Property Q&A
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Your support makes all the difference.Q I have owned a flat in central London for 16 years and during that time it has increased a great deal in value. For the past eight years I have been renting it through a lettings agency. I still have a small mortgage on it but I don't need the capital at present. I'm about to move to Italy with my partner and can't decide whether to sell it. Do you have any advice?
Q I have owned a flat in central London for 16 years and during that time it has increased a great deal in value. For the past eight years I have been renting it through a lettings agency. I still have a small mortgage on it but I don't need the capital at present. I'm about to move to Italy with my partner and can't decide whether to sell it. Do you have any advice?
L Manning, by email
A There would seem no reason to sell the property. You have been successfully letting it for a number of years and it will make little difference to the tenants where you live. While property prices have stabilised in central London, you should still benefit from long-term appreciation. You will always have the option of selling in the future.
Q My ex-husband was willing to transfer our property into my name only but I have just found out that we cannot do this as the property has various charges against it following his bankruptcy some years ago. I know I will not be able to sell the property because of this but I would like to either rent it out or borrow against it to buy another property in my own name.Will either of these options be possible?
Kari Wiseman, by email
A You will have to seek advice from the mortgage lender on both these matters as the property remains jointly owned and both parties would have to be in agreement. Rental income, in theory covering the existing mortgage, may not be taken into account if you are applying for a new mortgage. Your income may have to be able to cover both the new and the old mortgage.
Q My elderly parents are trying to sell their very ordinary, slightly dated three-bed semi in an area popular with families. The price seems reasonable but although they've had a bit of interest, no one has made an offer.I get the impression that they sit down with everyone who comes and treat them to a complete history of the house which I feel may put off buyers. I do not live nearby so cannot be there during the week. They are getting quite despondent. How can I help them sell?
P Trym, by email
A If this was a problem, someone is bound to have mentioned this by now. Contact the agent and ask them and while you're on, see if they can conduct the viewings instead of your parents. Your parents will naturally want to be there when people view but perhaps they could sit in the front room while the estate agents shows viewers round and be on hand to answer any queries if necessary. Also ask the agent if there are any other consistent comments that are being made about the property so they can be addressed.
If you would like a query answered, e-mail: propertyq&a@independent. co.uk. Only those questions featured will be answered. Any advice given will not be legally binding
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