What to do now we have moved away?

by Readers Question

11:15 AM, 11th July 2019
About 5 months ago

What to do now we have moved away?

Make Text Bigger
What to do now we have moved away?

I have been an avid reader of this site and you kindly helped me before, so perhaps I can ask again for some advice? I have a 3 bed semi in Pegswood, near Morpeth, Northumberland, which used to be my home.

In 2011 my mother had a stroke, which meant I had to drop everything and move back to Norwich where I still live with my husband (mother still alive, but now in a carehome after I got exhausted with caring for her for over 5 years). We rented our house out as had no time to even think about selling and needed to pay the mortgage.

Our tenants have been lovely, stayed for 8 years, had two children there and now are leaving to buy their own new build. We did offer them to buy our house, but they don’t want to sadly. They want a 6 month tenancy which will expire in December when their new house will be hopefully ready. They have asked if there is any flexibility in case their house is not finished by then.

We are unsure as to what to do next. The house seems not to have increased in value much, but this is hard to judge as very few properties like ours seem to come on the market. We rented at £545 a month and only increased the rent by £10 in 8 years. We think it will sell for roughly £125-£140,000 and as we have no plans to return up north, think best to sell as difficult tenants would be a nightmare as we live so far away.

We have a interest only mortgage on the property of £65,000 and the deal runs out in December. This has been on the back burner giving me a small income as being a carer is a no pay job. I still am my mother’s enabler and spend a lot of time looking after her as care homes are realistically only just about adequate in the care of the elderly.

My husband works and we have no mortgage on the house we live in. We also own a 1 bed flat in Norwich with a long term tenant, which we bought 3 years ago for £80,000 cash and is let for £425 a month. I have no idea what to do with my small pot of money that is currently in my Pesgwood house- re-let? Sell? Buy another property?

Invest in serviced apartments which seem to good to be true? Help Please!

Emily



Comments

Emily Callaghan

9:15 AM, 15th July 2019
About 5 months ago

Thank you all so much for your very helpful advice and comments. I will contact Howard for a chat. As my tenants are so nice and have kept the property in immaculate condition, we are going to let them have another 6 months , which ends in January, with the idea that we either sell as a going concern, keep and re-let or market in early Sept and they will happily show round buyers for us. As to what to do with the approx 65,000 invested, that is the question that needs to be sorted. Our mortgage is interest only and is only 110 a month but ends in December with then reverting to the base rate, which of course we don't want. It could sell straight away but then again, could hang around for months, who knows but if so I guess Letting Supermarket can help with that problem. My cunning plan is to sell all buy-to-lets any way in about 15 years and spend the bloody lot before illness and or infirmity looms.

1 2

Leave Comments

Please Log-In OR Become a member to reply to comments or subscribe to new comment notifications.

Forgotten your password?

OR

BECOME A MEMBER

Landlords - no more excuses please

The Landlords Union

Become a Member, it's FREE

Our mission is to facilitate the sharing of best practice amongst UK landlords, tenants and letting agents

Learn More