16:33 PM, 24th March 2023, About 2 months ago
The moment we knew would come has arrived. Interest rates rose this week by 0.25% to a sky high 4.25%. With many landlords trying to avoid panic, it’s hard not to feel like the time to take action, and fast, is now.
It’s precisely why two London landlords approached us to tell their story about exactly how they’ve come up with a solution to counteract the rises and tax bills, and why other landlords should consider following in their footsteps.
LL: “As a portfolio landlord; we have all just received our tax bills, we’ve experienced another rate rise, some properties are empty and need refurbs to sell for the best value or lose money; other properties are tenanted and hard to sell as tenants can’t leave easily, plus they pay low rents and these properties also need refurbs. For me, and I know it’s the same for other landlords, we have equity in some properties and negative equity in others. The bottom line is, to counteract the tax bills and interest rate rises, we have to sell. So myself and another landlord had to come up with the best way to do it to cut our loses and get back as much equity as possible. We didn’t want to just avoid going under, we wanted money in the bank and to get out while we still could.”
He goes on to say: “For any landlords reading this, I know it isn’t easy, some of us have shortfalls on rents versus mortgages because we have lots of empties and refurbs to do and other tenants are paying low rents and we can’t increase rents in fear of tenants not paying, or leaving, giving us more refurbs to do and rent shortfalls. It’s a nightmare.” But the problems haven’t stopped there, “there are also issues when we do sell that the electrics fail EICR tests and need new boilers and other repairs. Tenants can leave houses in a mess – or vacant and uninsured.”
It’s also true that many landlords live miles away from their properties, causing problems when they need help getting the properties ready to sell. “The hardest part I found was: who can help us solve these problems without us getting ripped off with expensive repairs? And who on earth can help us sell, refurb and manage all these tenanted and vacant properties nationwide to get the best price and solutions that work for us?”
That’s when he turned to Landlord Sales Agency, but he didn’t just approach us alone. “I knew another landlord, a friend of mine, who was in the same position. She’d seen the articles on Property118 and felt like you were the best choice to help. Together we came up with a strategy based on our portfolios, and it’s absolutely saving us from the current tax and interest rate situation.”
“We feel like we’re actually going to get through this with a large amount of equity in the bank, which we thought was impossible at the start of the year when interest rates were rising.”
Whilst this seems like an impossible story for many landlords struggling, for us at Landlord Sales Agency, it really was that simple. In the case of the two Landlord Landlords, our team of experts were ready to go from the start. Our strategy helped completely turn their situation around:
We can sell tenanted properties easily as we get cooperation of the tenants to assist in the sale. We do deals with tenants when landlords sell to either leave or sell to another landlord.
Finally – we have the best letting agents/brokers/solicitors and the whole shooting match to get:
Our team is fully trained to assist specifically with solving the landlord issues above from A-to-Z. As CEO of Landlord Sales Agency, I’ve done it for myself and my portfolio and personally assist other landlords ensuring my team and partners are fully aware of all the solutions and the sense of urgency to get things done.
LL: “You have a remarkable solution, and it works. Landlord Sales Agency know exactly what to do, and your team worked with us to ensure that we emerged from the current climate winning.”
What’s more, for all the work we put in, we’re no-sale-no-fee and we do it as fast as possible. Like the two London landlords who contacted us, you have absolutely nothing to lose, and everything to gain. It’s time to let the experts help you.
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