Severe retirement flat selling problem.

ILW

I would suspect that at some point the management company will attempt to force a sale to get their money from the estate. Is the executor still running the estate?

Trusting_Fool

ILW wrote: »

Any asset can fall in value, can you not understand that simple fact?

Umm no, your right, I do have trouble accepting that, very much.

I am ignorant about the perception of market forces, all I know is he was away working a lot, to provide for everyone.

Am I wrong then, the housing market is not cyclical and choose to take the longer term view that prices will go up again.

I take it you know about the 90s property dilemma.


I dont subscribe to the any money is better than nothing POV.

If I have to pay £4k a year to sevice it Ill just have to sell a kidney or something.

Trusting_Fool

ILW wrote: »

I would suspect that at some point the management company will attempt to force a sale to get their money from the estate. Is the executor still running the estate?

Christ, how perceptive are you..?


Yes EXACTLY my dilemma...

Im going to ask Peverels if they will agree to an assent.

I doubt it, I rather view this as a stratagy,2.5 years Retirement Homesearch struggled to sell, yet others in the block did, surely they are marketed fairly.

Ive got both cars for sale, yet have not recieved a phone call, both those were marketed competetively, or maybe everyone overvalues everything and no one has any money.

ILW

What did the others in the block sell for?

Anything will sell at the right price.

Trusting_Fool

HAMISH_MCTAVISH wrote: »

You have an asset.

At the moment, the asset is worth less than it was 4 years ago, at some time in the future it will almost certainly be worth more.

Your real problem is that you are not generating any return from that asset in the meantime.

Raise the 4K, get it transferred, get it rented out.

Then wait for values to recover while earning some money in the meantime.

Phew, so Im not stupid then...thanks.

Trusting_Fool

ILW wrote: »

What did the others in the block sell for?

Anything will sell at the right price.

Therein lies the crux...who gives you this figure.

I even had it on with express estate agency who specialize in what a realistic price should be. 5 months with them, nothing, well 3 visits and an offer of £79k. Speculative offer, nice chap, ESA dropped it from£120 to offers over 96. So I was surprised he was allowed to submit it.

Anyway, a week later I rang, and before we started he told me he was going to withdraw his offer and stay with Housoing Association.

ILW

Can you not find out what others have sold for recently?
Bear in mind that retirement homes with their limitations and often very high service charges, are different to the general housing market.

dopester

Trusting_Fool wrote: »

Ive got both cars for sale, yet have not recieved a phone call, both those were marketed competetively, or maybe everyone overvalues everything and no one has any money.

A market price will attract attention of the market. You're not getting calls for your two cars?

I've learnt from one of your posts on another thread you can't put retirement apartment into an auction (not allowed to).

You had a cash buyer lined up for your own home in a post I've read in a post from your forum history. So you must have marketed it at a price attracting market interest. You weren't so happy about them seeking £500 discount re electrical issues, you think are in full compliance. Sold it yet?

What asking price is the retirement apartment/flat on the market for at the moment?

Two quotes from posts made by you in August 2010

Trusting_Fool wrote: »

His flat has been on the market for a long time, incurring council tax, ground rent and service charges.

Trusting_Fool wrote: »

My dads flat is on the market for 130k.

I've read about your issues with co-executor/family - not so nice. 4 years is a long time. Still, you should have gotten to grips with it earlier, for you only learnt joint-executor wasn't paying the maintenance fees back sometime around August 2010, and that they'd mounted up. However I understand sometimes emotional issues with loss can bog a person down with not wanting to deal with it. (A friend of mine got to the stage of just wanting to walk away with nothing after an administration carried on for 6 years, even though he'd actively been dealing with it. Delays with others, including creditors and other claimants who took their time in deciding just how much they believed they were owed, stringing it out.)

Don't allow yourself to get down about it. Actively deal with it. Do you really want to be letting out a retirement apartment, your father's apartment, for years? Have you considered possible issues with that? Are you allowed to rent it out? My bet is you'd have to market it at a substantial price reduction than many other professional companies specialising in renting retirement apartments. Don't be using exactly what they are asking for an apartment as what you think you'll be able to rent yours for or it will probably remain without a tenant for a long time.

Trusting_Fool

dopester wrote: »

A market price will attract attention of the market. You're not getting calls for your two cars?

I've learnt from one of your posts on another thread you can't put retirement apartment into an auction (not allowed to).

You had a cash buyer lined up for your own home in a post I've read in a post from your forum history. So you must have marketed it at a price attracting market interest. You weren't so happy about them seeking £500 discount re electrical issues, you think are in full compliance. Sold it yet?
.

Wow, misquoted completely, thanks for caring but the electrical rewires issue, I merely replied to ANOTHER THREAD about electrical issues, and only electrical issues..Part P Compliance,I most certainly was not stopping a house sale over £500, I have never got on housing market, always been just out of reach of my lifestyle.

This has been my only property, I dont have a portfolio.


I have a tenant wanting to move in, been in block three years. I had another tenant who left because she didnt feel like going on the many day trips, it made her feel a little marginalised. She went back to her own house which was good. The "Management Committee" in this block are trying to stop my prospective tenent wanting to move in by saying there are issues over ownership.

Does anyone ring me..? do they ****

dopester

Trusting_Fool wrote: »

Wow, misquoted completely, thanks for caring but the electrical rewires issue, I merely replied to ANOTHER THREAD about electrical issues, and only electrical issues..Part P Compliance,I most certainly was not stopping a house sale over £500, I have never got on housing market, always been just out of reach of my lifestyle.

This has been my only property, I dont have a portfolio.

Ok my mistake with that one. What about the other points....

You did post up in August 2010 it was on the market for £130K. What is it on for now? Offers over £96,000 ?

Trusting_Fool wrote: »

I even had it on with express estate agency who specialize in what a realistic price should be. 5 months with them, nothing, well 3 visits and an offer of £79k. Speculative offer, nice chap, ESA dropped it from£120 to offers over 96. So I was surprised he was allowed to submit it.

Anyway, a week later I rang, and before we started he told me he was going to withdraw his offer and stay with Housoing Association.

I'm just wanting you to get a better deal than £30K now, and £40K at some undefined point in the future, in which because the property is still in Peverel's name, you can't be sure they won't just rent it out themselves for decades, or be taken over by another company, or some other event, and contract not enforceable.

And asking you to weigh up the issues with renting it out. Any idea of the potential rental value? Agent's fees if using an agent. What you are likely to come out with after service fees, periods of void ect?

Also it occurred to me, when was the last time you visited the retirement apartment? Do you have a key and access now? You're having trouble in accepting the value might be considerably less than what your father bought it for. You have to come to terms with that. You might see it being worth more in the future, others might see it being worth considerably less than today at a certain point in time.

You've got to decide on a course of action. Lowering it to £75K asking price, and were you to get it, is better than the deal you're being offered at by retirement apartment management company, imo.