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Advice Required - Missus Has A Btl..

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The missus and her father bought a house in order to decorate and sell. Almost immediately after the paint had dried the credit crunch struck and a prospective buyer backed out. This put them off listing it for any longer due to the mort repayments and they managed to find an interested tenant fairly quickly and let it to them until the market 'improved'. After some time her father wanted his money out so she took on his part with savings of her own.

Despite my ramblings about the imminent HP crash her father told her to keep it let as property prices look like they are going up again from the credit crunch period. Now after all the recent news in the MSM her father is now agreeing with my stance on housing and saying she should try and sell it but thinks we need to move into it in order to 'get the best price'. I think this is entirely pointless and actually love the area in which we rent out cottage and cannot see any logic in moving into the btl house just to try and sell before effectively moving back to where we currently are and await further house price falls.

So my question to all you knowledgable people is this: Now they both finally believe me when I say prices are too high and lending has reverted back to rational levels which will mean prices will follow, do we really have to up sticks and move into this place just to have any chance of selling it?

Regards

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The missus and her father bought a house in order to decorate and sell. Almost immediately after the paint had dried the credit crunch struck and a prospective buyer backed out. This put them off listing it for any longer due to the mort repayments and they managed to find an interested tenant fairly quickly and let it to them until the market 'improved'. After some time her father wanted his money out so she took on his part with savings of her own.

Despite my ramblings about the imminent HP crash her father told her to keep it let as property prices look like they are going up again from the credit crunch period. Now after all the recent news in the MSM her father is now agreeing with my stance on housing and saying she should try and sell it but thinks we need to move into it in order to 'get the best price'. I think this is entirely pointless and actually love the area in which we rent out cottage and cannot see any logic in moving into the btl house just to try and sell before effectively moving back to where we currently are and await further house price falls.

So my question to all you knowledgable people is this: Now they both finally believe me when I say prices are too high and lending has reverted back to rational levels which will mean prices will follow, do we really have to up sticks and move into this place just to have any chance of selling it?

Regards

Your first hurdle is to remove the sheep mentality of getting the 'best price possible'. Every seller in the land is holding out for a greater fool than they are themselves. If it is priced to sell then it won't matter whether or not the property is unoccupied now. It is rather worrying that you wouldn't want to live in it yourself!!

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The missus and her father bought a house in order to decorate and sell. Almost immediately after the paint had dried the credit crunch struck and a prospective buyer backed out. This put them off listing it for any longer due to the mort repayments and they managed to find an interested tenant fairly quickly and let it to them until the market 'improved'. After some time her father wanted his money out so she took on his part with savings of her own.

Despite my ramblings about the imminent HP crash her father told her to keep it let as property prices look like they are going up again from the credit crunch period. Now after all the recent news in the MSM her father is now agreeing with my stance on housing and saying she should try and sell it but thinks we need to move into it in order to 'get the best price'. I think this is entirely pointless and actually love the area in which we rent out cottage and cannot see any logic in moving into the btl house just to try and sell before effectively moving back to where we currently are and await further house price falls.

So my question to all you knowledgable people is this: Now they both finally believe me when I say prices are too high and lending has reverted back to rational levels which will mean prices will follow, do we really have to up sticks and move into this place just to have any chance of selling it?

Regards

Who does your missus listen to in this relationship? You or her Dad? If the latter then pack your bags and get the fvck out because sooner or later you sir will be landed with a far bigger problem than this childish attempt at house price speculation.

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Sounds like she's either going to have to accept a loss or your going to have to ditch the rented house and move in and pay off the mortgage together.

Debt is wonderful at bringing people together.

And tearing them apart.

A distant relative (by marriage) of my partner killed himself on Sunday. He and his wife had taken out a mortgage on a place way too expensive for them to afford. Couldn't keep up with the payments, they ended up out of the house, separated (her back with parents), no sale of the house, kids didn't want to see him (presumably as they blamed him) etc etc. The fact that he killed himself in what had been the family home struck me as particularly poignant.

Sadly, I'd said to my OH some time ago that the recession would inevitably result in more family/marriage breakdown for exactly the reasons above.

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My tuppence worth. I sold my house in 2009 just two weeks after it went on the market. I priced it at £20k less than what the neighbours had theirs on for and at the time my wife was telling I was mad. Now the same unsold houses are selling (or not selling) at what I put mine on for. If you are expecting falls then you have to prempt the market and price accordingly. My wife now tells me that I was right all along and is very relaxed over my decision now.

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Sadly, I'd said to my OH some time ago that the recession would inevitably result in more family/marriage breakdown for exactly the reasons above.

The bubble is the cause, not the recession. Some fat bankers (including the central bank) feathering their own nests and their own self-importance by getting the public into debt to make their trading figures or economic figures look good when they aren't.

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The missus and her father bought a house in order to decorate and sell. Almost immediately after the paint had dried the credit crunch struck and a prospective buyer backed out. This put them off listing it for any longer due to the mort repayments and they managed to find an interested tenant fairly quickly and let it to them until the market 'improved'. After some time her father wanted his money out so she took on his part with savings of her own.

Despite my ramblings about the imminent HP crash her father told her to keep it let as property prices look like they are going up again from the credit crunch period. Now after all the recent news in the MSM her father is now agreeing with my stance on housing and saying she should try and sell it but thinks we need to move into it in order to 'get the best price'. I think this is entirely pointless and actually love the area in which we rent out cottage and cannot see any logic in moving into the btl house just to try and sell before effectively moving back to where we currently are and await further house price falls.

So my question to all you knowledgable people is this: Now they both finally believe me when I say prices are too high and lending has reverted back to rational levels which will mean prices will follow, do we really have to up sticks and move into this place just to have any chance of selling it?

Regards

So the father wanted his money back when the crunch hit and then said prices were going up so your OH should keep the property. He's now saying prices are falling and you should sell the house but you should move in!

This man is clearly a financial genius. Please put me in touch with him as I wish to get some advice on where to invest my STR fund.

The trouble you will have in selling the place is that any potential buyer is going to wonder why it's not furnished and so it's going to scream "desperate seller". That's how I'd see it anyway. So I can see why your FIL suggests you moving in. However, within the family do you have enough spare furniture that could be used to dress the place? Make sure it's the best you can use - no point making the house look like it was furnished by Oxfam. I'm not suggesting vases full of twigs, but you do need to help potential buyers be able to see themselves living there. An empty house doesn't do that.

Good luck.

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Your first hurdle is to remove the sheep mentality of getting the 'best price possible'. Every seller in the land is holding out for a greater fool than they are themselves. If it is priced to sell then it won't matter whether or not the property is unoccupied now. It is rather worrying that you wouldn't want to live in it yourself!!

Cheers - As with many people on here, all my comments on high prices and credit bubbles had fallen on deaf ears until recently, and then we have the daddy knows best factor to overcome.

As for the house itself, its ok but I had no involvement in them choosing it or decorating it as it was only ever suppose to be a refurb job primarily as a job for her father which she helped fund so I would much prefer to stay where we are and just offer the tenants an incentive to remain until it is sold, then we can get on with waiting for the return of sensible prices for our own purchase at some point in the future.

They did buy it for what was quite a discount because it was little more than a shell prior to the refurb but a few sales have now appeared only marginally higher than her purchase price which is why Ive now been present with the prospect of moving in just to sell to move out and rent again.

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All I would be concerned about is WHY THE FRACK IS HE STILL INTERESTED.

he BAILED out a couple of years ago.

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The bubble is the cause, not the recession. Some fat bankers (including the central bank) feathering their own nests and their own self-importance by getting the public into debt to make their trading figures or economic figures look good when they aren't.

Agreed: the bubble is the root cause, however it's the recession that will be the period when it gets tough, relationships fall apart and worse. I doubt people got depressed about rising house prices during the bubble years.

I'm not saying we need to reinflate the bubble - we need better education for the masses about such things and better legislation to prevent it happening again. Sadly I doubt we will get either. Similarly I can confidently predict that not a single person will be held accountable in a court of law for any of the actions that have lead us to where we are now.

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Is all the talk of the OP moving into the house before selling it a means to avoid having to pay CGT? i.e. The property is the principal residence of the OP's other half?

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Is all the talk of the OP moving into the house before selling it a means to avoid having to pay CGT? i.e. The property is the principal residence of the OP's other half?

No - Her father believes the only way to get the 'best price' for the house is to move into it and show it in its best light rather than try and sell either as an empty house or a let.

I dont want to vacate our rental in order to move into this house just to sell it and move out again as I am quite happy where we are so my question was, 'do you need to move into a house in order to stand a chance of selling it'.

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And tearing them apart.

A distant relative (by marriage) of my partner killed himself on Sunday. He and his wife had taken out a mortgage on a place way too expensive for them to afford. Couldn't keep up with the payments, they ended up out of the house, separated (her back with parents), no sale of the house, kids didn't want to see him (presumably as they blamed him) etc etc. The fact that he killed himself in what had been the family home struck me as particularly poignant.

Sadly, I'd said to my OH some time ago that the recession would inevitably result in more family/marriage breakdown for exactly the reasons above.

A very sad story! But seems to be quite common!

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No - Her father believes the only way to get the 'best price' for the house is to move into it and show it in its best light rather than try and sell either as an empty house or a let.

I dont want to vacate our rental in order to move into this house just to sell it and move out again as I am quite happy where we are so my question was, 'do you need to move into a house in order to stand a chance of selling it'.

Personally, I would be more inclined to buy a house if there wasn't anybody living in it.

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my question was, 'do you need to move into a house in order to stand a chance of selling it'.

My question would be 'does the father need to move into the house in order to stand a chance of selling it?'. I'm getting the impression he doesn't want to take any responsibility for his bad decisions.

Is his name actually on the mortgage / deeds?

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so my question was, 'do you need to move into a house in order to stand a chance of selling it'.

You can easily make a house look as though it is lived in...don't see why you HAVE to move in unless there is another motive behind this i.e. someone does not want you renting and now sees the perfect opportunity for YOU to take a debt off the daughter?

I'll think you may find that this is not about what you want...but rather what someone else wants! I may just have the wrong end of the stick though but can only talk about this stuff from past experience.

Why not think about want you want, make a decision and stand by it. If you get any aggro then I do recommend you pack your shit up and leave. Who would want to be in a relationship where the bird's old man is calling the shots??? Nah...fvck that shit!

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My question would be 'does the father need to move into the house in order to stand a chance of selling it?'. I'm getting the impression he doesn't want to take any responsibility for his bad decisions.

Is his name actually on the mortgage / deeds?

You could be right there :angry:

No his name is no longer on there as far as I understand.

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You could be right there :angry:

No his name is no longer on there as far as I understand.

better check...you said he bailed....maybe the wife lied.

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  • 312 Brexit, House prices and Summer 2020

    1. 1. Including the effects Brexit, where do you think average UK house prices will be relative to now in June 2020?


      • down 5% +
      • down 2.5%
      • Even
      • up 2.5%
      • up 5%



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