Hello all.
I'm the owner of a house in the midlands. It's a 4 bed semi, located on an unfinished estate. The house itself is in good repair. This is largely due to the tenant. He lives here with his wife and 5 kids. He is happy here; so happy, that he recently approached me and asked if I would be willing to sell the house.
I'm obviously surprised by this. He is renting the house from me through his local authority on the rental accomodation scheme for the last 4 years. I receive €600 pm from his local authority. The mortgae is €750 pm. I'm currently on year 8 of a 30 year variable mortgage.
I paid €170000 for the house in 2004. A few houses have since sold on the esate for a fraction of this (circa €50000). I know I'll always be at a loss with this dwelling. However, I see his suggestion as a way out, damage limitation, I suppose.
I'm totally unfamiliar with how this process would unravel if I were to agree to a sale. Obviously, the local authority would also have to be agreed to the purchase as I think he would be applying for a mortgage through them.
So to conclude, if I did sell it through this process, who determines the sale price. Would any net loss have other benifits as a tax write off other than a capital loss?
Appreciate any feedback.
I'm the owner of a house in the midlands. It's a 4 bed semi, located on an unfinished estate. The house itself is in good repair. This is largely due to the tenant. He lives here with his wife and 5 kids. He is happy here; so happy, that he recently approached me and asked if I would be willing to sell the house.
I'm obviously surprised by this. He is renting the house from me through his local authority on the rental accomodation scheme for the last 4 years. I receive €600 pm from his local authority. The mortgae is €750 pm. I'm currently on year 8 of a 30 year variable mortgage.
I paid €170000 for the house in 2004. A few houses have since sold on the esate for a fraction of this (circa €50000). I know I'll always be at a loss with this dwelling. However, I see his suggestion as a way out, damage limitation, I suppose.
I'm totally unfamiliar with how this process would unravel if I were to agree to a sale. Obviously, the local authority would also have to be agreed to the purchase as I think he would be applying for a mortgage through them.
So to conclude, if I did sell it through this process, who determines the sale price. Would any net loss have other benifits as a tax write off other than a capital loss?
Appreciate any feedback.