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  • FIRST POST
    • lizeratsi
    • By lizeratsi 9th May 18, 10:23 AM
    • 58Posts
    • 3Thanks
    lizeratsi
    No pension ? inherited flat and shop but flat needs work.
    • #1
    • 9th May 18, 10:23 AM
    No pension ? inherited flat and shop but flat needs work. 9th May 18 at 10:23 AM
    I have been left flat and shop. Combined the site is worth between 130 and 140 Max.

    The flat needs about 10 grands worth of work, which I dont have Im a stay at home parent and husband earns 25 grand a year.

    we have two children.

    I have to pay council tax and bills on the flat.

    If I create a leasehold and sell the flat - I still have to separate the water which is a few thousand, pay for the leasehold, the flat was valued at 40 grand. I have a potential buyer for the flat.

    Which means I retrain the freehold and keep the shop which I think gives a good income.

    But the sale may go sour - if I sold the whole thing what other investments could give me that 600 pm yield.
    The flat is hundreds of miles away and may not be mortgable for me to get loans and currently I am not working.

    WWYD? thank you . I have no pension and no proper career to return too once children old enough it will be low paid work thanks.

    ( my initial idea was to get some money into a SIPP) from flat sale - and ISA stocks and shares then once other monies paid eg splitting water to top up from other rent.
Page 2
    • justme111
    • By justme111 9th May 18, 4:08 PM
    • 2,988 Posts
    • 2,880 Thanks
    justme111
    hey , it's not just you - most people struggle with it. Specially it being inheritance you don't want to lose and a big sum. You would have been a superwoman if it was not an issue for you now. Remember- you can pay your mortgage, extend the house and put the rest into bank accounts - no need to do investments at least in a hurry.
    • lizeratsi
    • By lizeratsi 9th May 18, 4:17 PM
    • 58 Posts
    • 3 Thanks
    lizeratsi
    Thank you. It would help if I had someone in RL to talk this through - to help me understand it all, as I said I tried to talk to FA but didnt really get anywhere and had awful experience with getting a tenant in the shop, I was let down by solicitor and agent. I have come through all that and since last posted I have a tenant giving me rent.

    I have no pension, and am struggling with demanding small children demanding my attention I really appreciate anyone taking the time to post and I am taking everything on board. Its all very helpful.
    • justme111
    • By justme111 9th May 18, 4:39 PM
    • 2,988 Posts
    • 2,880 Thanks
    justme111
    don't fret too much re pension- if you account that in retirement you will have no mortgage payments and no expense for children and no tax to pay you may end up having similar disposable income from state pension alone. what is your family income after tax with benefits now and what are your mortgage payments?
    PS. it is likely that the best investment ou can make now are your children - attention and quality time you have with them. If something detracts from it it better go.
    • atush
    • By atush 9th May 18, 4:49 PM
    • 16,709 Posts
    • 10,412 Thanks
    atush
    Sell up.

    But you do need a pension. And you can as a non earner open one up and put in 2880 pre year. Which will be grossed up to 3600 with tax relief. a nice little earner. Just put it in a cheap global tracker.
    • A Nice Englishman
    • By A Nice Englishman 10th May 18, 8:13 AM
    • 1,955 Posts
    • 933 Thanks
    A Nice Englishman
    A further thought occurred to me.

    Presumably you will have an emotional attachment to the shop, as it's been left to you. I would try not to let that affect your decision and pethaps buy something special out of the proceeds to remember your benefactor by.
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