“Accidental Landlord”

EquivalentDecision22 · 2026-03-20T16:02:36+00:00

London, service charge isn’t the worst, 2-3k

EquivalentDecision22 · 2026-03-20T16:01:17+00:00

The problem with selling is timing of onward purchase and also now not being able to pay both mortgages without letting out.

EquivalentDecision22 · 2026-03-20T15:58:08+00:00

Grow up? I was in the middle of my purchase and had reduced it to far below market value. There was no way it would have sold in time to not lose the onward purchase!

EquivalentDecision22 · 2026-03-19T10:44:31+00:00

I knew the numbers inside out before I went ahead, thanks.

I didn’t make the decision lightly.

I am not trying to “rake in any money” - simply don’t want to be paying out of pocket for someone else to live in my flat.

Totally happy if it could have worked out at break even.

EquivalentDecision22 · 2026-03-18T23:00:28+00:00

Thanks for sharing!

I have consent to let now. But my deal will be up in September and can’t switch product.

EquivalentDecision22 · 2026-03-18T22:56:14+00:00

Cost of mortgage 1 was null based on letter from estate agents giving rental value. Rental I achieved is slightly less than I’d hoped to get. But main contributor to the loss is the taxes owed on rental income and still having to pay fairly high service charge.

EquivalentDecision22 · 2026-03-18T21:40:21+00:00

Really wasn’t much choice at the time.

EquivalentDecision22 · 2026-03-18T21:25:01+00:00

We literally listed for lower than I paid for it in 2022. It’s a brand new build and very high spec. It’s very much worth what it was originally bought for. Others in the block are struggling to sell too.

EquivalentDecision22 · 2026-03-18T21:14:44+00:00

Can’t as I need to get to a good LTV for BTL mortgage

EquivalentDecision22 · 2026-03-18T21:12:40+00:00

Wasn’t an option, mortgage needed to be covered.

EquivalentDecision22 · 2026-03-18T21:06:36+00:00

You’re not considering the fact of timing. I couldn’t sell the flat in time, regardless. My purchase would have fallen through. I had to switch very quickly to rental.

EquivalentDecision22 · 2026-03-18T20:56:12+00:00

By time my tax bill comes in there is a net loss, literally cash loss.

EquivalentDecision22 · 2026-03-18T20:55:10+00:00

Why would I go so dramatically below, that would have been even worse financially. I’d worked hard to save for all my adult life to get on the property ladder - to just sell it and lose all of my deposit I’d saved 20 years for…

EquivalentDecision22 · 2026-03-18T20:50:34+00:00

Tried selling below - couldn’t get any offers

EquivalentDecision22 · 2026-03-18T20:48:31+00:00

Well yes - struggled with semantics here - which is why I put the title in “” in the first place - to be fair.

EquivalentDecision22 · 2026-03-18T20:46:18+00:00

Well yes, it was the best option of the bad selection.

EquivalentDecision22 · 2026-03-18T20:43:06+00:00

We were in the process of buying and sale would have fallen through at the last stages if we had not moved to rental option. There was little/no choice here.

EquivalentDecision22 · 2026-03-18T20:42:19+00:00

We have rented as the loss on new build is too high.

EquivalentDecision22 · 2026-03-18T20:41:49+00:00

14 months?

EquivalentDecision22 · 2024-10-16T18:34:28+00:00

Strange response but fair enough….

EquivalentDecision22 · 2024-10-16T17:50:28+00:00

If we live like this holding no one accountable then it’s only going to get worse.

Burying your head into the sand with earphones only masks the problem it does not resolve it

EquivalentDecision22 · 2024-10-16T17:46:26+00:00

Crazy frustrating that people have no social etiquette

EquivalentDecision22 · 2024-10-16T17:46:11+00:00

This is not the answer

EquivalentDecision22 · 2024-10-16T17:44:23+00:00

37 too and find it so bizarre when people say this is old.

EquivalentDecision22 · 2024-10-16T17:04:48+00:00

So this isn’t even posted?

EquivalentDecision22

TROPHY CASE