Who do I need to talk too, financial person to take birds eye view of my current situation. I can't see wooden fire trees

[SeetheseeyessogreenIcanstarefo]

I spoke to one financial advisor and he wasn't quite right. I need some to quickly look over my situation and give advice.
I have inherited at flat, needs lots of work and and generating Council tax, it's worth about 40 to 55 at push. Under the flat is a shop, better condition with a Tennant about too go on 8,000 per anum.
We have a mortgage of 58000. I am sham, dh earns around 24000.
My friend wants to buy the flat for 40000 pros, takes it off my hands meaning I can keep the shop, and it's income. Then in future sell. Cons, overall all selling separately could significantly devalue the shop by itself could achieve 50, 60 thousand where as if I sold flat and shop right now, I could achieve 130 to 140.

If I sold whole thing I would pay 30 off mortgage saving us 200 per month, I would do either loft room or side return in our house and put some into stocks and shares is a and some into our savings kitty.

I have no pension and been told as not working I can't have one.
I need someone to look at this and tell me best course of action. The finance person I spoke too was more about helping people invest larger sums of money.

Personally I'd take a loan out on the property and get someone in to do the work and oversea everything.

the preopty is worth about 40 grand now - at a push 50 - 60 ish - at a mad push, its straddling a nice area and less desirable one.

Where did you find this "financial advisor"?
The £2880 grossed to £3600 per annum pension regardless of income is pretty basic stuff!

In your position, I would borrow against the property value, sort it all out, then take the income from it.
I'd personally ignore the loss of tax credits because like you are, I'd be looking for work. (and tax credits are only going to come down anyway, in my opinion)

You say there would only be £60 a week profit after the loss of tax credits - but that's before you get rental income from the flat above.

However, you have no spare cash and this property is really far away - and sounds like an old property. With 2 lots of tenant, one commercial and no experience, I would really think twice about managing it yourself.

Another option is to borrow against it, get the remedial work done, then sell immediately.

What does "a tenant about to go" mean?
Do you mean leave or start?!
If they're about to leave, I would look for another tenant before making decisions.
Why is this tenant leaving? What has the turnover of tenants been like?
£8K rent means nothing unless you have a tenant.

Two things, one you need to find a different financial advisor. They are crap and are probably just trying to sell products to people, not really offering financial advice.

Secondly from what you say I am hearing you live far away from the property, are risk adverse and have no income of your own therefore don't want to borrow to renovate. There is nothing wrong with selling the place as is. If your friend wants to buy they can put an offer in to the estate agent.

The question of what to do with the proceeds rests with your marital status. If you don't jointly own your home do not pay down the mortgage. You will be giving your DP your inheritance. If you do jointly own know that paying off the mortgage will mean that you are giving 50% of your inheritance to your DP.

Read your other threads, I see that tenant about to "go" means start, not finish.

Very good point from Supermum on the implications of paying off your mortgage. You could (through a solicitor!) split your ownership on your house and protect your larger share though.

I'm interested that you say your DP had your house repossessed in the past... was it not a joint situation? Unavoidable? If it was down to him alone then another reason to be careful how you tie together your finances.

What does "a tenant about to go" mean?
Do you mean leave or start?!

^^ tenant about to go in but now I am seriously doubting their quality, the agent has admitted he has no credit check done :(

Re dp - sorry that was Dear Parents!!

The question of what to do with the proceeds rests with your marital status. If you don't jointly own your home do not pay down the mortgage. You will be giving your DP your inheritance. If you do jointly own know that paying off the mortgage will mean that you are giving 50% of your inheritance to your DP

Perhaps you wrote this thinking we are not married with the confusing dp reference?

Dh and I are married, BUT I am not on the mortgage. Yes if I am paying off chunk of mortgage I would be going on the mort/deeds or however it works...

Yes I saw DP and thought you might not be married. As you are married it's 50/50 anyway so irrelevant.

Personally from the way you write you don't sound like you want to be a LL. I'm a LL and you have to want to do it. For that reason alone I would sell. The question is if you renovate before you sell or not. A real estate person or two in the local area will give you the information you need to make that decision.

Thank you want2b.

I would be far more open to giving it all a go if I lived closer.

It seems to hard from so far away and I have small dc. I have another EA going on monday to give me a clearer idea.