Is it worth the hassle?

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  • Beeber
    replied
    Originally posted by Kathryn View Post
    I must have missed something. Does the partner want to buy the OP out? That's not what I understood.
    No, there has been no mention from the OP about whether the partner has offered to buy her out - clearly she's not too impressed with the rental suggestion and so we're answering with alternative options, other than the OP being steered towards the course of action that her partner desires.

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  • Kathryn
    replied
    I must have missed something. Does the partner want to buy the OP out? That's not what I understood.

    Leave a comment:


  • Beeber
    replied
    I'm on the side of those that advise your partner buys out your share - let him take the risk with the direction of the housing market, how long the correction will take and deal with the subsidy you're anxious about from the variance between income and expenses (though if there's no profit, there's no tax to pay as such but there could be significant voids in rent between lettings or maintenance and management expenses which you've not factored in).

    If your share of the buy-out means you've a good deposit for a place of your own that doesn't cost much more than the current or planned expense of your joint property, don't put your life on hold for a 'maybe'.

    Sounds like you need a nest rather than a nest egg.

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  • Kathryn
    replied
    I think your partner is showing good sense here. You will struggle to find a buyer at the moment - full stop. I know from experience. People who can afford to ride out this crisis will be glad they did I am sure. Not just my opinion either but that of those far more qualified to comment. Do some research on line. If you could put it on the market and find a buyer quickly at a realistic price it mioght be different. Fact is the buyers are not out there.

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  • jeffrey
    replied
    Originally posted by Pickles06 View Post
    I recently broke up with my partner and we lived together in a mortgaged house for 10 years, he is now refusing to sell it (solicitors will be last resort) and he has said he WANTS to rent it out.

    The rental income will be less than the mortgage payment, plus there is tax.

    Is it really worth the hassle to rent out? he only wants to do it because of the state of the housing market at the moment, we were standing to make a huge profit out of the house and he would rather keep it till market comes back!!!!! I cant be bothered to be honest.

    Please could I have some renting advice for newbies?
    He alone cannot rent it out- he alone is not the owner; both of you are joint owners, I assume! Let him first buy-out your share.

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  • porridge
    replied
    Originally posted by Pickles06 View Post
    I recently broke up with my partner and we lived together in a mortgaged house for 10 years, he is now refusing to sell it (solicitors will be last resort) and he has said he WANTS to rent it out.

    The rental income will be less than the mortgage payment, plus there is tax.

    Is it really worth the hassle to rent out? he only wants to do it because of the state of the housing market at the moment, we were standing to make a huge profit out of the house and he would rather keep it till market comes back!!!!! I cant be bothered to be honest.

    Please could I have some renting advice for newbies???

    Thanks
    Dee!
    x
    No- sell it !, it isn't worth the hassle and stress, the market has MUCH FURTHER to fall in my opinion.

    Leave a comment:


  • Pickles06
    started a topic Is it worth the hassle?

    Is it worth the hassle?

    I recently broke up with my partner and we lived together in a mortgaged house for 10 years, he is now refusing to sell it (solicitors will be last resort) and he has said he WANTS to rent it out.

    The rental income will be less than the mortgage payment, plus there is tax.

    Is it really worth the hassle to rent out? he only wants to do it because of the state of the housing market at the moment, we were standing to make a huge profit out of the house and he would rather keep it till market comes back!!!!! I cant be bothered to be honest.

    Please could I have some renting advice for newbies???

    Thanks
    Dee!
    x

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