Selling property owned with ex

greenman2

I think a lot of people aren't buying because:


1/ they cannot get mortgage approval - income related as self cert is no more, or a lack of required deposit.

2/ people are afraid of buying a 'lead balloon' - prices must fall more imho as there are so few buyers..

There is a danger of holding out for a price closer to what you paid for it in 2006, but eventually having to accept even less in months to come.

What is the lowest price your ex would accept for you to buy him out?

Do you have a link to the property (Rightmove.co.uk etc) ?

Good luck.

Scully38

diet_pepsi wrote: »

So, 4.5 months on, 20 odd viewings later, only positive comments other than location being too far from the centre (huh? so why view??), but not even a cheeky offer.

I thought putting in low offers was all the rage?

Another flat in the block is also for sale, and they're clearly quite desperate to sell, and have dropped the price to £185k, so I'm quite sure ours is not going to sell unless we drop our price to the same, which the ex isn't willing to do.

I need some advice as to what to do next!! I see the options as:

1) Drop the price.

2) I could buy him out. If we're going to have to sell at £185k, then I think I'd rather have it myself at that price, and I can get hold of the cash to buy him out, then let the property out as a long term thing. It would acheive about £850/month rent. This would cut the financial tie with the ex, and I could move on with my life.

3) Ex and I could rent it out for a while, as it seems that property just isn't selling, regardless of price. This still leaves me financially tied to my ex.

4) Try a different agent. Someone else who tried to sell at the same time has gone back to renting it, as they had no viewings in 4 months, so it goes to show that some agents are much better than others. Incidentally, the flat at £185k is with an agent better known for renting than selling. But I'm thinking regardless of agent, with the other flat at £185k, we won't get much more than that.

Any other suggestions?

Is the property one bed? 2 Bed? could you post a link, maybe we could give you an idea of what the property should sell at? To be honest unless you have quite a lot of equity in the house it might not be worth selling in the current climate and might be worth buying your ex OH out and renting out the property, providing you're aware of what you're getting into as a landlord, and you're also aware of the pitfalls and the benefits.

I do think your ex OH is being unreasonable especially given the current situation in the property market. If you an buy him out do it, the last thing I assume that you want to do is maintain longer contact with him. I'm not surprised he's moving abroad ad doesn't want to pay the mortgage repayments each month, after all why should he? He's gained all the benefits, is only paying 80% of his half of the mortgage payments on his half, he's had it easy for years and you've let him stomp on you because it was easy than going into confrontation in, and now he's got his own way for so long and is moving away, why should he bother paying anything? He's got technically nothing to lose as he'll be out of the country, while you're stuck with the mess.

I'd go see the bank and see what they say of you getting a re mortgage of 50% of the property. Although I suspect that they may not comply with your request unless there's the equity there to begin with.

If you decide on hanging your mortgage over to a BTL, then you're still going to have to find the money to finance buying him out. Is there someone that could help you raise that sort of money?

diet_pepsi

The property is a 2 bed (both big doubles), and is a bit bigger than the other one for sale, but top (2nd) floor rather than ground.

I'm not brave enough to put a rightmove link.

Zoopla says its worth £218k, although I think Zoopla is a load of rubbish!

Financially, the ex is 100% trustworthy. He will continue paying his half of the mortgage until it is sold, and I have no doubts about that. He must have £60k sitting in his savings accounts! We split up because he was obsessively jealous, and I'd had enough of him changing his mind about how he felt.

I am swaying towards buying him out, and offering him say £20k cash. Mortgage is £150k, so that would be half the equity valued at £190k. I would then need to find a BTL mortgage for £150k (the £20k buy out would be cash that I can get my hands on - savings and money owed that can now be paid back!). I think a valuation would come in at around £200k given the price the 1 bed sold for, which would mean I'd have 25% equity, so that should be enough for a BTL mortgage???

Knowing my ex, he'd want £220k buy out price - pah!

I've looked briefly into becoming a Landlord - gas certificates, protection of deposit, signed inventory, and nice tenants! I think I'd get an agent to fully manage it (15% charge??). The rent should cover a repayment mortgage and most costs, although I think I'd have to pay tax on any profit over the mortgage interest.

Thanks for all the help!

diet_pepsi

More help required!!

Ex has moved abroad and property is empty, costing us £500 a month in mortgage interest. 8 hours time difference is making communication slow!

I got the ex to agree to lowering the price by telling him that it would get morer people viewing it, on the basis that we didn't have to accept an offer. I hoped that perhaps he'd lower his expectations once we got an offer.

Offers have been £190k x 2, £194k, £200k x2, £202k, all rejected!

We have now had an offer of £204,500 which is only 4.5% less than what we paid at the peak, which is a brilliant offer given it's a new build flat!

I want to bite their hand off, but ex has said no!!! He wants £207k, and won't go lower!

Is there anything I can do to make him agree to sell?

I have asked him what he hopes to achieve byy hanging on, given I'm pretty sure prices aren't going to rise, but will have to wait until later to speak to him due to time difference.

Am SO mad with him!!

evoke

Agree the lowest price with him. Otherwise he's going to keep holding out for more. Send him an email asking what the lowest price he'll setlle for is. Then i'd let on to the EA that the this is the minimum price. The EA will pass this hint on to prospective buyers and, hopefully, this will speed the sale up.

The worst case scenario is that your ex doesn't really want to sell the property and will reject all offers.

must_try_harder_2

He's holding out just for an extra £1250? I'd just ask if he'll sell at £204500 and give him the £1250 out of my own pocket. I know you shouldn't have to as he is being unreasonable, but it might be worth it to just get it sold.

GAH

Or to get shot once and for all, get your ex to accept the £204,500 and if he wants £207,000 you could just bite the bullet and let him have an additional £2,500 from the proceeds.

Not ideal, but that way you can get rid of the house for good, and in comparison it isn't much money considering your paying £500 a month in mortgage payments.

diet_pepsi

I've got him to lower his expected price from £210k to £207k.

The offer is the buyer's best and final offer, and even the EA thinks it's good! I just can't get him to see sense!

Have asked EA to email us the offer along with his advice to accept, but if that doesn't make him see sense, then I have no idea what next!

LandyAndy

must_try_harder wrote: »

He's holding out just for an extra £1250? I'd just ask if he'll sell at £204500 and give him the £1250 out of my own pocket. I know you shouldn't have to as he is being unreasonable, but it might be worth it to just get it sold.

I agree. My cousin did this when she separated recently to ensure her OH agreed to a particular price.

diet_pepsi

LandyAndy wrote: »

I agree. My cousin did this when she separated recently to ensure her OH agreed to a particular price.

Yeah, this would indeed be an option.

I just find it SO frustrating having to do that, as he must have £50k+ sat in his bank account, and if he accepted the offer, he'd get about £26k.

I just have to keep things friendly, because no matter how mad I am with him, if I show any sign of losing my temper, he'll just dig his heels in!

MEN!