Advice needed please!

podperson

Hi all,

Have been reading through the forums and seems some very knowledgable people so thought I would see if anyone could give me any advice. Am in a bit of a complicated situation at the moment. I have a mortgage on a property in Lancashire but about 6 months ago we relocated to the other end of the country. It was quite last minute for personal reasons but at the time we moved I was looking into selling the property and also into renting it out short-term and even had a few people who were interested in it (friends of friends etc.) However a few weeks after I moved out the property was broken into and quite a lot of damage cause, the stone flags downstairs, the boiler, pipework etc was all stolen. Because the property was empty at the time it was not covered on my insurance (I know it's my own fault for not getting it changed to the relevant type but as I said it was quite rushed and I hadn't got round to it).
This has left me with a major problem as I can't afford to get all the repairs done which means I can't rent it out. I have got some of the major work done, eg the floor has been fixed but still work to be done on it. I have been trying to sell it through quick-sale companies for the last few months but am not being offered enough to cover my outstanding mortgage.
To make things worse it has took me a while to find full-time work in my new location so currently have arrears on the mortgage. I have been trying to sort out with them to just pay the interest for now but am struggling to get a decision from them on this (something to do with them knowing I'm trying to sell it, though how this affects the payments I don't know)
I really don't know what to do with this at the moment. I either take the highest offer and then am stuck with the shortfall on the mortgage or try and get onto the interest only payments and hope that the market might pick up soon and I can get a better offer (this will leave me a very strict budget so don't think it's something I could do for a very long period of time).

Apologies for the essay and thank you if you've made it through it!! I am hoping someone might have some general advice for me, or could even recommend some quick sale companies or property developers that I could keep trying. (I don't really have enough to cover EA fees) Any help would be much appreciated.

pyueck

I wouldn't recommend selling through a quick sell company, they will give you a lower price than you could get selling through other methods. Try an estate agent or an auction, or an online estate agent. There is demand for properties to renovate, so as long as you price in the work that any buyer will need to do it, I don't see why you shouldn't be able to sell it.