Selling my only BTL quick sale

Collapse
X
  • Filter
  • Time
  • Show
Clear All
new posts

    Selling my only BTL quick sale

    I want out of BTL as I need to put myself frst and buy a residential to live in.
    i can't borrow anywhere near enough with the new rules.
    I'm prepared to sell for a discount if another landlord wants to take over.
    ​​​​​​I can show prospective buyers that rent is paid every month
    The property is in a good area has a long lease and no charges such as ground rent or service.Has a new boiler.
    Can I do this and avoid a lengthy eviction process?
    Or could I sell at auction?
    Any advice appreciated.

    #2
    I have seen properties advertised complete with tenants, so it's obviously an option.

    My main worry as a buyer is that I'd need to know a lot more about the tenant before making an offer.

    Plus i'd need to be sure that the paperwork for the tenancy was up to scratch.

    Comment


      #3
      Thanks. If I was to send it to auction do I need to prove rental income for prospective buyers? Would a new AST need to be written or can a new buyer take over on a periodic tenancy where the original AST has expired?

      Comment


        #4
        Occupied on a clean AST sells for 10-20% less than vacant possession in most areas.
        Do the maths.

        Comment


          #5
          Would an auction buyer prefer an ast or a rolling tenancy? The former gives both sides security but the latter means the buyer could evict the tenant quicker?
          10-20% would mean at 220k it would sell between 176-198k?

          Comment


            #6
            10-20% less than vacant possession at an estate agent sale.
            10-20% less than vacant possession at an auction sale.
            Not the best of both.
            Unless you are really desperate, sell with vacant possession.

            Comment


              #7
              Ok is it worth using landlord action or similar to make sure the process is done correctly ? I don't mind paying for a good service to get tenant out asap

              Comment


                #8
                I've never used them or anyone similar so really couldn't say.
                I'd have a very open conversation with the tenant about your plans, be very reasonable and then take it from there.

                Comment


                  #9
                  May be simpler to offer the tenant £3K to move out.?

                  Comment

                  Latest Activity

                  Collapse

                  • Is it going to be possible for me to buy a property
                    blinko
                    HI everyone,

                    i currently own a property with a mortgage of £137k and market value £160k

                    I would like to buy another property , is it possible to withdraw some of the equity from my current rented property and use this o buy another one? a

                    and if so how might...
                    10-01-2019, 15:56 PM
                  • Reply to Is it going to be possible for me to buy a property
                    loanarranger
                    Hi Blinko
                    What is your current residency given that your HSBC mortgaged property is Let?

                    Given the equity which exists in your mortgaged property and depending on the level of rent you should not experience any problems in securing a Remortgage to fund the next purchase which I am...
                    22-04-2019, 10:14 AM
                  • Reply to Is it going to be possible for me to buy a property
                    blinko
                    so sorry to clarify market value approx £260k loan approx £137k ironically they did give me 85% LTV when i purchased but this was for home ownership. on a resi mortgage
                    21-04-2019, 19:52 PM
                  • Repossession threats
                    worldview84
                    Hi there

                    I have a consent to lease on a help to buy property and the equity loan, which is 25% of property value, has now matured. I have had significant difficulties passing a credit check and am concluding it is probably highly unlikely that I will be able to remortgage in time now before...
                    13-04-2019, 08:47 AM
                  • Reply to Repossession threats
                    loanarranger
                    Gordon is quite correct in sofar that 100% mortgages are not available , there are however three lenders who subject to status etc will consider a remortgage of up to 95%:-

                    Nationwide
                    Skipton
                    Hinckley & Rugby Building Society.

                    If you go onto their web sites...
                    17-04-2019, 12:31 PM
                  • Reply to Repossession threats
                    Gordon999
                    It seems to me that you have bought the property with a 25% equity loan ( by Developer ?) and 75% normal mortgage and nil deposit from yourself .

                    The equity loan is now matured , then you have to re-pay the equity loan and you must re-mortgage the property. Re-mortgage of loan ...
                    17-04-2019, 03:52 AM
                  • Best approach to start up
                    JoshK
                    Hi All

                    I am hoping you can help me make the right choice in starting up my investment business.

                    My situation: I am a first time buyer, I have £50k for a deposit, my mortgage broker is lending me £270k or £350k with my wife (she is already a home owner) and we currently live...
                    14-04-2019, 14:39 PM
                  • Reply to Best approach to start up
                    Gordon999
                    I think you should focus using your £50K deposit on financing your first time home and finding a location which suits all of you.

                    Mortgage lenders will lend up 3.5 to 5 times of your annual income. You can get a better understanding of mortgage products by looking at money website...
                    17-04-2019, 03:17 AM
                  • Reply to Best approach to start up
                    JoshK
                    Thank you for your help :-)
                    16-04-2019, 20:37 PM
                  • Reply to Best approach to start up
                    loanarranger
                    Find a firm of Chartered or Certified Accountants in your local area and also a firm of solicitors who have a minimum of three partners and are on the panel of the majority of Banks & Building Socities. Most firms will offer an initial meeting without charge and then detail their subsequent charges....
                    16-04-2019, 06:46 AM
                  Working...
                  X