General (main property discussion here) - yield

good day to you all, need some advice on selling a house, spoke to mortgage advisors cms and oakhill relating to raising capitol, my business partner has normal residential mortgage which we need to raise capitol from..BUT my partners ex husband is not complying to court order and refuses to sign ANYTHING despite court awarding soul possession to my partner including all proceeds of the sale to her, Heres the rub, cannot remortgage a BTL or raise capitol without HIS consent. He has the IR chasing him for 50k and is obvious where they will come looking when he declares insolvent ! So the upshot is we cannot refinance but can only sell, we are now befreft of ideas and if no realistic solution can be found then property up for sale 245k 10.08% yield I understand that is a VERY good yield and want to keep but better take money and get two props and start over... any other alternatives people ???

Steve, 10.8% yield on a £245k property sounds fantastic - is it HMO or student digs by any chance? Whereabouts is it? I'm afraid I'm not qualified to help you on the other matters but I'd be keen to find out more about the hotspot where your property is located!

Have had Hmo round the house but seems not too much to worry about because of the number of tenants is under the limit for more stringent regs, Had to change back boiler for a new room sealed unit, then the usual fire alarms but strangley enough no fire doors were requested (as yet!)have put the house on tenant trader this afternoon it's in braintree.. there i share ;0) I only take in working people suppose i am lucky to be so picky

regards steve

with the current mortgage on the house the yield on the property is over 20% the mind boggles is there anyone out there who has a cunning plan to get us out of this fix ?

doesn't sound like a fix! sounds like a great yield!

tom

With all that in mind: I wouldn’t sell. I would positively, unequivocally, absolutely, unhesitatingly, definitely and without doubt (and many more adverbs…) find a solution to the issues and hold on to this property. In fact if I had some free capital at the moment if might have made an offer….

Is a rethink possible?

Regards, Malik

A rethink is clearly the answer.

20% yield... say no more.

Hi Steve - just wanted to thank u for your previous post in response to my question re: hotspot area. V.kind of u to share!

colchester and chelmesford look like hotspots too, NHS and uni's.....ok guys had a viewing to buy prop today and the chap was well impressed with the work (blush) was here for three hours and coming back with his partner but hey ho quality always sells right ?? We exchanged ideas but all the permutations for finance boggle this poor old plumbers brain regards steve

Funny you should say that Steve, I was nosing around Colchester a couple of weekends ago! I've had my eye on it and its surrounding areas for some time, pretty much for the same reasons as you, loads of students, etc. Haven't taken the plunge quite yet but watch this space...

Glad the viewer was impressed with the quality of your work!

Hi Isobel, go for terraces with potential for bedsits , yup i know i have bedsits on my brain, just think more money per week more units spread the cost of liabilities from non payers ! anyhow any of you peeps need quality work you all know where i am ! regards steve

steve,

just took a look at your place on the site. not bad work my firend.

tom

thanks Tom ! been up in the freezing loft today running cables and spent the weekend painting a void, three coats of magnolia...was starting to go snowblind regards steve

Hi Steve,

You can take this situation back to court and if the ex partner is so adamant that he won't sign, the Judge can and will sign it on his behalf (especially if he has already ruled that your partner should have it). Take the bull by the horns and get it sorted sooner rather than later, the inland revenue will try and say as they were married they are joint and severally liable etc etc. My advice get it sorted and quick! Get yourself a solcitor you soley deals with maritals not one thats a good all rounder.

Good luck... Helen