doratheexplorer Posted November 17, 2021 Report Share Posted November 17, 2021 (edited) 22 minutes ago, MtB said: Rental income £660 per month. Sale price £303k. Gross yield 2.6%, but in reality much worse than that once maintenance costs, administration and void costs are loaded into the calc. Another sound commercial decision by CRT estate managers to dispose of it. The actual rental value of that property is closer to £1500pm. £660 is ridiculous when that would usually get you a studio flat around Birmingham. If it's on a shorthold tenancy, the what have CRT been doing to realise the value of their asset? The buyer is clearly intending to hike up the rent or live in it. Edited November 17, 2021 by doratheexplorer Link to comment Share on other sites More sharing options...
Tacet Posted November 17, 2021 Report Share Posted November 17, 2021 44 minutes ago, doratheexplorer said: The actual rental value of that property is closer to £1500pm. £660 is ridiculous when that would usually get you a studio flat around Birmingham. If it's on a shorthold tenancy, the what have CRT been doing to realise the value of their asset? The buyer is clearly intending to hike up the rent or live in it. It's occupied on a statutory tenancy - not an AST. Link to comment Share on other sites More sharing options...
MtB Posted November 17, 2021 Report Share Posted November 17, 2021 1 minute ago, Tacet said: It's occupied on a statutory tenancy - not an AST. From the link: which is holding over on a statutory periodic basis I take this to mean an AST which has expired and rolled over into a periodic tenancy on the same terms as the AST save for the term. What actually happens is a new, one month tenancy is created each time another month's rent is paid. So Dora is probably right. More on SPTs here: https://www.nrla.org.uk/resources/creating-your-tenancy/guide-to-contractual-and-periodic-tenancies 1 Link to comment Share on other sites More sharing options...
Tacet Posted November 17, 2021 Report Share Posted November 17, 2021 4 minutes ago, MtB said: From the link: which is holding over on a statutory periodic basis I take this to mean an AST which has expired and rolled over into a periodic tenancy on the same terms as the AST save for the term. What actually happens is a new, one month tenancy is created each time another month's rent is paid. So Dora is probably right. More on SPTs here: You're correct: 053e6a60-9bbd-4487-85b4-1d91ccc8e801.pdf Link to comment Share on other sites More sharing options...
MtB Posted November 17, 2021 Report Share Posted November 17, 2021 Oh look, from your link - Guide Price £200k. Actual sale price £330k. Not much difference there then! And your link shows Dora is right, the rent is subject to review although here suggestion of £1,500 a month as a realistic rent strikes me as ambitious. Raising it from £660 to £1,500 will probably result in the tenant vacating and the rental income falling to zero. Link to comment Share on other sites More sharing options...
doratheexplorer Posted November 17, 2021 Report Share Posted November 17, 2021 9 minutes ago, Tacet said: You're correct: 053e6a60-9bbd-4487-85b4-1d91ccc8e801.pdf Thank you. I don't make a habit of being wrong. Link to comment Share on other sites More sharing options...
MtB Posted November 17, 2021 Report Share Posted November 17, 2021 1 minute ago, doratheexplorer said: Thank you. I don't make a habit of being wrong. Hubris is never a good look though. Link to comment Share on other sites More sharing options...
doratheexplorer Posted November 17, 2021 Report Share Posted November 17, 2021 4 minutes ago, MtB said: Oh look, from your link - Guide Price £200k. Actual sale price £330k. Not much difference there then! And your link shows Dora is right, the rent is subject to review although here suggestion of £1,500 a month as a realistic rent strikes me as ambitious. Raising it from £660 to £1,500 will probably result in the tenant vacating and the rental income falling to zero. You'd be surprised then. Having thought a bit more, I'd say that £1500pm may be a little on the low side. Maybe you're not up to date with rental prices in the area. A three bedroom, detached, period cottage, in good order, with large gardens, parking AND BY THE CANAL, £1500pm is probably the starting off point. Link to comment Share on other sites More sharing options...
Tacet Posted November 17, 2021 Report Share Posted November 17, 2021 8 minutes ago, MtB said: Oh look, from your link - Guide Price £200k. Actual sale price £330k. Not much difference there then! Sale price (even the actual sale price) was £303,500 - but point taken. The reserve will have been around £200k - as indicated by the guide price to which it principally refers. Link to comment Share on other sites More sharing options...
doratheexplorer Posted November 17, 2021 Report Share Posted November 17, 2021 Just now, MtB said: Hubris is never a good look though. Flippancy isn't either, but hey ho. Perhaps I was slightly narked by another poster jumping in, saying I was wrong, until another man turns up to agree with me. Then the naysayer posts their acknowledgement to you. Sometimes it's quite subtle, but when you've seen it time and time again, you tend to notice it. 1 Link to comment Share on other sites More sharing options...
MtB Posted November 17, 2021 Report Share Posted November 17, 2021 2 minutes ago, doratheexplorer said: Maybe you're not up to date with rental prices in the area. I'm definitely not. I don't have any property up that way so have no particular need to know. 1 minute ago, doratheexplorer said: Flippancy isn't either, but hey ho. At least flippancy can sometimes be entertaining, unlike hubris. Link to comment Share on other sites More sharing options...
doratheexplorer Posted November 17, 2021 Report Share Posted November 17, 2021 1 minute ago, MtB said: I'm definitely not. I don't have any property up that way so have no particular need to know. In any case, the current rent is WAY below market value. Don't CRT have a responsibility as a charitable trust to maximise revenue from their assets? I wonder how many other similar properties they're renting out below market value. Link to comment Share on other sites More sharing options...
Tacet Posted November 17, 2021 Report Share Posted November 17, 2021 1 minute ago, doratheexplorer said: Flippancy isn't either, but hey ho. Perhaps I was slightly narked by another poster jumping in, saying I was wrong, until another man turns up to agree with me. Then the naysayer posts their acknowledgement to you. Sometimes it's quite subtle, but when you've seen it time and time again, you tend to notice it. Apologies for any unintended slight. Your post said: "If it's on a shorthold tenancy, the what have CRT been doing to realise the value of their asset?" and I took the "If" as querying the shorthold point AST point. Link to comment Share on other sites More sharing options...
doratheexplorer Posted November 17, 2021 Report Share Posted November 17, 2021 49 minutes ago, Tacet said: Apologies for any unintended slight. Your post said: "If it's on a shorthold tenancy, the what have CRT been doing to realise the value of their asset?" and I took the "If" as querying the shorthold point AST point. Thank you. TBH I wasn't too bothered. My initial response was meant to be flippant. Link to comment Share on other sites More sharing options...
ditchcrawler Posted November 17, 2021 Report Share Posted November 17, 2021 (edited) On 11/09/2021 at 11:51, Mrs_A said: Barby Wharf bungalow on the market £750,000 https://www.rightmove.co.uk/properties/112995857?utm_campaign=property-details&utm_content=buying&utm_medium=sharing&utm_source=copytoclipboard#/&channel=RES_BUY Sold notice up when we came passed today, same for the one nearer Braunston but cant remember the address around bridge 84 area Edited November 17, 2021 by ditchcrawler Link to comment Share on other sites More sharing options...
Uxter Posted November 25, 2021 Report Share Posted November 25, 2021 Needs TLC, https://www.rightmove.co.uk/properties/82662642#/?channel=RES_BUY Link to comment Share on other sites More sharing options...
Athy Posted November 25, 2021 Report Share Posted November 25, 2021 1 hour ago, Uxter said: Needs TLC, https://www.rightmove.co.uk/properties/82662642#/?channel=RES_BUY It's a very sad sight. We've been past in numerous times over the years: when it was empty and boarded up, then when it showed every sign of being a thriving family home, and then (most recently this summer) when it was a heart-rending burnt-out wreck. Local rumour is that someone in the area didn't like the owners. I trust the perpetrator has been strung up, and not by the neck. What's left looks sound, but it will take a LOT of time and money to make it whole again. Link to comment Share on other sites More sharing options...
ditchcrawler Posted November 25, 2021 Report Share Posted November 25, 2021 1 hour ago, Athy said: It's a very sad sight. We've been past in numerous times over the years: when it was empty and boarded up, then when it showed every sign of being a thriving family home, and then (most recently this summer) when it was a heart-rending burnt-out wreck. Local rumour is that someone in the area didn't like the owners. I trust the perpetrator has been strung up, and not by the neck. What's left looks sound, but it will take a LOT of time and money to make it whole again. It looked like a demolition job to me as the end has moved out from the back and front walls 1 Link to comment Share on other sites More sharing options...
Tim Lewis Posted November 25, 2021 Report Share Posted November 25, 2021 The Big Breakfast House! https://www.rightmove.co.uk/properties/108206201#/?channel=RES_BUY Link to comment Share on other sites More sharing options...
Feeby100 Posted November 25, 2021 Report Share Posted November 25, 2021 Over 4 mill in e3 what a joke nice house but s..t area Link to comment Share on other sites More sharing options...
JamesWoolcock Posted November 25, 2021 Report Share Posted November 25, 2021 1 hour ago, ditchcrawler said: It looked like a demolition job to me as the end has moved out from the back and front walls There's not a lot you can't sort with enough steel and money to match. Link to comment Share on other sites More sharing options...
Tim Lewis Posted November 25, 2021 Report Share Posted November 25, 2021 47 minutes ago, Feeby100 said: Over 4 mill in e3 what a joke nice house but s..t area But you get an Elsan disposal in the garden! Link to comment Share on other sites More sharing options...
Tim Lewis Posted November 25, 2021 Report Share Posted November 25, 2021 (edited) 2 hours ago, Feeby100 said: Over 4 mill in e3 what a joke nice house but s..t area it’s been reduced by a million! https://www.nation.lk/online/big-breakfast-house-still-battling-for-a-buyer-six-bed-stratford-home-asking-price-slashed-by-1m-146191.html Edited November 25, 2021 by Tim Lewis Link to comment Share on other sites More sharing options...
Feeby100 Posted November 25, 2021 Report Share Posted November 25, 2021 22 minutes ago, Tim Lewis said: it’s been reduced by a million! https://www.nation.lk/online/big-breakfast-house-still-battling-for-a-buyer-six-bed-stratford-home-asking-price-slashed-by-1m-146191.html Ha why would you spend that sort of money around there come on Link to comment Share on other sites More sharing options...
David Mack Posted November 25, 2021 Report Share Posted November 25, 2021 4 hours ago, ditchcrawler said: It looked like a demolition job to me as the end has moved out from the back and front walls £100k for a building plot. Link to comment Share on other sites More sharing options...
Featured Posts
Create an account or sign in to comment
You need to be a member in order to leave a comment
Create an account
Sign up for a new account in our community. It's easy!
Register a new accountSign in
Already have an account? Sign in here.
Sign In Now