Want to buy but can't seem to sell, any options?

song_of_calliope

We own a house in a very rural part of the UK where the market is absolutely terrible. Our house has been on the market for four months with zero viewings. We've just dropped the price to £15k below valuation (10k less than we paid) but we don't hold out much hope it will sell quickly in any case.

Meanwhile we've moved to a more populous part of England and are anxious to get on the property ladder here, particularly as the media are reporting that house prices are set to soar and we don't want to miss out. We have about £35k equity in our house (based on the new price) and £7k in cash.

We contacted our mortgage lender who said they could lend us another £200k but only if we had a £30k deposit. We don't, so we would have to borrow against the existing house. Or should we get a bridging loan? Or do we just wait and hope?

My husband earns £45k and I just started a new job and earn £20k. We owe £70k on the old house. Any advice would be really appreciated as this is a very stressful situation and we don't know what's best to do! Thank you.

harrys_dad

Can you let the old house out? Alternatively, anything will sell if priced low enough. The only important figure is how much more you have to pay where you are living now compared to what you get for your old house. Not sure how much equity you have in your old house as is it only worth what someone will pay for it, not what you have it priced at.

song_of_calliope

We can't rent the old house out, this was one of the stipulations of my husbands relocation package with his work.

Totally agree its only worth what someone will pay which is why we've dropped the price to £15k below valuation in the hopes that will get us a buyer. Could go lower if necessary but not sure it will even help.

dancingfairy

auction for quick sale with low reserve?
df
Edit: why does your husbands work have any say in what you do with the old property? or am I missing something?

song_of_calliope

Thanks, df, that could be an idea. I have emailed an auction house to enquire - didn't know you could put a reserve on. If I put a reserve of say £95k and the house didn't sell would I owe anything to the auction house do you know?

The relocation package my husband has stipulates that we can't rent out our house as its meant for us to sell in our old area and buy in the new one. If we wanted to rent the old house out we'd have to pay back the relocation package. I know it seems ridiculous but I think their intent is to make sure we stay in our new area without keeping our options open to move back. The policy is not flexible and his job is with the civil service.

carefullycautious

Have you a rightmove link so us peeps can give feedback on what might be stalling the sale?

song_of_calliope

Link - i will leave this up for a few hours and then edit it out so please could i ask that no one copies this link into their own posts? thank you. --Link now edited out for privacy, thanks for looking.--

pmlindyloo

Just checking! Is it on Rightmove as well? Seems to be the site that most people use.

Agree about auction route if desperate.

Also, as it seems to be a nice second home for someone have you thought of putting an advert in the London papers - you never know someone might be looking for a quiet 'get away'.

Doesn't say much on the link about facilities near by (or did I miss it in my brief look?) I would like to know shops/pubs/restaurants/primary and secondary schools at a minimum.

Another thought - if you think you could rent it - have you tried explaining to employer about your difficulties and see if they will move on the clause in the relocation contract?

song_of_calliope

Yes I need to ask the estate agent to add details about facilities nearby - they aren't very good about that I'm afraid. I know there's a primary school a mile or so away but the nearest secondary is ten miles. Nearest little shop is 5 miles but there's a super tesco 8.5 miles away. No charming village pub in walking distance or anything, unfortunately!

Oh and it should go on rightmove in the next couple of days. Good idea about London paper - do you happen to know of any that charge reasonable rates?

[Deleted User]

This one near by is up for auction on the 29th, you could keep an eye on that auction to see how it goes, or possibly ride on the coat tails and get your house in the same auction and hopefully someone that misses out on this one may go for yours?

Looking at the other houses in the surrounding area it seems as though your house may be over priced, I'm not sure of the specifics of the area but there's a 5 bed detached house (that looks absolutely wonderful inside) on for £145,000!

WellKnownSid

Mmm... rural, like our area, the end of nowhere as opposed to the middle of it. Pricing looks reasonable based upon other properties with the agent.

Photo one - zero kerb appeal. The property lacks the charm of something older, so the garden needs to work a lot harder than the 'open plan' partially mowed lawn is now.

Photo two - walls look marked, carpet looks worn, and there is always something about seeing a property without furniture... that abandoned look...

Whilst very few of the local places for sale seem to have a decent garden, all the places under offer with the same agent seem to have furniture in them and look like a home...