Jump to content

Another canal side property for sale


emm

Featured Posts

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 by doratheexplorer
Link to comment
Share on other sites

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

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

 

 

 

 

  • Greenie 1
Link to comment
Share on other sites

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

 

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

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

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

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.

  • Greenie 1
Link to comment
Share on other sites

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

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

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

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

On 11/09/2021 at 11:51, Mrs_A said:

Sold notice up when we came passed today, same for the one nearer Braunston but cant remember the address around bridge 84 area

Edited by ditchcrawler
Link to comment
Share on other sites

1 hour ago, Uxter 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.

Link to comment
Share on other sites

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

  • Greenie 1
Link to comment
Share on other sites

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 by Tim Lewis
Link to comment
Share on other sites

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 account

Sign in

Already have an account? Sign in here.

Sign In Now
  • Recently Browsing   0 members

    • No registered users viewing this page.
×
×
  • Create New...

Important Information

We have placed cookies on your device to help make this website better. You can adjust your cookie settings, otherwise we'll assume you're okay to continue.