New Build House

TrickyTree83

The only things I could suggest would be to roll your sleeves up and get stuck into some DIY damage limitation.

Maybe get a survey done to see what they think your property is really worth.

Look into ways you can solve the drainage issue yourself at minimal cost - or simply leave it and hope to sell during a dry period.

Spend some money on a lick of paint, do some gardening, make good all the little defects you can before you put it on the market.

Other than that you're probably going to have to take a hit on the price but possibly less if you put a bit of work in. There will be people who want that type of house straight away rather than waiting for one that is being built. There's all sorts of things people will look for rather than being the first owners. Which way does the garden face, what is the traffic like, what is the location of the plot relative to amenities, is it a corner plot, is it overlooked, etc...etc... You're going to need to bust a gut on the positives to justify either the same price as the new properties being built or possibly (optimistically?) a higher price.

LittleMrsThrifty

To be fair to the OP, in a world where people can receive compensation for spilling a cup of hot coffee on themselves and talk of mis-sold PPI, etc are widespread - the idea doesn't seem so crazy after all.

OP - if you really want to sell the house do speak to local agents. Developers often build on the best plots first so you might find your house has potential that others don't. If the rent really isn't paying the mortgage and this is a financial tie to your ex-spouse which is preventing you from moving on with your life, then you might want to consider taking out a loan to cover the negative equity just to be able to move forward.

andyhaughton

at last someone who gets where im coming from thankyou LittleMrsThrifty

Chanes

As a final thought, I do have some sympathy, we lost about 20k on our first house back in 1988, we paid 36k (plus 25k renovation work) for it and then the slump hit in a bit way by the time we wanted to move. You're right, you've learned a lesson but I think you already knew it and there isn't any harm in seeing if there is a way of reducing the hurt, I don't blame you for asking.

andyhaughton

actually thinking about this again, and i may be better trying to see if i was mis-sold my mortgage , i was able to borrow £220,000 on a self cert mortgage the only evidence I needed was copies of my bank statements. This was a Northern Rock mortgage, which went belly up taken over by NRAM now sold to Whistletree owned by TSB. Im stuck on a variable rate of 4.34 which I cant move to another product or lender

Please dont shoot me down in flames, just friendly advice please

hmd1987

how much is the house worth roughly, and how much is left on your mortgage?

it doesn't look like you've been missold anything. Plenty of good advice has been given here

andyhaughton

yes and i appreciate all the advice but as LittleMrsThrifty stated PPI claims are all over the show now so why not mortgages, Ill not comment anymore as I think hard truth has been learnt here, I am a lot wiser than I was 2 days ago so thank you all for your advice

lincroft1710

You need a mortgage if you haven't enough money to buy a house, but you don't necessarily need PPI. Hence the claims about PPI being mis-sold (which in many cases it wasn't).

I cannot see you have any grounds for claiming a mis-sold mortgage.

davidmcn

andyhaughton wrote: »

actually thinking about this again, and i may be better trying to see if i was mis-sold my mortgage , i was able to borrow £220,000 on a self cert mortgage the only evidence I needed was copies of my bank statements. This was a Northern Rock mortgage, which went belly up taken over by NRAM now sold to Whistletree owned by TSB. Im stuck on a variable rate of 4.34 which I cant move to another product or lender

Please dont shoot me down in flames, just friendly advice please

If you hadn't been sold that £220,000 mortgage, you'd presumably have taken a different £220,000 mortgage - and still be in negative equity today and unable to move to another product. So I'm not sure where any claim (if you even had one) would take you.

andyhaughton

ok lets close the discussion now, all advice has been taken on board, many thanks