In a grave situation

MissMessy_2

:(Hi Guys,

I am actually a long term poster on MSE, but have had to register as to be honest the situation I am in is that awful I am embarrassed and would rather no one know:(

Right I am going to stick to the facts, but am going to have to keep it to the minimum as you dont know who is going to read this

We have after several years of abuse had to leave our home due to neighbours from hell. We cant take it any more and for our own mental health and safety of our children have had to leave.

We are on a short term rent but can only afford another 3 months and then were in sh*t. Under no circumstance are we going back.



I just dont know what to do. We could rent it out but were pretty broke from paying the solicitor. The council will only give us £714 a month and wont manage the property in any way


Our mortgage is £222000 and we believe normal market value to be between £245000-£275000

Do we try auctions, homebuy scheme, private rental(even though we dont have any exp), let it be repossed.... Choices below market value purchase???

whitewing

Do your neighbours own theirs?

I understand you need to be sorted short term, but it doesn't seem right that neighbours can force you out like this? Will you be able to take legal action against them eventually if your house does go below market value?

Hopejack

I can't help that much but to be honest, who is going to buy it if the neighbours are that bad and it's been in the press. If you don't mention this sort of information when you sell, you risk the eventual buyer being none too happy and possibly pursuing you in court

It's a horrible situation and I truly feel for you.

I hope someone comes along who may be able to help more? I'm presuming the council have dealt with the neighbours? Is there anything that can be done to them? You mention solicitors etc - what was that for? Presume you took legal action against them??? Sorry, for the qus but I don't think you've given all the facts that are needed but appreciate you want to keep it brief.

MissMessy_2

They have forced us out. I cant give too much detail on circumstances as I am sure you can appreciate, but yes they own their home.

Hopejack

So what is the £714 a month for? Rent?

Sorry, I know it's a really stressful situation to be in, but I do think you need to give a bit more information and your info is patchy and doesn't make that much sense?

Did you ask the council to buy the property?

Have you approached one of these 'homebuy' schemes to see if they would buy it? Again though, not sure how much info you would have to give them re the neighbours and your involvement with the council/police etc?

busybee100

I can only think of bankruptcy. To walk away and start again. Dreadful situation could happen to any one of us.

Hopejack

OK, crossed posts...

Look into the 'homebuy' and auction option and see what they say. It can't hurt.

You say you don't want to walk away at a loss but to be fair, it sounds like you are going to have to as you have a large mortgage on it, especially if you can't sell at market value. You can set a reserve on an auction property but it's unlikely to move at market value and that's without anyone knowing it's history.

ETA - just thinking you are clearly not going to be able to pay the shortfall on the mortgage after a sale.... bankruptcy?? Not a great option

MissMessy_2

Hopejack wrote: »

So what is the £714 a month for? Rent?

Sorry, I know it's a really stressful situation to be in, but I do think you need to give a bit more information and your info is patchy and doesn't make that much sense?

Did you ask the council to buy the property?

Have you approached one of these 'homebuy' schemes to see if they would buy it? Again though, not sure how much info you would have to give them re the neighbours and your involvement with the council/police etc?

Sorry thought I was clear on that, my mistake. We approached the council for them to rent it out but they said that they work off a fixed scale and that they would only give us £714 a month AND we would still be the landlord of the property they would just do the inventory and first check.

I havent approached the homebuy yet as from what I have read and researched they arent very good and will offer 20% bmv.. I cant afford to do that?



I am not sure what more info i can offer to receive any advice as the long and the short of it is- I have 3 months to dispose of a property that isnt very marketable OR come up with a financially feesable plan in terms of letting etc....

If I dont im on the street as I have no money left to pay rent and mortgage

lynzpower

Ok:

Can you offer your house to the council to let it out to people on thier waiting list? You can - in some authorities- get full management. ( whoops just seen you have mentioned this)

You dont need an estae agent to let the property you can do it yourself although from what you have said I can see why this option might not appeal to you.

Could you offer it as a part-ex to a building form for a new build - not really the best suggestion but this is obviously a v tricky situation.

How bad are these neighbours,have you abandoned the house at the moment is there any one there?

princeofpounds

You can probably pursue a few options in parallel. If it is truly as bad as you say, and that none of the local agents will market it for you, then you could try marketing it privately. Remember that on your SPIF you will have to disclose any disputes you have had with neighbours. That will make it difficult to sell.

You should also seriously consider auction or the various 'BMV' puchase operations, although I can't recommend a particular one. Personally, I would be tempted to go with auction. The required disclosure is lower than a normal sale I believe. However, whatever the result you are stuck with it if it's over your reserve price.

Allowing repossession is not going to be helpful. Unlike some other countries, you will not be allowed to walk away from any negative equity generated, so it is usually better to manage any sale yourself rather than get a bank to do so.

When you say the council will only give you a certain amount per month, have you thought about renting it out on a private basis to council-supported people (i.e. LHA).

It sounds like whatever route you choose, you are unlikely to walk away from this with much, if any equity.

Am very sad to hear your story and it makes me angry that such people can exist (I don't have perfect neighbours, though more inconsiderate than malicious, but I know how frustrating even that can be!). You might want to take a look at the neighbours from hell forum for advice and support. There probably are legal routes to sort this out, along the lines of ASBOs, but it might be a bit of a slog.

MissMessy_2

Hi Lynzpower,

As i said council idea is no good as they are offering 3150 less than average and for the pleasure we still have to manage it.. could let private and get £875 but will then have to pay 10-15% managemnt fee.. and I then wonder how many probs we are going to have :-(

Two national developers have said no to part ex, well one actually said yes they dont care about the neighbours as long as there are no boundary disputes but later changed their mind

Hmmm they do not seem bad, in fact they seem very nice middle class family, but they are horrible enough to abandon my home