Browse All Tribes or choose a Tribe below:
By signing up I agree to Property Tribes Terms and Conditions
Already a PT member? Log In
Sign Up With Facebook, Twitter, or Google
By signing up, I agree to Property Tribes Terms and Conditions
Already a PT member? Log In
Don't have an account? Sign Up
To reset your password just enter the email address you registered with and we'll send you a link to access a new password.
Quick question, how much the following property worth?
3 bed mid terraced, close to Sheffield, MV 60k, needs refurb, rent 350/m (currently let) BUT mortgage is 85k. You need to get rid of it. Anyone buys such property? if yes, for how much? Lease option?
Are you selling this property?
Vanessa Warwick Landlord and Co-Founder of PropertyTribes.com **If you have got value from Property Tribes, find out how you can support it in remaining a free to use community resource**
yep, depends how much I could get for it. I dont want to put in 25k to sell, I am better off just letting the tenancy run, if the property gets in a bad shape, or tenant moves out then I would just board it up.
The mortgage is very low, I could keep it empty for 10 years and I would still pay less than the 25k
or offload somehow, this would be the ideal scenario, somehow get rid of it.
You could approach the Council to see if they might be interested in taking it on over a long period lease from you.
Say 15 years.
The council would probably be prepared to carry out works if they could guarantee it's usage as social housing.
You can only ask .
If you board it up you will be clobbered for Council Tax.
You need to keep it let.
Perhaps you let it to a tenant who is a builder who is prepared to rent it at very cheap rent while doing it up.
Then a normal rent.
You supply the materials the builder does the work.
Perhaps some sort of deal with a HA.
There is a desperate need for rental accommodation especially for those on welfare.
It has got to be worth finding out whether these other bodies might be interested in your property
You have nothing to lose by finding out.
According to Osborne there should be queues of FTB wanting to buy.
There aren't though are there! ?..................Funny that! !!
thanks for this, some good ideas there. I will ask the council what options are there.
I am still better off paying the council tax + mortgage for 10 years than paying off 25k now.
So if no other solution I will board it up. Question if I am allowed to do this legally.
It’s too far underwater to do anything with imho.
Hi Pete, my understanding is there's no real way round negative equity.
you can sell it outright but will need to pay diff between mortgage and amount you receive, you might find someone who'll buy a share in the rental income vs the mortgage cost / maintenance cost (legally complex) if you need immediate cash and reduce share holding long term, they might even take over management and dealing with tenant issues, lettings agents and maintenance for you as it could give someone ownership for very little money.
regards Andrew Peers - property investor / sourcer - 07912674181
Property Redress Scheme Number 011436 NLA member 174404
yes, this is something I am looking for. Like passing it on to someone for a nominal sum, like £1000, they have the option and obligation to buy in 10 years, like a lease option, except I want to know that its gone. So, they can not just hand it back in 10 years like with a usual lease option.
The question is if I could find anyone interested and how much would be the option price. The house could make the £1000 back in 3-4 months.
probably comes down to exact detail and finding the correct person for it.
whats exact condition, what needs doing now or in near future so tenants can habit legally and without issues over quality. Some HMO LL might well pay you a fee to buy in (like council) renovate where needed, room let and come to a financial arrangement with you now and future.
feel free to share exact details someone on here might be local enough to investigate and negotiate with you. If it was local to me, i might. Rent to Rent people might well be interested too.