and can make decisions based on your own requirements, and normal LL/tenant relattions, rather than having guilt hanging over you.
    • teddysmum
    • By teddysmum 8th Feb 18, 5:00 PM
    • 9,044 Posts
    • 5,392 Thanks
    teddysmum
    • #5
    • 8th Feb 18, 5:00 PM
    • #5
    • 8th Feb 18, 5:00 PM
    Members of my family are selling an inherited house which was an HMO,but the landlords who were interested offered peanuts. It has now been reinstated as a family home.
    • Cakeguts
    • By Cakeguts 8th Feb 18, 5:18 PM
    • 4,410 Posts
    • 6,333 Thanks
    Cakeguts
    • #6
    • 8th Feb 18, 5:18 PM
    • #6
    • 8th Feb 18, 5:18 PM
    Long term i think a house is better investment being freehold.
    Id happily live in the flat but feel a bit bad as tenant has made there own and assisted with repairs eg got a new boiler fitted cheaper by her relative.
    Originally posted by turtleneck
    Ask tenant if they would like to buy the flat and offer discount against the cost of the repairs.
    • turtleneck
    • By turtleneck 9th Feb 18, 11:33 AM
    • 97 Posts
    • 14 Thanks
    turtleneck
    • #7
    • 9th Feb 18, 11:33 AM
    • #7
    • 9th Feb 18, 11:33 AM
    Thanks all. The tenant cant afford to buy has kids and works part time. Is there anyone who would recommend buying a second property oris this seen as a bad move now?
    • Pixie5740
    • By Pixie5740 9th Feb 18, 11:39 AM
    • 12,172 Posts
    • 17,182 Thanks
    Pixie5740
    • #8
    • 9th Feb 18, 11:39 AM
    • #8
    • 9th Feb 18, 11:39 AM
    How many threads have you started about this topic? 7, 8, I've lost count.

    What advice do you want that you have not already received? What are you finding difficult about making a decision one way or another? Perhaps it would help if you stopped viewing property as an investment and started seeing property as a home.
    • Pixie5740
    • By Pixie5740 9th Feb 18, 11:58 AM
    • 12,172 Posts
    • 17,182 Thanks
    Pixie5740
    • #9
    • 9th Feb 18, 11:58 AM
    • #9
    • 9th Feb 18, 11:58 AM
    FYI deleting your posts was pointless because G_M has already quoted you and furthermore it's poor forum etiquette to delete your posts like that especially when people have given up their time for the umpteenth time to try and help you reach a decision.

    Do you often suffer from procrastination? You can take or leave this next piece of advice but in my experience more is lost to indecision that bad decision.
    • agrinnall
    • By agrinnall 9th Feb 18, 12:12 PM
    • 20,321 Posts
    • 16,070 Thanks
    agrinnall
    FYI deleting your posts was pointless because G_M has already quoted you and furthermore it's poor forum etiquette to delete your posts like that especially when people have given up their time for the umpteenth time to try and help you reach a decision.
    Originally posted by Pixie5740
    Am I missing something? I don't see any posts that G_M has quoted that aren't still in the thread. And (re your other post) I can't see multiple threads that the OP has started on this. Are you sure you've not posted on the wrong thread?
    • Pixie5740
    • By Pixie5740 9th Feb 18, 12:34 PM
    • 12,172 Posts
    • 17,182 Thanks
    Pixie5740
    Am I missing something? I don't see any posts that G_M has quoted that aren't still in the thread. And (re your other post) I can't see multiple threads that the OP has started on this. Are you sure you've not posted on the wrong thread?
    Originally posted by agrinnall
    It turns out that adding someone to your ignore list makes it looks as though the OP has been deleted but as for my other post.....

    http://forums.moneysavingexpert.com/showthread.php?t=5724107

    http://forums.moneysavingexpert.com/showthread.php?t=5222949

    http://forums.moneysavingexpert.com/showthread.php?t=5170796

    http://forums.moneysavingexpert.com/showthread.php?t=5161483

    http://forums.moneysavingexpert.com/showthread.php?t=5063145

    http://forums.moneysavingexpert.com/showthread.php?t=4974973

    http://forums.moneysavingexpert.com/showthread.php?t=4967304
    • agrinnall
    • By agrinnall 9th Feb 18, 2:55 PM
    • 20,321 Posts
    • 16,070 Thanks
    agrinnall
    Fair enough, I'd made the mistaken assumption that you were referring to relatively recent threads and didn't bother to look at the ones that dated from 3 and more years ago on the basis that the OP's circumstances may well have changed considerably in that time.
Welcome to our new Forum!

Our aim is to save you money quickly and easily. We hope you like it!

Forum Team Contact us

Live Stats

3,936Posts Today

8,400Users online

Martin's Twitter
  • We all knew we'd win in the end. Never in doubt! ....walks away whistling

  • Yeeesss. Phew. Wow. Uh. Oy yoy yoy

  • It's interesting that 80% of the crowd are young women... According to the close ups we keep seeing anyway.

  • Follow Martin