Why is the Founder of Property118 Selling His Best Property?

Why is the Founder of Property118 Selling His Best Property?

22:20 PM, 2nd February 2023, About A year ago 25

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It has nothing whatsoever to do with money!

Due to having no mortgage on this property, Mark wasn’t at all affected by the Section 24 restrictions on finance cost relief or rising interest rates.

As many Property118 Members will be aware, Mark Alexander emigrated to Malta back in 2016. What you may not know though is that he added his former home to his rental property business when he moved out of it, but has now decided to sell the “jewel in the crown”. The important question is WHY?

Mark explained that despite obtaining glowing references before a tenancy was ever granted, the people he agreed to rent his former home to turned out to be social misfits and had no respect for his property or their neighbours. He said “their incomes were good and they even continued to pay rent despite the pressure (or lack of it) being applied by the Court system. I counted my blessings that at least they were still paying rent at the time, but little did I know what the future held.”

Regardless of his very best efforts, Mark spent nearly two years getting his tenants out of his property after it finally came out what had been going on.

It transpired that Mark’s tenants had mental illnesses, something no level of referencing is ever likely to reveal. Sadly, this resulted in his tenants showing no respect for his property or those living around them.

“The justice system is broken and landlords don’t get any help from anywhere”

After months of waiting, finally, a date for a Court hearing to obtain a possession order was issued. However, that date was 13th March 2020. It’s a date that Mark is likely to remember for a very long time because that was the day the Courts were closed down in response to Covid. He was told that the hearing had been adjourned, but a few months after that an eviction ban was enacted.

When the Courts eventually re-opened they had huge backlogs. Possession cases were given the lowest possible priority. Finally, after months of chasing for a new Court date, the Courts insisted Mark re-started the possession process again from scratch. That meant waiting even longer than he had before because the minimum notice period at that time had been extended to six months. It seemed nobody could help, so eventually, Mark very reluctantly entered into a private financial settlement to finally move his tenants on. He needed to put an end to the ordeal and throwing money at it seemed to be the only available option.

It cost Mark over £200,000 to get the property back to its former glory and ready for sale, but the reason he’s now selling it has nothing to do with the money. He says “I simply cannot risk putting myself or my former neighbours through an ordeal like that again.”

The property has since been fully refurbished, a project that started in April 2022 and was completed just a few weeks ago. The property is currently occupied by Mark’s relatives for security and insurance purposes, however, it will be sold with vacant possession.

A short video has been produced to assist with the marketing of the now fully refurbished property and can be watched below.

Mark has asked all Property118 Members to share this article on Social Media to help renters begin to understand why it is becoming increasingly difficult to find a decent rental property. It has very little to do with landlords being greedy (as mainstream media would have them believe) and everything to do with naive Government legislation coupled with a broken judicial system.

The reported mass sell-up by private landlords is set to increase further when the Renters Reform Bill makes things even harder for them, says Mark. Higher interest rates combined with an unfair tax system for private landlords are also causing many private landlords a double financial whammy.

For more details please see Rightmove

If you are planning to sell any of your rental properties then you should also read Mark Alexander’s follow up article

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Chris Rattew

12:35 PM, 3rd February 2023, About A year ago

There clearly is an issue with the referencing system. Such tenants need landlords set up to give them the support that they need. Most of us are not. Perhaps the tenancy agreements also need adjustment to give extra and more frequent access to the landlord.

This is not really an issue for us, as our tenants are students, university staff and recent graduates.

Mark Alexander - Founder of Property118

14:00 PM, 3rd February 2023, About A year ago

Reply to the comment left by Christopher Rattew at 03/02/2023 - 12:35
Not in this case. These Clients had no issues for the first 18 months.

It was only when they had mental breakdowns the problems started. Thereafter, access was denied and everything went downhill very quickly after that.

Mike T

14:27 PM, 3rd February 2023, About A year ago

Hi Mark, I have shared to FB
Eventually people will get to understand that it's not Landlords that are causing the housing problem, its the short-sighted politicians/government.
Wish you well with the sale.

Mark Alexander - Founder of Property118

14:46 PM, 3rd February 2023, About A year ago

Reply to the comment left by Mike T at 03/02/2023 - 14:27
Thanks Mike 🙏🏻

northern landlord

15:29 PM, 3rd February 2023, About A year ago

I can see where Mark is coming from on this, he has had enough and is throwing in the towel. Despite what Shelter and the rest say landlords are basically at the mercy of their tenants and it’s going to get worse when the so called “fairer deal” comes in. “Luckily” for Mark his tenants paid rent while annoying the neighbours and wrecking his property so he is not out of pocket for that at least but of course he has no redress for the damage as tenants mostly get away scot free as they do not have any resources to pay for damage and you can’t get blood out of a stone. I know the majority of tenants are fine, paying the rent on time and taking adequate care of the property but this sort of thing is every landlord’s fear. Every time rents are a day late I worry that it is the start of a miserable, lengthy and costly journey that I have been on before and don’t want to repeat. I fear it will be easier to get rid of a vampire than a bad tenant in the future. You will be reduced to paying them off or employing the nuclear option of selling up as that at least is a mandatory ground although I expect there will be all sorts of expensive strings attached to that. I don’t think putting the property in the hands of an estate agent and putting up a “for sale board” will be sufficient grounds to evict.

Dylan Morris

17:39 PM, 3rd February 2023, About A year ago

Reply to the comment left by northern landlord at 03/02/2023 - 15:29
Well the white paper shows selling is actually a discretionary ground. So you will need to be very nice to the Judge and beg that he allows you to sell.

northern landlord

18:45 PM, 3rd February 2023, About A year ago

Reply to the comment left by Dylan Morris at 03/02/2023 - 17:39
Just looked, you are right selling is a ground but it it does not mention it being mandatory so as you say you will have to convince a judge. Landlords will finally lose control over what is their own property. Pretty outrageous if nobody sees sense and this actually comes to pass!


19:24 PM, 3rd February 2023, About A year ago

I'm sorry you'd had such an awful experience.
There are plenty of issues to overcome to be a landlord - excessive regulation, excessive penalties for minor infringements, excessive tax and being constantly vilified.
However, I believe the biggest issue is not being able to get your property back in a timely and cost efficient manner if you have problem tenants. This has to be sorted out if landlords are to remain in the game.

Whiteskifreak Surrey

20:27 PM, 3rd February 2023, About A year ago

Reply to the comment left by JB at 03/02/2023 - 19:24
The main goal of this Cons government is to kill the PRS and the private landlords.
And they are succeeding at that - the only thing they managed to get right (failing at everything else).
So it will never be sorted.


7:32 AM, 4th February 2023, About A year ago

I’m sorry to hear of all these huge issues you have undergone, it saddens me to see you are pulling out.
The system is stacked against landlords, there is no protection, and no fairness, what you have gone through is devastating and no one should have to go through that !

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