NewYorkie

Registered with Property118.com
Tuesday 8th October 2013

Location
York

Trading Status
Company

Providing essential rental accommodation since
2003

Insures properties through a broker recommended by Property118
No


Latest Comments

Total Number of Property118 Comments: 198

NewYorkie

9:31 AM, 21st January 2021
About A day ago

Deciding the way forward for my exit?

Reply to the comment left by Paul Shears at 21/01/2021 - 06:37
Being a millionaire is all well and good... today. But I haven't seen a single comment about what happens when the unexpected happens?

I am in the wrong half of my 60s, and up until 2 years ago I was fit and active; rowing, skiing, with no concerns about the future. I then sold up in London and moved to York where I planned to buy mortgage free and refurbish. I had been gradually working towards the goal of perfect work/life balance, and had a 10 year contract (own Ltd co) which allowed me to achieve that. I worked only when there was work to be done, often not at all, and had started to enjoy life. I had no need to touch my pension, and intended to delay my State pension. Like you, I wasn't short of money. Fast forward, and I did buy last February... and then lockdown landed, so couldn't start the refurb for 6 months. I caught covid during a wonderful cruise in the Andaman Sea in January and caught an additional loading during skiing in Austria and was very ill. I lost my (supposedly safe) contract due to covid in March, and one of 2 remaining tenants decided to stop paying rent in March. My partner has an amazing final salary pension, mortgage-free houses, and enough cash to be able to worry about others. Also, both of us had provided for our children in Trusts so no concerns about how much we should leave when we pop off. She then had 2 illnesses, culminating with a minor heart attack before Christmas!

So, my finances have become more complicated and we are now living life in a much slower lane for now. But the final nail, so to speak, was learning that the solicitor I had engaged to progress my eviction proceedings, died on Monday.

I guess the prospect we are being forced to face is, you can go to bed safe, secure, happy and looking forward to a wonderful retirement, and wake up and your world has changed in a flash.

My refurbishment is in its final few days, but there are no tourists queuing up as before, and all my capital is tied up with zero return for the foreseeable. We are no longer scouring the local area for decent property prospects. Our #1 concern is what happens if one or both of us have to go into long term care. Will all our hard work accumulating wealth and property be for nought? Will we ever get to enjoy it, or will it disappear in medical bills and care home fees?

My BTL issues have made me angry and stressed, especially as I'm one of the '3 million excluded'. But in the grand scheme of things, they really are nothing!... Read More

NewYorkie

15:00 PM, 20th January 2021
About 2 days ago

Deciding the way forward for my exit?

I agree about 3 properties not offering sufficient cover for voids and non-paying tenants. I did have plenty of cover with 2 London properties and 2 in Yorkshire. London did well for rental, non-voids and capital appreciation. Yorkshire has been a disaster for voids, damage, capital depreciation, etc... and now a non-paying tenant (9 months!!!) I can't move out. I've now realised my London profits but it has left me with a big problem in Yorkshire. The IO mortgage on one must be renewed in 3 years and the other in 6 years. Both in negative equity. Do I offload at a big loss? Sit and wait for leasehold reform and hopefully achieve RTE (we have RTM on both)? I'm 66. Do I really need the hassle?... Read More

NewYorkie

12:51 PM, 19th January 2021
About 3 days ago

5 Tenant Tricks to throw out a Section 21 notice

Reply to the comment left by John Mac at 19/01/2021 - 11:46
These are the 'politics of envy'! Money-grabbing Rachman-like landlords Vs poor, down-trodden, disenfranchised tenants! These organisations are there to make a name for themselves as 'champions' of renters, obtain political kudos and appointments, charitable donations... Hence, the louder and more vociferous they are, the more visibility inside their echo-chamber they will be. Their actions rarely lead to long term benefits for renters, but they sound good. It's like Trump and Sturgeon inciting their deaf, dumb and blind lunatic supporters to do things which will inevitably lead to bad things happening to them. If these miscreants really do believe they will obtain social housing when they are eventually evicted, I know councils won't take them; they already have enough of their own!

Landlords will and are suffering, and many (including myself) will exit the sector ASAP. First, I need to remove the scumbag tenant who is doing whatever he can to stay living rent-free in my apartment while working and claiming SEISS as a self-employed decorator. 9 months and £5000 arrears and counting, plus legal fees to progress my S.8 notices for arrears and ASB. No doubt he will be trying it on with this new 'breathing space' scam!... Read More

NewYorkie

19:45 PM, 4th January 2021
About 3 weeks ago

Tax rebate for eviction legal fees?

Reply to the comment left by Olls63 at 04/01/2021 - 11:13
I agree, but not much use if the reason for the eviction is because you haven't had any rental income!... Read More

NewYorkie

11:42 AM, 29th December 2020
About 3 weeks ago

Property turned out to be a Granny Flat?

Sounds like the sellers built an extension to their home and hence it was not a separate property. I believe they should be held responsible for the wasted costs and wonder if the Small Claims Court could be a route. The sellers were trying to sell something they weren't permitted to sell. Having said that, the issue should have been raised early on by both solicitors.... Read More