I need to sell my house with sitting tenants

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    #16
    Apologies... my post was meant to say something along the lines of 'I've never wanted to be a landlord'

    Typing too fast when full of emotion!

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      #17
      Nae probs, we all do it!

      (Conversely when I started I DID want to be a landlord: - year 2000, seemed like a reasonable gamble for me in my circumstances... : However, since, a few times, I have not wanted to be a landlord....but in the main still do...).

      Cheers!
      I am legally unqualified: If you need to rely on advice check it with a suitable authority - eg a solicitor specialising in landlord/tenant law...

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        #18
        have you considered selling at auction with a reserve price? whichever way you go its going to cost you money and I doubt you will end up with any of the 'equity' - youre more likely to lose out. if you can manage 'just about' then do that !!! its a struggle, but a long term answer (not necessarily a solution)

        if youre paying income tax and declaring your full income, you might be operating at a loss and therefore due tax refunds for the last few years??? do you claim mileage for visiting the property etc?

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          #19
          MisterB , I believe that claiming mileage for visiting presumes that you are managing the property otherwise and admittedly there might be exceptions but if it is managed you cannot make such claims.

          Putting the Property into auction would certainly spook the current tenants with a high probability that they would vacate and the OP does not have surplus resources to cover any voids.

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            #20
            I think the only thing I can realistically do is just keep sitting on it until there's enough equity for me to sell it at a discount to another landlord/investor. Or trade in for another new build in my area once the sums add up. Every other avenue I've researched just pulls up another dead end. Moving back in, whilst doable is something I simply don't want to do, whilst the area was ok when I was living there childless with my ex, and later when single, I wouldn't want to live there now, and the commute that my fiancé will haver to do is just too much, there's no guarantee I'll even sell it on the open market anyway. Bradford is a terrible place to try and sell, and the estate where my house there's a house that's been on the market for over three years. We could end up trapped there and then need to change schools for my daughter which I'm not comfortable with either.

            Just got to carry on as I have been I suppose.

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              #21
              Unless you are declaring rental income to HMRC I would strongly advise you regularising these matters otherwise you could be in for a shock.

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                #22
                Have you checked what has happened to rents in the area? I wonder if you could increase the rent and keep your tenants. Then save the extra for a deposit on another property. You could maybe also tell your tenants that if they could get a mortgage you'd be willing to sell to them at below market value as they've been good tenants - but that you are not planning to sell otherwise. However that risks spooking them.



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                  #23
                  loanarranger,

                  yes, I did mean claiming for mileage for managing the property as opposed to visiting for social purposes LOL - if the property is being managed then perhaps they should consider managing it themselves? yes it could be a nuisance but might save money.

                  putting it into an auction could be a pretty fast process - so the void could be limited - so long as it sold at the price needed of course

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                    #24
                    What chance is there of your tenants looking on rightmove and identifying their own house?

                    You presumably have interior pictures of it from before?

                    I would be inclined to just get it marketed with no board and see what happens.

                    Would you consider a BMV offer to get you out of it?

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                      #25
                      I am somewhat amazed at your opportunistic final paragraph, I believe the comments posted by Moderator 2 is now exemplified in your post. Caveat Emptor

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                        #26
                        wfd_property,

                        I owe 93k on the house and they're selling for around 100k at the moment so I haven't got much wiggle room to accept a lower price. I don't have the money to accept a lower price than I owe on it. If my lender will let me shift to interest only then I'm considering putting it up for sale whether the tenants stay or not I might just be able to afford having it sat empty for a while, but will depend on my lender. I'm out of options and ideas really. And patience too.

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                          #27
                          Originally posted by loanarranger View Post
                          I am somewhat amazed at your opportunistic final paragraph, I believe the comments posted by Moderator 2 is now exemplified in your post. Caveat Emptor
                          Who's post are you referring to?

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                            #28
                            Read the moderators comments on page 1 of your posting and the posting made by the person asking if you would accept aBMV.
                            I appreciate that you have very little room for negotiation but any action on your part has to be considered very carefully, unless your are really desperate to sell why lose out on the equity you have got.

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                              #29
                              Smellmet,

                              You borrowed £111k in 2005, have been paying a mortgage ever since, and still owe £93k? Was it a 50 year mortgage then?

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                                #30
                                When my ex first left I whacked the mortgage up to the maximum term to keep the payments down or I wouldn't have been able to keep the house on on my own at the time. Obviously in the early stages of the mortgage you're mainly paying interest, it's only in the last few years I've started to see what I owe come down.

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