Tenants being driven away

[ClubMan]

So you bought it for c. €86K?
When? (Indexation relief on the acquistion price may apply)
When did you rent it out first? (In case stamp duty clawback applies - and may be overdue)
I don't understand what mortgage is outstanding on the rental property.
You really need to crunch the numbers and see what is a viable (e.g. no loss making and ideally profit making after taxes) scenario for disposing of the property if you are seriously considering that option.

 

[mark71]

Gosh, that is very strange, I wonder why they have that policy.

At the moment there are so many developments not being sold out and developers feeling the squeeze that thay can take there pick from these also.Which does n't help.

 

[PM1234]

We bought it for £68,000.Then bought a new house just as the market peaked for 315,000euro splitting the mortgage 210,000 on the new place and leaving 160,000 on the old with a interest only mortgage for 3 years.If i got 170 i would be over the moon just to clear the thing.

Figured you did something like this when you said you had difficulty selling it on after having it for over eight years.

How is the €170K advertised price comparable to other properties in the area? How are you advertising it? Are you using local agents? Can you afford to make a loss on the property just to get rid of it?

 

[mark71]

So you bought it for c. €86K?
When? (Indexation relief on the acquistion price may apply)
When did you rent it out first? (In case stamp duty clawback applies - and may be overdue)
I don't understand what mortgage is outstanding on the rental property.
You really need to crunch the numbers and see what is a viable (e.g. no loss making and ideally profit making after taxes) scenario for disposing of the property if you are seriously considering that option.

It was bought in '99.Rented out last August for the first time.There was around 56,000 left on the mortgage. Then when we bought the new place we had to take out 370,000 the only way we could do this was to split the mortgage 210,000 on the new and 160,000 on the old.

 

[rabbit]

We bought it for £68,000.
If i got 170 i would be over the moon just to clear the thing.

I know of property which people are trying to sell for less than they bought it for, and they cannot, so count yourself relatively lucky.

 

[mark71]

I know of property which people are trying to sell for less than they bought it for, and they cannot, so count yourself relatively lucky.

Lucky? I don't think i'd consider either situation one bit lucky.

 

[rabbit]

Lucky? I don't think i'd consider either situation one bit lucky.

If you bought it for more than you can sell it for what would you call that ?

You bought it for £68,000.
You say if you got 170,000 now you would be over the moon ...so you would have a realistic chance of getting what 150000 or 160,000 for the property ? If this is all you "suffer" as a result of the property downturn then you are relatively lucky, compared to some people I know.

 

[mark71]

If you bought it for more than you can sell it for what would you call that ?

You bought it for £68,000.
You say if you got 170,000 now you would be over the moon ...so you would have a realistic chance of getting what 150000 or 160,000 for the property ? If this is all you "suffer" as a result of the property downturn then you are relatively lucky, compared to some people I know.

I don't think you have read all the thread ,the problem is it will never sell while the neighbors are there ,too many people know what they are like and the problems they have caused in the past and continue to do so to all around them .I could knock 100k of the price and it would n't be touched.

 

[ClubMan]

I don't think you have read all the thread ,the problem is it will never sell while the neighbors are there ,too many people know what they are like and the problems they have caused in the past and continue to do so to all around them .I could knock 100k of the price and it would n't be touched.

Have you tried?

I have it listed at around 30-40k under the market value as is,over a year and a half on the market.That's why i'm seriously considering this route .I'v no plans to leave my present home would i claw back my credit rating paying this mortgage,never late with bills and i clear the credit card every month? A bad credit rating for few years would be a relief to what we have to put up with now.

 

[mark71]

Have you tried?

It's as catch22 situation if i drop the price through the floor outside buyers are going to be suspicious and want to know why it is so low,this has happened already with two sets of potential buyers who when have done some looking into the property have run a mile.Wouldn't you?

 

[Camry]

My suggestion.

Talk to your lender and outline to them the situation and the following plan.

Arrange to remortgage as much as you can against you new property. Given the apparent LTVs you might be able to transfer about €80,000 across leaving the old mortgaged with €80,000 and the new aroind €290,000. However, given market movements the bank might not allow you to go that far.

Then drop the price of the old place, down to the point at which you will cover you mortgage. That would be €80,000 in this case. You will have maximised your chances of finding the true "market value" and getting a sale. If you can sell at €80k you will be rid of the problem, still have your home.

 

[mark71]

My suggestion.

Talk to your lender and outline to them the situation and the following plan.

Arrange to remortgage as much as you can against you new property. Given the apparent LTVs you might be able to transfer about €80,000 across leaving the old mortgaged with €80,000 and the new around €290,000. However, given market movements the bank might not allow you to go that far.

Then drop the price of the old place, down to the point at which you will cover you mortgage. That would be €80,000 in this case. You will have maximised your chances of finding the true "market value" and getting a sale. If you can sell at €80k you will be rid of the problem, still have your home.

Thanks for that advice ,that's the kind of thing i was looking for when i started this thread.It is differently a option to seriously consider ,thanks again.

 

[joejoe]

I would gladly,if Mugabe needs to get out of Zimbabwa anytime soon and needs a cheap house he 's more than welcome!

Whats a cheap house? This is something that is currently been redefined.

Joejoe

 

[mark71]

Whats a cheap house? This is something that is currently been redefined.

Joejoe

A damn sight cheaper than anything else around the area.With the added bonus of psycho neighbours thrown in for free!

 

[joejoe]

A damn sight cheaper than anything else around the area.With the added bonus of psycho neighbours thrown in for free!

Sounds likey a really good find, you most live in the midlands?

Joejoe

 

[FranceRes]

Mark71 - you don't say whether the un-neighbourly neighbours are home owners, tenants - either private or council.

I would first find out everything I could about them before losing my tenants and being forced to sell my investment property.

If they are council tenants - the council has been known to evict tenants guilty of anti-social behaviour.

If they are private tenants, you may have some recourse with their landlord as he is required to deal with them if the are guilty of anti-social behaviour.

Is there a residents' association in the estate? Are any other neighbours having problems with them?

If they are home owners, then I would install CCTV in a place where they can't see it and would record absolutely everything they do. Then you would have evidence to show to the Guards, the local council and if necessary, your solicitor.

I know someone who had to do this about 6 months ago because an unneighbourly neighbour was throwing dog pooh into their back garden where their children play (it's astonishing the levels to which some people will stoop and I wouldn't have believed her had I not seen the footage on the CCTV).

They got the council involved and also got their solicitor to send them a letter warning that evidence was in existence as to their behaviour and if it didn't cease immediately, court proceedings would be started.

It worked and they now don't have any more hassle.

I understand that your situation is difficult, but why should you and possibly others be driven from your house by such people.

 

[mark71]

#37 FranceRes. They are homeowners in fact they have two ,one in the countryside that unfortunately they don't live in! I have sent solicitor letters to them and now my tenant is going to make a statement to him as this is the only way we can take it further starting with a court order.As for cctv i tried that, they had one up themselves so i put one up, they spotted mine took photos of it took there own down and told the guards i was invading there privacy!