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House buying advice

md2012
md2012 Posts: 48 Forumite
in House buying, renting & selling
Hope someone can give me some advice on the position I'm in 😊

My apartment has been on the market for 6 weeks at £112k and I haven't had a viewing yet, I had 2 valuations that both valued it at that.

I'm looking to buy a place with my girlfriend who has already sold her house and has 40k equity, she's currently temporarily moved in with me in my apartment.

We are hoping to buy a new build at £229k but the non sale of my apartment is the issue, we have thought about maybe letting it out but I have a shared equity on it so would need to pay off the shared equity company before I can consider that. I owe 63k and am 8 years in to a 30 year mortgage but would only receive 75% from any sale as the remaining 25% would go to the shared equity company. In addition I am in a fixed rate period and would have to pay 2% penalty to end my mortgage with halifax.

We are both open to selling or letting but neither of us have the best financial heads on our shoulders so any advice would be greatfully accepted.

Comments

  • Cakeguts
    Cakeguts Posts: 7,627 Forumite
    First Anniversary Name Dropper First Post
    You have to remember that the estate agents that do the valuations can only guess at a value. The actual value is what someone will pay you for it. The only thing that the estate agents can do is to compare your flat to ones that have sold but what sold for x amount last year or last week doesn't tell you how much your flat will sell for now.

    If you haven't had any viewings it is almost certainly going to be because the price is too high. Everything has its price. You have to find out what that is. £112k is too much. Are there any comparable flats nearby that have sold and what did they sell for?
  • marliepanda
    marliepanda Posts: 7,186 Forumite
    Can you afford (and happy to pay) the additional 3% stamp duty if you keep your property?
  • md2012
    md2012 Posts: 48 Forumite
    Nothing like for like has been sold but there is another flat identical to mine priced a tad lower but I've improved mine with fitted wardrobes, tiled kitchen and a breakfast bar with storage under. I think I probably should reduce now.


    Cakeguts wrote: »
    You have to remember that the estate agents that do the valuations can only guess at a value. The actual value is what someone will pay you for it. The only thing that the estate agents can do is to compare your flat to ones that have sold but what sold for x amount last year or last week doesn't tell you how much your flat will sell for now.

    If you haven't had any viewings it is almost certainly going to be because the price is too high. Everything has its price. You have to find out what that is. £112k is too much. Are there any comparable flats nearby that have sold and what did they sell for?
  • md2012
    md2012 Posts: 48 Forumite
    I never thought about that, could probably afford to pay it although I wouldn't be happy.
    marliepanda wrote: »
    Can you afford (and happy to pay) the additional 3% stamp duty if you keep your property?
  • Cakeguts
    Cakeguts Posts: 7,627 Forumite
    First Anniversary Name Dropper First Post
    md2012 wrote: »
    Nothing like for like has been sold but there is another flat identical to mine priced a tad lower but I've improved mine with fitted wardrobes, tiled kitchen and a breakfast bar with storage under. I think I probably should reduce now.

    You don't get extra money for your taste in fitted wardrobes or tiled kitchens. If someone has their own freestanding wardrobes your fitted ones will have to come out.

    The flat that is priced lower. How long has it been on the market? If that one has been on the market for a long time then that is probably also overpriced.
  • juniordoc
    juniordoc Posts: 366 Forumite
    Agree with others, 6 weeks with not a single viewing means you are priced incorrectly. Not your fault, try 108 but it may need to be 105 if you want a quick sale.
  • Crashy_Time
    Crashy_Time Posts: 13,386 Forumite
    First Anniversary First Post Name Dropper
    100k might just trip someone`s buying switch, maybe?
  • md2012
    md2012 Posts: 48 Forumite
    Lowered it 108k today, 2 weeks and then 105k if need be
  • cashbackproblems
    cashbackproblems Posts: 1,826 Forumite
    What area is it in, what kinda nd of buyer would it appeal to is there much of an economy all decide the price.

    But i have to agree 100k and lower sounds like where u may have to go
  • Crashy_Time
    Crashy_Time Posts: 13,386 Forumite
    First Anniversary First Post Name Dropper
    Any interest at the new lower price?
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