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trying to sell the flat
shelldanielle
Posts: 153 Forumite
The flat has been on the property market for 3years, had a few offers but my partner turned them down.Now he has realised that he needs to sell the flat leaving him with no profit just so we can move on.
Our solicitor who we used through a recent auction said we need to sell the property for £53,500 to break even.The auction put the flat in the auction for a guide price of £48,000 + we had 10 viewers, most of them offered £48,000 but no more which is rediculous because we know it was worth £80,000 5years ago.
Just before the auction the solicitor had to put in the legal pack that the council will be charging each flat a cost of £3,500 for some kind of fire safety work?? The flat is ex council so we have to pay it.This however has put people off buying the flat which is so annoying.For the past 10years we havent had any charges over £400 and suddenly when we want to take it to auction it pops up! we feel like were in a losing battle.
From council tax arrears in the past the court added them to the house when it sells so if we didnt have that £2,000 we could sell for £51,500.
£1,500 +vat for auction fee's and £750 solicitors fees and £525 + vat entry fee.
The flat needs work on it which also put people off but mainly cosmetic, but we need the funds to sort it out.
the auction company has said theres no point putting it in the july auction as its the same viewers but said if we can save up the entry fee for september they will try again.In the meanwhile us tidying the property and doing a few odd jobs.
If we dont go with this auction and walk away we will have to pay back for the entry fee for the auction we just entered into so getting us in more debt.
I spoke to cccs who i am with and they have said about handing the keys back to the mortgage lender and then adding the rest of the debt onto the cccs payment plan.
I dont see that helping us really.
mortgage is £25,800
secured loan is £22,000 which my partner got 6years ago for £16,000, been paying £200 a month but that didnt even cover the interest so increased to £22,000!!!
any advice is very welcomed xx
Our solicitor who we used through a recent auction said we need to sell the property for £53,500 to break even.The auction put the flat in the auction for a guide price of £48,000 + we had 10 viewers, most of them offered £48,000 but no more which is rediculous because we know it was worth £80,000 5years ago.
Just before the auction the solicitor had to put in the legal pack that the council will be charging each flat a cost of £3,500 for some kind of fire safety work?? The flat is ex council so we have to pay it.This however has put people off buying the flat which is so annoying.For the past 10years we havent had any charges over £400 and suddenly when we want to take it to auction it pops up! we feel like were in a losing battle.
From council tax arrears in the past the court added them to the house when it sells so if we didnt have that £2,000 we could sell for £51,500.
£1,500 +vat for auction fee's and £750 solicitors fees and £525 + vat entry fee.
The flat needs work on it which also put people off but mainly cosmetic, but we need the funds to sort it out.
the auction company has said theres no point putting it in the july auction as its the same viewers but said if we can save up the entry fee for september they will try again.In the meanwhile us tidying the property and doing a few odd jobs.
If we dont go with this auction and walk away we will have to pay back for the entry fee for the auction we just entered into so getting us in more debt.
I spoke to cccs who i am with and they have said about handing the keys back to the mortgage lender and then adding the rest of the debt onto the cccs payment plan.
I dont see that helping us really.
mortgage is £25,800
secured loan is £22,000 which my partner got 6years ago for £16,000, been paying £200 a month but that didnt even cover the interest so increased to £22,000!!!
any advice is very welcomed xx
2013 Wins
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Sanctuary facebook game - Odeon Club card with 3,000 points
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Comments
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Can't really off any advice other than just because something was worth £80K 5-years ago, it doesn't mean it is worth that now.Save £200 a month : [STRIKE]Oct[/STRIKE] Nov Dec Jan Feb Mar Apr0
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Is it on the open market or are you planning to leave it off until September? You can't sell it if it isn't being marketed. Can't you leave it up on the open market for the next month, pull it off for August (which will be quiet) and then back up for the September auction.Everything that is supposed to be in heaven is already here on earth.
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The root of the problem is you're not trying to sell the flat, you're trying to sell your debts.
The flat is worth what it's worth .... and no amount of wishing it to sell for more will make that happen.
How much, per month, is it costing you to keep owning it?0 -
Forget what you owe, and sell the flat for whatever you can get, then take out a loan to pay any remaining debt.
(and perhaps change your partner too, as he doesn't sound too hot with money!!)Should've = Should HAVE (not 'of')
Would've = Would HAVE (not 'of')
No, I am not perfect, but yes I do judge people on their use of basic English language. If you didn't know the above, then learn it! (If English is your second language, then you are forgiven!)0
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