My unexpected tale of selling my BTL

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

    #16
    I had wanted to sell a property as tenant was leaving to buy her own home and because I'm not enjoying being a landlord anymore, so many needy tenants! Popped the property on the market and interest was great but tenant started playing games and Covid kicked in.

    As property was empty and no-one was viewing, I felt I had better re-let - I couldn't see anything selling for a long time. How wrong was I? Mini boom going on in the area at the moment. However, I can't take advantage because my new tenants are a young married couple and they want to make the property their home long-term. They are proving excellent tenants, have erected a new fence (neighbours side) at their own expense to keep their dog safe. Repaired leak to the garage roof as the husband is turning the garage into his little den. They've built an outdoor bar in a discrete area of the garden. They asked me if I wanted to keep the greenhouse, which I didn't want the aggro of maintaining. So that's gone now - I just paid to have the concrete taken away. The property had only been redecorated 18 months previously but the exiting tenant had really made a mess of the walls, so I was getting it all repainted etc. The new tenants 'asked' me not to do this and could they decorate themselves using their own colour scheme - all very tasteful too.

    I feel so lucky :-)
    Attached Files

    Comment


      #17
      Originally posted by jpkeates View Post
      It took until 2018 for house prices to, broadly, recover to their 2008 level.


      Exactly! A 10 year bull market is one way of describing it, a more accurate way to describe it is to say that even after government intervention it took 10 years to recover to pre crash prices.
      The government are already pumping money in to the economy now in form of the furlough scheme and that’s why we haven’t seen a crash yet, once that ends and unemployment hits combined with all the furlough money needing to be paid back there has to be some sort of reduction in prices as there will be less people in a position to buy houses because there will be less people able to get mortgages and that includes foreign buyers as they all have some sort of furlough schemes in place as well. The people that do have large amounts of money and steady incomes will have less people to bid against.
      If the government pump money in and we get another bull market it won’t be a bull market from todays prices it will be a bull market from any crash that occurs after the furlough scheme ends and some “experts” are predicting prices won’t bottom out until mid 2022.

      Comment


        #18
        Ha, I wonder if giving all the Hong Kong residents rights to live here was a deliberate ploy to stoke up the housing market?

        Comment


          #19
          Originally posted by jpkeates View Post
          It took until 2018 for house prices to, broadly, recover to their 2008 level.
          I don't think that is true in the areas where I have properties - values recovered quite quickly and then moved on strongly.

          Comment


            #20
            Originally posted by jpucng62 View Post
            I don't think that is true in the areas where I have properties - values recovered quite quickly and then moved on strongly.
            I was a couple of years out.

            Figures from the ONS
            When I post, I am expressing an opinion - feel free to disagree, I have been wrong before.
            Please don't act on my suggestions without checking with a grown-up (ideally some kind of expert).

            Comment


              #21
              Originally posted by jpkeates View Post
              I was a couple of years out.
              A slight understatement?

              Comment


                #22
                The government "strategy", if it can be called that, is indeed to import millionaires but after the incompetence they have shown in the last few months will they want to come here. There will be other pandemics, there will be climate change - New Zealand is looking pretty good right now..

                Comment


                  #23
                  Originally posted by boletus View Post
                  A slight understatement?
                  There were a load of newspaper articles in 2018 which announced that prices had returned to pre-crash levels.


                  When I post, I am expressing an opinion - feel free to disagree, I have been wrong before.
                  Please don't act on my suggestions without checking with a grown-up (ideally some kind of expert).

                  Comment


                    #24
                    Originally posted by jpkeates View Post
                    There were a load of newspaper articles in 2018 which announced that prices had returned to pre-crash levels.
                    I'm sure there were, a small minority of areas still haven't recovered.
                    But on average, it was 2014.

                    Comment

                    Latest Activity

                    Collapse

                    • Reply to Some Newbie Interest Only Q's
                      by BTL investor
                      RedRanger apparently already has 125k in cash savings to use as deposits on 5 properties but didn’t answer a question I asked a while ago about how much each property would cost. I assume they will be very cheap properties if 125k is going to cover 5 deposits and associated buying costs. OP might...
                      01-10-2020, 09:13 AM
                    • Some Newbie Interest Only Q's
                      by RedRanger
                      Hi,

                      Could someone help with a couple of newbie questions in regards to interest only BTL mortgages;

                      1) To achieve the most competitive rate throughout your mortgage term (e.g. 25 years) do you just keeping on remortgaging after each initial term is over? On a side note assuming...
                      30-09-2020, 18:53 PM
                    • Reply to Some Newbie Interest Only Q's
                      by Beswick
                      In my opinion, it would be a good idea to ask these questions to a Mortgage Broker. They will provide answers, and also raise some points you probably hadn't thought of.

                      I used to be a Mortgage Adviser myself, and I have found loanarranger to be extremely knowledgeable on this forum -...
                      01-10-2020, 08:36 AM
                    • Reply to Some Newbie Interest Only Q's
                      by gnvqsos
                      I would remortgage own home and finance house purchase thus.However given your lack of experience I would defer until having done some research.
                      01-10-2020, 05:14 AM
                    • Reply to Some Newbie Interest Only Q's
                      by BTL investor
                      Most of the information you want should be available on google but:-
                      1) Normally you would fix the mortgage for a set term i.e 3yrs, 5yrs etc then at the end of that you fix it again with which ever lender is offering the most competitive deal.
                      2) If you stay on after the initial 5yr fixed...
                      30-09-2020, 21:47 PM
                    • Reply to Some Newbie Interest Only Q's
                      by loanarranger
                      Hi RedRanger
                      whilst you might take out a long term mortgage you initially will decide on how long you want to have the first incentive facility, 2/3/5 year fixed, Discount , Tracker, at the end of the incentive period you will have assessed whether to have the loan revert to that lenders variable...
                      30-09-2020, 21:28 PM
                    • Reply to Some Newbie Interest Only Q's
                      by RedRanger
                      No I have never had a mortgage. I have been quite fortunate in that respect as I was given my current home by family and live mortgage free hence I know very little about mortgages....
                      30-09-2020, 20:52 PM
                    • Reply to Some Newbie Interest Only Q's
                      by BTL investor
                      Have you ever had any type of mortgage before?
                      30-09-2020, 19:26 PM
                    • Reply to Mortgage News
                      by loanarranger
                      is this going to be a trend going forward over the next few months??

                      Barclays is the second lender in 48 hours to announce of steps to manage what has become a nightmare in processing an increase in the number of mortgage applications for both purchases and Buy to Let. Below is an extract...
                      30-09-2020, 16:13 PM
                    • Mortgage News
                      by loanarranger
                      The following article has appeared in one of the Mortgage Trade journals reporting on views expressed by the Association of Mortgage Intermediaries an influential trade body within the mortgage industry.

                      "Mortgage rates are likely to rise in the first quarter of 2016 as lenders look...
                      23-12-2015, 19:43 PM
                    Working...
                    X