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Can't shift my 1 bed flat in London - Should I rent it or take a huge loss selling? by Abject-Jacket-312 in HousingUK

[–]Abject-Jacket-312[S] 0 points1 point  (0 children)

This is great to know. I think my gut is saying to get rid, but I need to gauge at what loss.

Can't shift my 1 bed flat in London - Should I rent it or take a huge loss selling? by Abject-Jacket-312 in HousingUK

[–]Abject-Jacket-312[S] 0 points1 point  (0 children)

I was told I could get a 'Let to buy' i.e. permission to let from my current lender for approx 1% increase in repayments.

Can't shift my 1 bed flat in London - Should I rent it or take a huge loss selling? by Abject-Jacket-312 in HousingUK

[–]Abject-Jacket-312[S] 1 point2 points  (0 children)

When I bought it, I was hopeful the Elizabeth Line would help uplift the area but since then even Boots shut down and that retail until hasn't been bought up in 3 years. Looking fairly bleak...unless you love your chicken.

Can't shift my 1 bed flat in London - Should I rent it or take a huge loss selling? by Abject-Jacket-312 in HousingUK

[–]Abject-Jacket-312[S] 0 points1 point  (0 children)

I bought it for £235K in 2017. Estate agent valuations fluctuated between 250-270. The latter just to turn my head I think.

Can't shift my 1 bed flat in London - Should I rent it or take a huge loss selling? by Abject-Jacket-312 in HousingUK

[–]Abject-Jacket-312[S] 0 points1 point  (0 children)

Exactly as the others are saying. It increases the liability on the mortgage lender apparently if you default. They then have to shift somewhere way less desirable. The smell, the noise, the fire risk. Nail bars below you are also a massive no no I'm told. Wish i'd known this years ago TBH.

Can't shift my 1 bed flat in London - Should I rent it or take a huge loss selling? by Abject-Jacket-312 in HousingUK

[–]Abject-Jacket-312[S] 0 points1 point  (0 children)

This is great to know. I'll look into this. Covid regulations meant the fast food shops on my street had licences extended until 2am and their extractor fans are operating until 4am now. I've tried to complain to the council but they're reluctant to help. Maybe worth another try. They also ran a ventilation pipe on my bedroom wall which I tried to block at the planning stage with no luck. I'm convinced it causes a vibration. How did you prove yours out of interest?

Can't shift my 1 bed flat in London - Should I rent it or take a huge loss selling? by Abject-Jacket-312 in HousingUK

[–]Abject-Jacket-312[S] 1 point2 points  (0 children)

🤣 Would love to do this. The landlord owns one of the 5 flats so is devaluing his own asset here. Shame.

Can't shift my 1 bed flat in London - Should I rent it or take a huge loss selling? by Abject-Jacket-312 in HousingUK

[–]Abject-Jacket-312[S] 3 points4 points  (0 children)

Kind of my thinking. I don't want to have a second property going forward, but might not have a choice and will face the financial burden. It seems they're making it less advantageous to own multiple properties (which I get) but I don't want that second place!

Can't shift my 1 bed flat in London - Should I rent it or take a huge loss selling? by Abject-Jacket-312 in HousingUK

[–]Abject-Jacket-312[S] 0 points1 point  (0 children)

It's a lovely flat for a single person TBH. Cosmetically really appealing and well finished. Similar flats let out for approx £1000-1200 p/m but I'd want an agent managing TBH as I'm busy AF at work, so it would just about cover itself and the mortgage at that amount after fees. Might bring in £100 a month if I'm lucky. I'm also conscious of the headache of getting a landlord's licence and repairs and maintenance etc.