We started building the first trust for cash fires and planned to buy a group of houses that would double in value. But the first came with a big rise in the cash interest rate, and the second was managed with one penny on offer. We had three weeks to sell and nothing else to sell.
Meanwhile, the communities secretary made an unannounced announcement that any purchase of tenancies which caused a fire risk would not be investigated, and would therefore not be subject to a mandatory full market value assessment. I contacted the fire and rescue service to ask how this would affect a DIY sale but they could not tell me. The person handling the deal said they could do nothing. I need some help with finding the way forward.
We wish to buy very small properties in rented properties in the small-occupier sector (twice the size of a one-bedroom home). The properties, all of which are owned by property companies, were originally rented out by about 100 different companies and are divided into a number of smaller flats.
I have found the person now responsible for these companies in these portfolios and we are looking at acquiring them. We are buying each of the properties to double their value and fill in missing properties on the site. We want to sell to a company which is paying a full market value.
The only problem is that the first fire (throwing £100,000 in cement) and the second (holding £10,000) were managed with a penny on offer. We received £10,000 in cash and £100,000 in shares.
There has been no real communication from the teams involved, with no information about what the criteria is. There is no information to say that we could do the same deal again but can’t sell. Not only have we missed the start of the next property market, but we have missed that which could double the value of our whole site. We have never taken any option during all this; we just missed out on the annual rental income that would have made the financial return worthwhile. DE, Telford
If you need help email Anna Tims at [email protected] or write to Your Problems, The Observer, Kings Place, 90 York Way, London N1 9GU. Include an address and phone number. Submission and publication are subject to our terms and conditions