Help.. stuck with a 80% of a house but have to move.. & renting difficult...

Bexm

HellsGranny wrote: »

Would they not buy it back? It seems odd, somehow.

Cheers HG

No..:( First thing we tried!

HellsGranny

Would they not buy it back? It seems odd, somehow.

Cheers HG

MobileSaver

Bexm wrote: »

The rules haven't changed but the agency has.. and the new one is alot less lenient ... as the deposits needed are high..

Bexm wrote: »

and a few things they have just added in the last few weeks..
need a bigger house due to a baby but can't afford one.
Can't afford your mortgage so need to sell your house and buy a smaller one.

To be fair to the agency it sounds like they have become more lenient in some respects by expanding the eligibility criteria.

Similarly all banks and building societies have tightened up their lending criteria and generally ask for bigger deposits so this is not exclusively an agency issue but a (sensible) sign of the times (although it doesn't help you.)

However some of the pricing restrictions sounds unreasonable to me and so may be challenge-able.

One angle of attack may be the definition of "market value". It would seem to me that if it hasn't sold within a reasonable period then it cannot be priced at market value and so needs revising. Also the restrictive criteria affects the market value, was the valuer aware of the SO restrictions?

Good luck OP, if no joy with agency/valuer then I do think you need to speak to a solicitor.

Kazby

Hi Bexm, sounds like you might be living in a rural area which would explain the staircasing restriction. Have you made sure that the property is being advertised through your local Homebuy agent as they will have a database of registered applicants who meet the criteria. I know my local agent also advertise resales. You can find the agent for your area on the directgov website:

http://www.direct.gov.uk/en/HomeAndCommunity/BuyingAndSellingYourHome/HomeBuyingSchemes/DG_073696