To those selling in these difficult times

mattis2k

well ive had my house on the market for 3 weeks and had no viewings, had one arranged in the first week, but they never showed. I'm just trying to rent it out at the moment because im stuck in my mortgage for a few more months, but still the market seems dead.

LouBlue

Well, I had 2 hours notice today from the EA, I was out to lunch with friends so had to cut it short and get busy with the housework.

I am still baffled why I am getting the odd viewer....as my flat is priced £15k over what other flats are (we can't drop it anymore), just seems bizaare to me as who, in their right mind, is going to pay that much, but hey ho, at least I have a clean flat.

Ezmondino

Well I have now accepted offer 3k under the asking price so to all those out there feeling like nothing is ever going to happen, it can - I was there a week ago!
Keep your chins up!

sarah_elton

Scared I might lose my buyer today. As I said before, we agreed to him buying for £100k and giving us six months rent free to stay there. This was instead of him buying it for £103,500 - it suited him to only withdraw £100k from the bank.

However, my solicitor has now said that my rights as a tenant wouldn't be protected because a zero rent means the tenancy doesn't qualify as an AST. She would be much happier if he paid the full amount and then we just paid rent from the start normally.

So I called the EA to relay this and am waiting to hear his response. I said we'd be happy to pay six months rent up front. So that we sell for £103,500 and on the same day we pay him £3,500 as a rental payment. So the net cash effect is the same for him but the sale and rental are two separate processes that go normally.

But just worried he won't go for it. Maybe he has £100k in an instant access account so paying more means he has to withdraw some money where there's penalties. Maybe he wanted the original set up so he had six months less rental income to declare to HMRC. Maybe he just had a mental limit of £100k to spend on a BTL.

Eeshk, nervous waiting for the call back from EA. And don't know what to do if he says no. Pull out or stay in and trust that he'll actually rent it to us. That's the issue with not having a legal AST - that he could just pay £100k and turf us out.

StressedSteph

Hi all

Had our house on the market for six months, had well over 10-15 viewings, 1 offer but they haven't sold their house yet.

I have a vash buyer coming for a 2nd viewing the weekend so fingers crossed. Only trouble is that there is nothing on the market we like at the moment so it would be a mass panic if they did put an offer in..Eeek

Good luck to all you others trying to sell.
xxx

poppysarah

take the 100k and move out or hold out for the full amount.

bootalishus

hi
can't quite believe it - exchanged today. It has been 21 weeks since we accepted the buyers offer and he has been the worst buyer ever. He is not selling and we are not buying (going to rent) - had 2 surveys on a new house all ok then gazundered us, then decided to apply for a different mortgage (so another survey) as one he had wouldnt reduce rate, then waited 2 weeks for him to pay his 10% to solicitor to exchange. Still in shock it has finally gone through I hope this gives someone some comfort as I honestly believed we would never get to this point.
We will definately be popping the cork on a bottle of champagne tonight.

jenny74

bootalishus wrote: »

hi
can't quite believe it - exchanged today. It has been 21 weeks since we accepted the buyers offer and he has been the worst buyer ever. He is not selling and we are not buying (going to rent) - had 2 surveys on a new house all ok then gazundered us, then decided to apply for a different mortgage (so another survey) as one he had wouldnt reduce rate, then waited 2 weeks for him to pay his 10% to solicitor to exchange. Still in shock it has finally gone through I hope this gives someone some comfort as I honestly believed we would never get to this point.
We will definately be popping the cork on a bottle of champagne tonight.

That's fantastic news! Congratulations!

:T

LouBlue

LouBlue wrote: »

Well, I had 2 hours notice today from the EA, I was out to lunch with friends so had to cut it short and get busy with the housework.

I am still baffled why I am getting the odd viewer....as my flat is priced £15k over what other flats are (we can't drop it anymore), just seems bizaare to me as who, in their right mind, is going to pay that much, but hey ho, at least I have a clean flat.

Congrats Bootalishus. :T

Well EA rang today, said the bloke really liked the flat but it is a bit too far from where his wife works (its a 10 min walk...) :rolleyes: - do these people not know the area before they come round and waste your time?

Sorry, rant over.

MortgageRescueNetwork

sarah_elton wrote: »

Scared I might lose my buyer today. As I said before, we agreed to him buying for £100k and giving us six months rent free to stay there. This was instead of him buying it for £103,500 - it suited him to only withdraw £100k from the bank.

However, my solicitor has now said that my rights as a tenant wouldn't be protected because a zero rent means the tenancy doesn't qualify as an AST. She would be much happier if he paid the full amount and then we just paid rent from the start normally.

So I called the EA to relay this and am waiting to hear his response. I said we'd be happy to pay six months rent up front. So that we sell for £103,500 and on the same day we pay him £3,500 as a rental payment. So the net cash effect is the same for him but the sale and rental are two separate processes that go normally.

But just worried he won't go for it. Maybe he has £100k in an instant access account so paying more means he has to withdraw some money where there's penalties. Maybe he wanted the original set up so he had six months less rental income to declare to HMRC. Maybe he just had a mental limit of £100k to spend on a BTL.

Eeshk, nervous waiting for the call back from EA. And don't know what to do if he says no. Pull out or stay in and trust that he'll actually rent it to us. That's the issue with not having a legal AST - that he could just pay £100k and turf us out.

Sarah, you can sign AST for nominal amount of £10pcm.
This is acceptable in law and protects your position.

If you are hoping to stay longer than 6 months, you will need a right of renewal built into the AST to protect your tenancy.

Kind Regards,

Phil Martin