FAO Landlords & Property Moguls

[retired_member6]

I'm selling my house (gulp) with tenancy to avoid hips (awaiting confirmation of law exemption (non vacant possession)), if you are interested or know of anyone interested in a cash sale and can make offer - house with £500 yield pcm (was £600 pcm earlier in the year from housing association, took lower rental as was vacant for 40 days), do please let me know. I'm speaking with my estate agent Saturday morning to put the board up if hips not required.

Property details for 95 Court Lane Birmingham B23 5SH - Zoopla!

Thanks
Lee [email protected]

 

[bensd]

Hi Lee,

If the tenant is going to remain in the house once sold (completed) then you don't need a HIP.

If the tenant is going to move out before it is sold (completed) then you will need a HIP.

Good luck with the sale mate.

Cheers

Ben

 

[retired_member6]

Hi Lee,

If the tenant is going to remain in the house once sold (completed) then you don't need a HIP.

If the tenant is going to move out before it is sold (completed) then you will need a HIP.

Good luck with the sale mate.

Cheers

Ben

I think there's room to be opaque about it, if contract states they are still there but in body they are not, I think that works. If not there appears to be a number on zoopla that enables a pay later model if the agent finds it a risk. Either way has to be sold with a tenant in as I need the money and the agreement with this one is they will move out if it sells.

I don't really want to sell but as sterling is losing to euro big time and may well for the foreseeable future (no discounting a 50p to one euro scenario), there is no profit anymore and what rent I get in barely covers my rent here, should have sold six months ago.

At least if i buy here on the downturn, I can buy a car as well and not have to worry about rent going up or down against sterling exchange. In an ideal world I'd just take money out of the house and buy here but no ones really giving mortgage to self assess. Left it too late but still. Thanks.

 

[scooter]

Grandin is the man to speak to.
http://www.acorndomains.co.uk/members/grandin.html

lml.co.uk

.

 

[retired_member27]

Although Grandin will say otherwise, BTL is well and truly dead, everyone knows it now except maybe the diehard BTL'ers themselves who are up to their eyeballs in debt. The only way it can possible work is if you buy a house cheaply for cash (at say an auction) with zero debt, and then let it out.

Lee Owen - you should have sold at the top in August 2007. However, selling now is still good as property prices have a long way still to fall, many estimates in the media have put a 40% to 50% fall from peak to trough, in fact in some recent property auctions we are already seeing 40% price falls.

Good luck selling though as I think you are going to need it.

 

[chs]

Although Grandin will say otherwise, BTL is well and truly dead, everyone knows it now except maybe the diehard BTL'ers themselves who are up to their eyeballs in debt. The only way it can possible work is if you buy a house cheaply for cash (at say an auction) with zero debt, and then let it out.

I would disagree, if the rent you get is more than your mortgage then buy-to-let works. Buy to let is not dead, its just not as easy as it was due to the large deposits now required for BTL mortgages.

In fact, the interest rates are so low at the moment long term buy to letters are having it the best time they have had in a while.

 

[GreyWing]

Don't write sterling off just yet Lee, it's just speculators picking on one currency, same as the oil price this year, it's only speculators and it will be back to 1.3 - 1.4+ within 12 months.

The eurozone is truely crippled in the long term, I don't think the euro will survive for more than a few years anyway before countries start to break away., not major countries just the fringe ones.

Think twice before selling sterling for Euro's in huge amounts.

 

[Pred]

Grandin is the man to speak to.
http://www.acorndomains.co.uk/members/grandin.html

lml.co.uk

.

Lee, i would advise going into your dns settings and making sure your site resolves with AND without the www. mate

 

[Pred]

Don't write sterling off just yet Lee, it's just speculators picking on one currency, same as the oil price this year, it's only speculators and it will be back to 1.3 - 1.4+ within 12 months.

The eurozone is truely crippled in the long term, I don't think the euro will survive for more than a few years anyway before countries start to break away., not major countries just the fringe ones.

Think twice before selling sterling for Euro's in huge amounts.

i totally agree

 

[retired_member6]

i totally agree

Meanwhile rent from the uk doesnt cover rent here and definately not the mortgage anymore either, so unless it starts to rise soon it's pointless keeping the house. OK i spend money on the girlfriend but i'm so nervous about money it's straining the relationship and what with it being Christmas also, I'm on edge.

We're talking five years before mortgages get back to anywhere near normal and by that time I'll be 36, if they ever do and I need to hope and pray for currency normality back to when I moved here March 2007 and 1.45. It's a toss up, pray and hope or take action, sell and bung the money in a 13% a year account, at least I'll earn more than i get from rent.

It's scary either way.

 

[GreyWing]

It's a toss up, pray and hope or take action, sell and bung the money in a 13% a year account, at least I'll earn more than i get from rent.

Hi Lee,

Those that offer 13% are doing so for a reason, and unfortunately it's the same reason the banks of Iceland were offering 10%+ over the last few years.

Just remember that whilst the UK may only give 1-2% interest at the minute, your money is 100% safe.

I agree with you though that all options are not very attractive at this minute in time.

 

[retired_member6]

I put it up for sale today £120k, bought the hips in Jan should have done it earlier. Again if anyone wants to buy an house for cash, it has tenant, will move out if required.

Thanks
Lee

 

[retired_member6]

I'm looking at these cash buyer websites for a quick sale, it has just gone on the market though so i should see if there's any interest there first but if property is falling 1% to 2% a month then 80% now might not be so bad an idea, a few years ago I'd have thought someone would be mad to go to these companies.

I got this from one of them,

Congratulations! We have found a cash buyer who is ready to invest in a property such as yours in your area. Based on the estimated value of your property of £120000 and its current asking price on the market (if it is on the market), the initial cash offer that you are likely to receive would be in the region of £84000.

In the current market, this preliminary offer has taken into account the minimum discount that any honest cash buyer would need in order to make the investment viable. Therefore, if you are serious about selling your property to a genuine investor with all your costs included, it is important that you are in a position to consider and discuss this offer with the buyer.
Don't forget that in the current slow market, a quick and hassle-free sale will save you money on:

1. Estate agency fee - this is a private sale so there is no agency fee to pay
2. Home Information Pack (HIP) - again, this is a private sale and it is exempt from a HIP
3. The valuation - the independent valuation cost is met by the cash buyer
4. Your solicitor's fee - this is also met by the cash buyer.
5. Monthly mortgage payments - the completion can be as quick as 4 weeks so save thousands from your mortgage interests.
Your cash buyer is ready to contact you to discuss this preliminary offer soon! However, we will need to ask you to confirm that you are serious about discussing this preliminary offer with this genuine buyer with no obligation.

It was valued at £115k October 2007 but I told him no to that back then as houses were selling at £125k similar to mine. Still today, this one just sold around the corner, Property in Somerset Road, Erdington, Birmingham - Estate Agents, Green and Co UK for £122k

Is it desperation to walk away with £85k from a cash buyer website and i still got £13k mortgage to pay off or should I hold out for more even though market may get worse? I really don't have a clue about this stuff. Estate agents are no help, they just look after themselves.

 

[James]

The word on the street seems to be that property prices still have a very long way to fall. The potential cash buy at £84k does sound quite low though, all things considered. I would have thought £95k would be a fairer discount.

This is a great article:

Why house prices may fall another 38% - This is Money Blog

 

[GreyWing]

Not far off the bottom now in my opinion, we are printing money and by the sounds of it, keep printing money until it sorts itself out.

In my view values will continue to drop a a fair bit more but prices are nearly at the bottom now..

Depends if you need the money instantl though?

 

[retired_member6]

They called and offered £85k subject to survey and based on my own valuation experience... so may end up less if the accounts online about dropping if they feel you're desperate are true. I'll give the market a month, one round the corner sold for £122k and I got bigger garden, two off road parking spaces and second bathroom, surely that will count for something.

 

[Jeewhizz]

I would at least give it a few weeks on the market Lee

 

[retired_member32]

still not at the bottom,even though poor old estate agents claimed they have had more enquires,that's because the neighbours are absolutely shocked at the depreciation of there property and rang them to find out how much there's are worth,and a flooded market place with well over a million houses empty,and to top it all the government have now used quantatitive easing or depreciating the pound as it's also known,and still Mr Brown is still there.i remember when the tories were in and some front bench mp got the sack for humping is secretary even though he was divorced,the 3500 spin doctors who regulate the press and media are doing a fine job for Labour because they are teflon coated.

 

[paulc]

This is a great article:

Why house prices may fall another 38% - This is Money Blog

This is an interesting read, and indeed all of the follow up comments as well.

 

[GreyWing]

Don't get confused with values and prices, they aren't the same thing.

Values are best linked to X * Average Salary

Prices are £'s

So whilst the £ prices may stay the same, if the average value drops from 4* the average yearly salary to 3* the average yearly salary then the value has dropped but the price hasn't.

I don't think we will see values the same in Britiain ever again if being honest. Never again will mortages be given for 5-6+ times average salary.