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Ah-so

Property For Sale - Btl Only - Ftb's Need Not Apply

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I have come across this property in the outer-suburbs of London. A 2-bed 1930s property, coming in at £200,000 - ideal for the FTB.

Here is the basic blurb:

2 Double bedrooms

Terraced House

Double glazing

Off street parking

60' Rear garden

Popular location

St Helier home

Close to local amenities

Easy access of public transport

INVESTORS ONLY

Investors only? WTF? It makes the point again later on: "THIS IS AN IDEAL INVESTMENT OPPORTUNITY ". It can hardly be anything else, can it?!

What chance do FTBs have? Not only are BTLs buying property from under their noses, but in this case, they do not even get the chance to buy it. I am surprised that this is even legal. I might give them a ring to find out what is going on and why it is restricted.

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I have come across this property in the outer-suburbs of London. A 2-bed 1930s property, coming in at £200,000 - ideal for the FTB.

Here is the basic blurb:

Investors only? WTF? It makes the point again later on: "THIS IS AN IDEAL INVESTMENT OPPORTUNITY ". It can hardly be anything else, can it?!

What chance do FTBs have? Not only are BTLs buying property from under their noses, but in this case, they do not even get the chance to buy it. I am surprised that this is even legal. I might give them a ring to find out what is going on and why it is restricted.

I'm sure they wouldn't turn down some first time buyer's,it's probably more that they normally only find people whose maths is that bad that they might buy it,in the amateur BTL category.

Someone who wanders around the property,looking at the £50,000+ he's going to have to sink into it and then marvels at the value of an investment that yields 4.5% gross whilst muttering,

'I can only get three per cent at the bank'.I speak from experience.

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The two most common reasons for this would be an unmortgageable property or a sitting tenant.

The house looks to be of standard construction and in decent condition so the first seems unlikely. It is clearly being lived in so the second seems more likely, but it is quite bizarre that the agent has neglected to include the conditions of the tenancy or yield in the description.

Perhaps today's "savvy investors" do not concern themselves with such trivialities.

If my assumption is correct, it actually seems quite decent of the landlord not to turf the tenant out of their home. Of course, what happens after a sale is anyone's guess.

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Looks like a landlord trying to bail. Probably got a tenant as CD says. Could speculate a few reasons why wanting an investor, such as tenant just begun an AST?

THIS PROPERTY IS OFFERED TO INVESTORS ONLY - Currently let on an Assured Short hold Tenancy. This 2 bedroom terraced house is located on the popular St Helier Estate, just off

Scroll down a little on link.

http://www.kenyons-e...tm?strradius=50

There's what appears to be a similar house, at quick glance, for sale on the same road, with a lower asking price, under offer.

http://www.zoopla.co...etails/29562779

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If my assumption is correct, it actually seems quite decent of the landlord not to turf the tenant out of their home. Of course, what happens after a sale is anyone's guess.

Urgh. I doubt it. Some other reason for wanting to sell now, in my opinion, and unable to quickly get rid of tenant. Or wanting maximum rental income coming in till sale. I just doubt your reason.

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The two most common reasons for this would be an unmortgageable property or a sitting tenant.

The first wouldn't prevent someone buying it to live in!

If my assumption is correct, it actually seems quite decent of the landlord not to turf the tenant out of their home. Of course, what happens after a sale is anyone's guess.

A protected-forever tenancy would account for a price way below the normal market for the area (is it that?). It would also suggest a tenant of a certain age. Maybe the landlord died, and someone is now making what they can of an inherited asset?

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If a council sells one of their properties on the open market to somebody who's going to live in it the money goes to central government and if they sell it to a landlord they keep the money. Guess which one they prefer to do? This scenario comes up on Homes Under the Hammer occasionally.

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This usually means there's tenant in situ.

This ^

Unless the sitting tenent has one foot in the grave I very much doubt a property with a sitting tenant and a (normally) low fixed rent would be a good investment decision.

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The first wouldn't prevent someone buying it to live in!

A protected-forever tenancy would account for a price way below the normal market for the area (is it that?). It would also suggest a tenant of a certain age. Maybe the landlord died, and someone is now making what they can of an inherited asset?

I'd suspect any tenant would be on an AST.

That price doesn't exactly shout cheap rent.

Edited by Sancho Panza

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  • 238 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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