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zsuzsanna

My Landlord Is Selling Up

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Got a registered letter yesterday. Yes, it was a letter to give my family a notice of 4 months which is quite nice. I have 4 kids so it would be pretty hard to do it in 2 months.

He never mentioned anything about it. I was very supprised because when we started renting he said it was for his retirement. Is it the start from BTL pulling out? :huh:

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So have we! The house is being sold 'to some friends who've been nagging me to sell it to them for ages'.

Our landlord's a surveyor, and had this house built in the garden of his house, which he then sold. He moved into 'ours' for a few months, then let it. [undoubtedly CGT planning]. It's an unusual house, being enormous downstairs, but with only two (decent-sized) bedrooms, and a huge loft space, which isn't quite high-ceilinged enough for a bedroom. I suspect that he may have been planning it for his own retirement, given its peculiar, but rather nice, layout, which is ideal for retirement, and sees a good opportunity to sell now before the market tanks. Alternatively, I suppose, it may actually have been built for these (downsizing) friends, and as they have now sold, can now buy it.

All the best with the house hunt Zsuzsanna!

Edited by Bedsprings

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Our landlord bought the flat we rent about 18 months ago. They had it on the market recently for similar asking price without success. I think they have now decided to hold onto it and are in for the longer term now.

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You have my sympathy there Suzanna, I had the flat I was staying in sold from under me when my landlord, very cannily, sold on the first rise in interest rates. I hate the knowledge that I can be booted out at short notice. It takes a lot of time and stress (not to mention cost) to find a new place and organise the move and it can only be harder with kids to manage as well. I wish there was a way you could agree to rent for longer, once you have decided that you like a place. It's kind of hard to know how stretched your landlord is and whether they really are in it for the long term. Best of luck finding a good landlord - I mean house.

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Being at the mercy of a landlord blows big time. I've had to move three times in five years, first because the landlord wanted to move me out and his daughter in, second because the landlord tried to increase the rent and we told him no chance in hell, the third because the landlady got into money trouble and had to sell up.

I should have stayed at home with my parents and gone on the housing list, worst thing you can do is rent privately.

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A friend of mine bought the house that they were renting around the bottom of the market in the mid-1990's and thinks they got a pretty good deal since they knew everything there was to know about the house - no faults etc and didn't have to move. The house wasn't for sale as such, they just offered to get a valuation done and buy it and the landlord agreed.

Might be worthwhile remembering when we get back to sensible valuations.

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I have seen a massive amount of new property on Rightmove since early Jan, most of which is "no chain" and in the piccies the places are empty.

I would say that the exodus is definately starting.

Yields are low, little chance of capital appreciation, risk of loss. This is what happens when you price out the FTB's with speculators, when the easy money is not rolling in, they will be out and onto the next free ride.

Property is sooo last year!

If we had an interest rate rise or other shock, the market would go into freefall I am sure.

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I'm sure you wont have much trouble finding a better place for cheaper rent - if you use your noggin! You have 4 months - advertise in the paper for a place, ring local farmers/landowners for leads(most are desperate for cash) you won't have to go through hassles with agents then and save even more!

Thinking ahead to the near future - methinks there are gonna be some VERY nasty Govt induced 'surprises' for BTL's in the near future. As it all starts unwinding it would not surprise me one iota if the Govt introduce better rights for tennants. They might lock up BTL owners from selling off their house for 6 months/1year so they can't all stampede at once!

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Thinking ahead to the near future - methinks there are gonna be some VERY nasty Govt induced 'surprises' for BTL's in the near future. As it all starts unwinding it would not surprise me one iota if the Govt introduce better rights for tennants. They might lock up BTL owners from selling off their house for 6 months/1year so they can't all stampede at once!

I don't see how that kind of interference with the market would work especially if the BTL brigade are forced to sell as they can not afford to keep up the mortgage payments. The lender would not be that patient, its their asset after all, not the person paying the mortgage. :ph34r:

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I don't see how that kind of interference with the market would work especially if the BTL brigade are forced to sell as they can not afford to keep up the mortgage payments. The lender would not be that patient, its their asset after all, not the person paying the mortgage. :ph34r:

Great point - but a short time ago on HPC someone mentioned Banks/BS's are purchasing places which are holding up chains - just to keep the market going!

Haven't seen any further mention of this STAGGERING :o fact though! :ph34r:

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I've been viewing places to rent in manchester over the last few weeks. All brand new 2 beds, never been lived in. All BTL.

Biggest laugh I had was viewing a new development near deansgate station. Landlord drove from London to show me the place. Has since rung me several times offering to drop the rent from £800 p/m down to £700. He wasn't happy when I told him I'd got a similar place for £550.

The whole block had been sold to BTL-ers off plan. And it was totally empty. Looking out of the window of this (admittedly very nice) flat, what could I see? 2 more developments in progress.......who will be living in those I wonder?

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I've been viewing places to rent in manchester over the last few weeks. All brand new 2 beds, never been lived in. All BTL.

Biggest laugh I had was viewing a new development near deansgate station. Landlord drove from London to show me the place. Has since rung me several times offering to drop the rent from £800 p/m down to £700. He wasn't happy when I told him I'd got a similar place for £550.

The whole block had been sold to BTL-ers off plan. And it was totally empty. Looking out of the window of this (admittedly very nice) flat, what could I see? 2 more developments in progress.......who will be living in those I wonder?

Sounds like the DT article got it right?

http://portal.telegraph.co.uk/property/mai...7/ixptop12.html

The souring of the inner-city dream has left a glut of empty, new-build apartments, affordable to few and situated in communities bereft of families. What now for the super-cool, urban living space that stands empty? Caroline McGhie reports on a post-Sipps nightmare

For flats, it is a post-Sipps nightmare out there.

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Sounds like the DT article got it right?

http://portal.telegraph.co.uk/property/mai...7/ixptop12.html

The souring of the inner-city dream has left a glut of empty, new-build apartments, affordable to few and situated in communities bereft of families. What now for the super-cool, urban living space that stands empty? Caroline McGhie reports on a post-Sipps nightmare

For flats, it is a post-Sipps nightmare out there.

Just read this article. If anything, its understating the situation in Manchester. There are scores of city centre EAs set up in the last ten years to 'promote city centre living' (i.e. flog new builds). They totally overestimated demand post Commonwealth games. Many of the landlords are clinging to the hopes that they will get students in, but the student market was already saturated.

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The whole block had been sold to BTL-ers off plan. And it was totally empty. Looking out of the window of this (admittedly very nice) flat, what could I see? 2 more developments in progress.......who will be living in those I wonder?

There's a bit

http://www.streetmap.co.uk/newmap.srf?x=38...84752&ay=398640

between GT Ancoats street and Pollard street that had some appartments built on it - they looked ok cos they had a big space in front of them and if it was all grass and carparking it might not bee too bad.

However there is at least two more blocks being built on the land... they're huge and look terrible now they're all squished together.

Will have to grab a photo of them unless anyone spots them on rightmove first :)

Oh in the shadow of the new ones there's a tiny block of flats being let out right not... loads of to let signs... opposite a row of normal houses one of which has had its fences burnt :)

Nice. :)

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I've been viewing places to rent in manchester over the last few weeks. All brand new 2 beds, never been lived in. All BTL.

Biggest laugh I had was viewing a new development near deansgate station. Landlord drove from London to show me the place. Has since rung me several times offering to drop the rent from £800 p/m down to £700. He wasn't happy when I told him I'd got a similar place for £550.

The whole block had been sold to BTL-ers off plan. And it was totally empty. Looking out of the window of this (admittedly very nice) flat, what could I see? 2 more developments in progress.......who will be living in those I wonder?

most of these developments are in the kind of places you wouldn't want to leave your car......and will be eventually bought by housing associations and become social housing...................

Professional people would rather live in areas with proper amenities like Chorlton or Didsbury and prices there are if anything less than inner city new build shoeboxes

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Consider making an offer, at 25-30% below market

I'd no more buy a house at the moment than I would poke out my own eyes. Even 30% under the current valuation.

I'm due 2 payrises Sept 06 and 07 which will take my salary to approx 35k. By then the crash should be well underway. I'm happy to sit this one out. I saw my parents (who bought in '73 at the height of the boom) try to sell in '91. Their house took 8 (yes, 8) years to sell. We are talking a nice 3 bed semi with large gardens and a garage in a 'sought after' village.

Bubbles always burst. Vi's say this time its different....its NEVER different.

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Professional people would rather live in areas with proper amenities like Chorlton or Didsbury and prices there are if anything less than inner city new build shoeboxes

Chorlton is scruffy and run down. As someone who was born and raised in Chorlton I'm amazed when people tout it as a desirable place to live.

It used to be a smart middle class suburb now it's redeemed only by a few wine bars and an vegan organic supermarket.

I've often wondered why developers don't "seed" low value areas with a few chosen amenities in order to attract teacher, social worker, lecturer, BBC types. They seem to be the people who jack up house prices everywhere.

All you need is:

i) Organic food shop

ii) Wine bar

iii) Hippy josstick crystal type shop

iv) A few alternative therapists Reiki, reflexology, aromatherapy (and similar bllx)

AND WHOOSH! - up goes the value of the property!!!

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I'd no more buy a house at the moment than I would poke out my own eyes. Even 30% under the current valuation.

I assume Dr B was making the suggestion to Suzsanna, as it might save her a move. I think you would be nuts to buy in city centre Manchester at the moment, I hear there isn't exactly a shortage of flats.

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Chorlton is scruffy and run down. As someone who was born and raised in Chorlton I'm amazed when people tout it as a desirable place to live.

It used to be a smart middle class suburb now it's redeemed only by a few wine bars and an vegan organic supermarket.

Quite. When I was a kid it was considered the pits. Now an-ex council house there can be had for a mere 150k (www.emmahatton.co.uk).

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I assume Dr B was making the suggestion to Suzsanna, as it might save her a move. I think you would be nuts to buy in city centre Manchester at the moment, I hear there isn't exactly a shortage of flats.

My landlord bought the place in 2001 for £71 000.00 and at the moment the house next door is up for sale for £150 000.00 which make me laugh. One of the houses (about 10 houses down the road ) was up for sale for £130 000.00 and it was on the market for months. Eventually a sold sign appered 2 months ago which is still there and thr family has not moved yet :blink:

So....i would not even offer at 30% below....but thanks for the thought.

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All you need is:

i) Organic food shop

ii) Wine bar

iii) Hippy josstick crystal type shop

iv) A few alternative therapists Reiki, reflexology, aromatherapy (and similar bllx)

AND WHOOSH! - up goes the value of the property!!!

That's a fab idea - prob is in lots of other areas there are no little shops anymore they're all houses so you've have to get PP to turn them back.

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zsuzsanna : nice name, where are you orginally from? have you always lived in the uk? If not are you planning on staying for the long term?

Edited by moosetea

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zsuzsanna : nice name, where are you orginally from? have you always lived in the uk? If not are you planning on staying for the long term?

Just leave your phone number, moose... ;)

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I've been viewing places to rent in manchester over the last few weeks. All brand new 2 beds, never been lived in. All BTL.

Biggest laugh I had was viewing a new development near deansgate station. Landlord drove from London to show me the place. Has since rung me several times offering to drop the rent from £800 p/m down to £700. He wasn't happy when I told him I'd got a similar place for £550.

The whole block had been sold to BTL-ers off plan. And it was totally empty. Looking out of the window of this (admittedly very nice) flat, what could I see? 2 more developments in progress.......who will be living in those I wonder?

You will, because when they are finished they will be sold for less than the place you are in and the landlords will be able to offer cheaper rents. Great isn't it?

I found out the other day my landlord tried to sell the place I am in but gave up and rented again. He just could not sell it. Can't see it getting any better any time soon - for landlords that is.

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You will, because when they are finished they will be sold for less than the place you are in and the landlords will be able to offer cheaper rents. Great isn't it?

Unfortunately, Marina, my father is still hell-bent on becoming one.

Although recently, it transpires that he's having difficulty getting the mortgage approved. Also, he wanted about £1,000/mth rental, but this has recently been revised down to £775 by a surveyor (I think -- whoever it is does this!)

Tough being a bear.

Tougher being an amateur landlord it would seem.

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  • 302 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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