Should I sell or risk tenants buying at undervalue price?

Should I sell or risk tenants buying at undervalue price?

9:08 AM, 25th September 2019, About 3 years ago 48

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Should I sell? What Solutions are there for this Dilemma? I Realise that Nothing has happened YET! But I just want to be clear about what my options are.

Who thought George Osborne would have removed Mortgage Interest Relief! / Removal of Section 21! + ALL the other Rules and Regulations they are Hitting us with.

I have Good Tenants who have been with me for 10 years and I would not sell, but for this dilemma. John McDonnell wants to “tackle the burgeoning buy-to-let market”. He suggested to the Financial Times that they could pay less than market value, …. meaning that the profit we would have made by it increasing in value over the years could be wiped out by an undervalue sale price!

Joey

 



Comments

Rob Crawford

12:33 PM, 26th September 2019, About 3 years ago

Reply to the comment left by Sam at 26/09/2019 - 07:10I guess HMO's could come under such a scheme, but only if all tenants group together to make the purchase. Highly unlikely! Moving forward I think HMO's are a safer bet than single household properties. Only this weekend, I decided to sell my houses let to single families. The equity will be sufficient to pay off all my remaining mortgages and leave me with mortgage free higher yielding HMO's.

Beaver

12:38 PM, 26th September 2019, About 3 years ago

Reply to the comment left by Simon Williams at 26/09/2019 - 12:19I wonder how they expect tenant gets first refusal to work - there presumably wasn't any suggestion that this will be market rate. How under their proposals is it proposed that you would you get rid of the tenant if the tenant refused to leave?

Michael Barnes

13:14 PM, 26th September 2019, About 3 years ago

Reply to the comment left by Whiteskifreak Surrey at 26/09/2019 - 07:50
An unwelcome government can be reversed within 5 years.
Brexit is forever.

Michael Barnes

13:20 PM, 26th September 2019, About 3 years ago

Reply to the comment left by Dennis Leverett at 26/09/2019 - 08:55
The majority did not vote for or want a no-deal brexit.

Almost half voted to remain and I was promised a good deal.

Parliament is doing its job: considering the best interests of the country and saying "No Deal is not good".many remain MPs (including May) have voted to leave with a negotiated deal

Rather than moaning about strawman remainers, how about looking at the ERG lot, now in power (including that johnson), that voted against the deal and prevented us leaving on schedule.

Whiteskifreak Surrey

14:01 PM, 26th September 2019, About 3 years ago

Reply to the comment left by Michael Barnes at 26/09/2019 - 13:20
Well said Michael, and I concur with your opinion that Brexit is forever (or maybe for the next 40 years, but I will probably not be around to see it).
For me personally (and for an extremely large amount of my colleagues at work) it is almost unthinkable to vote Boris or Farage. We are total remainers, and already suffer from Brexit, and it has not even happened...
But we are more afraid of Labour coming in, threatening to destroy our industry and - in some cases - destroying our provision for retirement (BTL). I am based in the City (but not finance), which is getting emptier by a month, and I have been seeing it since July 2016....
For me personally the problem is timing. In 5 years I will be approaching retirement, and if my BTL provisions are destroyed or confiscated, plus Commies ride on the pension funds - I will be completely, utterly broke.
As we say - lesser evil.
BTW - I am not exactly sure how voting BoJo can make place for Commie C?

Dennis Leverett

14:17 PM, 26th September 2019, About 3 years ago

Reply to the comment left by Michael Barnes at 26/09/2019 - 13:20
I have no idea how many did or didn't vote for a no deal brexit and neither do you but an election right now will certainly make things a bit clearer. I saw no promises of a good deal just the usual pre-election style rubbish. Had it have gone to remain I would have accepted it as democracy and got on with it. It's not really about deal or no deal now, it's about leave or not leave and the minority are doing whatever they can to avoid leaving. Liberal Democrats, or should I say "Illiberal Hypocrites" just unbelievable. I want a no-deal to be free of the States of Europe, it's time this country had a big shake up/wake up call and get down to what matters most, us the people, lets work for us not Europe. This whole mess has cost/ wasted £millions of taxpayers money.

Dennis Leverett

14:40 PM, 26th September 2019, About 3 years ago

Reply to the comment left by Whiteskifreak Surrey at 26/09/2019 - 14:01
It's unthinkable to vote for any of them, what do we do????? which is what this post is about. There will be no winners whoever gets in and the next few years whatever happens are going to be hard for the likes of you and me. I'm past retirement age and worked very hard for what I've got and don't want it taken away from me. I was advised (tongue in cheek) the other day to sell everything, spend every penny on a few classic Ferraris and stash them away, rent a house near the seaside, claim benefits and enjoy retirement. When the kids need some money sell them a Ferrari for a £. Actually, sounds like a good idea, think I might vote for Jezza!!! Come on you reds!!!!

Whiteskifreak Surrey

14:48 PM, 26th September 2019, About 3 years ago

Reply to the comment left by Dennis Leverett at 26/09/2019 - 14:40
Although I fundamentally do not agree with your views about EU, I must say I love your last comment with past retirement life plan.
I am afraid Commie C and Red McDonnell might have some plans for your Ferraris, though...

Joe Armstrong

15:32 PM, 26th September 2019, About 3 years ago

Surely the suggestion is too ludicrous to be practical? Its like me hiring a cement-mixer for a week then saying ''actually, I like it so much I demand the right to buy it, at substantially less than its value. And the government is behind me all the way'' Moronic. Would it not also encourage low income families to take on mortgage debt thay can ill-afford? That sounds familiar.

The Forever Tenant

15:56 PM, 26th September 2019, About 3 years ago

Reply to the comment left by Joe Armstrong at 26/09/2019 - 15:32
Strangely though, I have come across schemes, not for a cement mixer but for other items, where you have been able to rent it out. Then if you wished to purchase the item after the week you could at a price minus the already paid rental.

Wouldn't work for houses though.

I was thinking about this today in that houses are the only physical item you can buy that does not suffer from depreciation. Not sure of anything else that is not in the antiques category.

It's this lack of depreciation that really causes the issue. the longer you hold onto the property, the more money there is to be made. To be forced to give up your property is to rob you of future income. As much as I would love to buy the place I am currently in, it is an unworkable policy. -

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