shlomo Posted July 3, 2023 Share Posted July 3, 2023 https://www.facebook.com/groups/183696635022296/?hoisted_section_header_type=recently_seen&multi_permalinks=6462659117125985 Anonymous participant snterSopodlu9iu11h3c718124hg410gf612c81824i53m0l1520t52ii05a · Hi I had a property for a buy to let via an agency. For the last 2 years they charged me £100 per calendar month. This was in lieu of them collecting the rent and then depositing to my account. They were also responsible for the initial letting out. I live down the road from the property. My BTL interest is now 10% and therefore I will have to pay £1,800 interest per month. My rental income was £1,350 and I have to pay landlord insurance of £50 per month. With these interest rate rises I will now be out of pocket at £600 a month. My fixed year contract with the agency is coming to an end. I told them I would not like to continue with them getting rent on my behalf as frankly I can’t afford paying them £100 a month. I am still going to be £500 out of pocket a month and so going to be eating in my savings. The agency have emailed back citing the below clause saying we need to continue paying them as the tenants were brought in by them. They state that the only way out is that we find tenants ourselves. Please see clause below 10.8.4 At the end of the initial fixed term the Term shall continue on a month-by- month basis until either party shall serve on the other a written notice to bring the same to an end. Such notice, when served by the Landlord, should expire not less than two months after the same shall have been served on the Tenant. In the case of a notice served by the Tenant, such notice should expire no less than one month after service of the same on the Landlord. Kindly note that our fee will continue to be payable while these tenants are still living at the property as per clause 1.1 in the attached terms of business. 1.1 6%, plus vat (7.2% including vat), of the rent for the term of the tenancy, including any extension or renewal or periodic tenancies. Is there any way I can stop paying the agency as I am going bankrupt already Any help appreciated @TheCountOfNowhere Quote Link to comment Share on other sites More sharing options...
Chunketh Posted July 3, 2023 Share Posted July 3, 2023 Lol Quote Link to comment Share on other sites More sharing options...
bubbleturbo Posted July 3, 2023 Share Posted July 3, 2023 Ha ha ha. Queue the worlds smallest violin. Quote Link to comment Share on other sites More sharing options...
longgone Posted July 3, 2023 Share Posted July 3, 2023 https://www.nhs.uk/conditions/euthanasia-and-assisted-suicide/ Most of them will be ending up there. Quote Link to comment Share on other sites More sharing options...
Blobsy Posted July 3, 2023 Share Posted July 3, 2023 *TooT TooT* goes the diddums kazoo! ”Can’t looze wiv briks ‘n mawter mayte.” Quote Link to comment Share on other sites More sharing options...
shlomo Posted July 3, 2023 Author Share Posted July 3, 2023 Majid Ali This is a horror story -------------------------- Anonymous participant Author Darren Meehan I have spoken to 2-3 different brokers. They have all quoted the same rate. Anonymous participant Author Scott Horn I can’t because I have been trying to sell the property for the last year at the price I purchased it for 8 years ago as it’s literally not worked out for me and haven’t had any interest. --------------------- Sam Oussia Sell it Anonymous participant Author Sam Oussia I’m trying to but literally been on the market for a year and can’t sell it at the price I bought it for 8 years ago. ---- Eddie Katz You will be out of pocket even more Tax is based on total rental income with only 20% of mortgage amount as a tax credit. Assuming this is not in a limited company. ----- Anonymous participant Author Eddie Katz yes I agree. I really want to sell & get out of this nightmare ---- Some selected juicy comments Quote Link to comment Share on other sites More sharing options...
spyguy Posted July 3, 2023 Share Posted July 3, 2023 Onlyfans. Quote Link to comment Share on other sites More sharing options...
Lagarde's Drift Posted July 3, 2023 Share Posted July 3, 2023 Just now, spyguy said: Onlyfans. Hehe even there there is an OPC Quote Link to comment Share on other sites More sharing options...
wighty Posted July 3, 2023 Share Posted July 3, 2023 3 minutes ago, shlomo said: Majid Ali This is a horror story -------------------------- Anonymous participant Author Darren Meehan I have spoken to 2-3 different brokers. They have all quoted the same rate. Anonymous participant Author Scott Horn I can’t because I have been trying to sell the property for the last year at the price I purchased it for 8 years ago as it’s literally not worked out for me and haven’t had any interest. --------------------- Sam Oussia Sell it Anonymous participant Author Sam Oussia I’m trying to but literally been on the market for a year and can’t sell it at the price I bought it for 8 years ago. ---- Eddie Katz You will be out of pocket even more Tax is based on total rental income with only 20% of mortgage amount as a tax credit. Assuming this is not in a limited company. ----- Anonymous participant Author Eddie Katz yes I agree. I really want to sell & get out of this nightmare ---- Some selected juicy comments "Can't sell it at the price I bought it for". What's that got to do with anything?. Quote Link to comment Share on other sites More sharing options...
regprentice Posted July 3, 2023 Share Posted July 3, 2023 this is where amateur landlords start doing all the paperwork themselves and get themselves into more trouble. Theres no chance this person has the common sense to do the paperwork for an eviction properly. Quote Link to comment Share on other sites More sharing options...
shlomo Posted July 3, 2023 Author Share Posted July 3, 2023 Just now, wighty said: "Can't sell it at the price I bought it for". What's that got to do with anything?. a number below which if you sell it for you have been foolish Quote Link to comment Share on other sites More sharing options...
shlomo Posted July 3, 2023 Author Share Posted July 3, 2023 3 minutes ago, spyguy said: Onlyfans. They have not been paying tax by the looks of it Quote Link to comment Share on other sites More sharing options...
regprentice Posted July 3, 2023 Share Posted July 3, 2023 1 minute ago, wighty said: "Can't sell it at the price I bought it for". What's that got to do with anything?. He'll want to not sell at a loss. also he may be starting to breach LTV covenants in his BTL mortgage. Quote Link to comment Share on other sites More sharing options...
spyguy Posted July 3, 2023 Share Posted July 3, 2023 Just now, shlomo said: They have not been paying tax by the looks of it Onlyfans *and* pornhub. Quote Link to comment Share on other sites More sharing options...
longgone Posted July 3, 2023 Share Posted July 3, 2023 conveniently forgets about the 8 years of rent received. Minus 8 years of rent after tax from the sale price and cgt to work out the sale price. 🤣 Quote Link to comment Share on other sites More sharing options...
Lagarde's Drift Posted July 3, 2023 Share Posted July 3, 2023 Maybe needs to sell at cost price cos... shiver.... IO mortgage with no deposit??? Quote Link to comment Share on other sites More sharing options...
spyguy Posted July 3, 2023 Share Posted July 3, 2023 I should point out that actually is my response when I've been asked for help from IO Btlers. Spy ... I should have listened to you. Is there any I can do? Pause. Look into eyes. Onlyfans. Quote Link to comment Share on other sites More sharing options...
PropertyMania Posted July 3, 2023 Share Posted July 3, 2023 5 minutes ago, wighty said: "Can't sell it at the price I bought it for". What's that got to do with anything?. the sunk cost fallacy is hugely powerful and destructive Quote Link to comment Share on other sites More sharing options...
wighty Posted July 3, 2023 Share Posted July 3, 2023 3 minutes ago, shlomo said: a number below which if you sell it for you have been foolish It's just as foolish to continue to lose money on a depreciating asset. Quote Link to comment Share on other sites More sharing options...
Lagarde's Drift Posted July 3, 2023 Share Posted July 3, 2023 1 minute ago, spyguy said: I should point out that actually is my response when I've been asked for help from IO Btlers. Spy ... I should have listened to you. Is there any I can do? Pause. Look into eyes. Onlyfans. That'd be hilarious in GCHQ or Bondland!! 😁😁😁 Quote Link to comment Share on other sites More sharing options...
shlomo Posted July 3, 2023 Author Share Posted July 3, 2023 1 minute ago, wighty said: It's just as foolish to continue to lose money on a depreciating asset. amateurs take time to work this out Quote Link to comment Share on other sites More sharing options...
spyguy Posted July 3, 2023 Share Posted July 3, 2023 Just now, Lagarde's Drift said: Maybe needs to sell at cost price cos... shiver.... IO mortgage with no deposit??? Do the sums. Price set by 4% IO mortgage is about 2x the price of a repayment mortgage at 6%. Or, ifyou like, price set by a repayment mortgage at 6% is half the price of an IO mortgage at 4%. Still, look on the brightside. No cgt. Quote Link to comment Share on other sites More sharing options...
shlomo Posted July 3, 2023 Author Share Posted July 3, 2023 5 minutes ago, spyguy said: Onlyfans *and* pornhub. Have you got the popcorn out Quote Link to comment Share on other sites More sharing options...
Lagarde's Drift Posted July 3, 2023 Share Posted July 3, 2023 Just now, spyguy said: Do the sums. Price set by 4% IO mortgage is about 2x the price of a repayment mortgage at 6%. Or, ifyou like, price set by a repayment mortgage at 6% is half the price of an IO mortgage at 4%. Still, look on the brightside. No cgt. But but MR SPY!! it's me PENSION innit!!!!!! It's times like this I feel we need Eric with his colourful letterings. Quote Link to comment Share on other sites More sharing options...
Nomadd Posted July 3, 2023 Share Posted July 3, 2023 1 minute ago, wighty said: It's just as foolish to continue to lose money on a depreciating asset. The BTL is my pension. <smug smile> Oh how many times I've heard/seen that over the last few years.. Quote Link to comment Share on other sites More sharing options...
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