Category : Uncategorized
This frustrated and “accidental” landlord came across my details on Gumtree.
She never intended to be a landlady, but had moved in with her boyfriend about 80 miles away and was not comfortable using a letting agent to manage the property, or to look after this house herself. She also had an ongoing dispute with a neighbour and just wanted rid of it, and was not getting any joy with it up for sale in the traditional way with the estate agent.
We came in and immediately took responsibility for the property, the mortgage payments, the maintenance of the flat and the ongoing interaction with the neighbour.
We bought the studio on flat from the owner on an Instalment Contract:
- The property was worth £115,000
- The mortgage on this property was £92,000
- The mortgage payments were only £137.00 per month
- We agreed to buy it for £115,000, and sold it on to a Polish couple that were pregnant and wanted somewhere to put down roots rather than just carry on renting
- Market rent was £725 pcm
- They paid £900 pcm “Super Rent”
- They agreed to buy it at £135,000 in 5 years’ time
- They agreed to bake cakes for the neighbours to smooth things over..!
- Seller very happy to not worry about the house, any letting agents, or the neighbour any more
- Buyer very happy to have the opportunity to buy a property now when they haven’t been in the country long enough to qualify for a mortgage, and set up the nursery for the new child.
- I was very happy to have helped both parties and made £20,000 profit for solving their problems.