Can't sell our house!

Canucklehead

Good morning: We live in Thanet and know the market well...lots of properties have been on the shelf here overpriced and not selling. As you know, your property is beyond the reach of most locals and would appeal the most to out-of-towners looking for an investment property (no doubt attracted by the hype of Margate's 'regeneration'). We have had dealings with your current agent as buyers..IMHO they are carp....kept sending us details by text for every new property on the market even though we specifically requested info bungalows in Broadstairs (the 12 bedroom, former flophouse house in Cliftonville' skankiest area sadly , as well as the 200 other properties, did not fit the bill. Offers made on bungalows disappeared into the ether. One especially surly female agent (don't know if Ms. Charmless is still there) was put out when she had to conduct a viewing Funny, I thought they wanted to sell properties!
When your contract ends, I would recommend giving Wards and Parkland a ring...have had positive dealings with both as buyers.

HTH

Canucklehead

AndrewSmith

The agent has to be very careful how he describes them in his particulars.

If the property is registered on a single title deed at land registry then, under the property mis-descriptions act, he cannot legally call it 2 properties. An annexe is not a separate property.

Problems that would occur from splitting into separate properties will include boundry issues, access rights drainage responsibilities etc etc.

Also you would find it harder to sell a 1 bed cottage that is effectively in the grounds of and overlooked by another house. Not to mention the difficulty in selling a then 2 bed house that has a chunk of it's garden missing, possibly akward access and is overlooked very closely by another house.

Talk to as many local agents as you can to ascertain a realistic selling price. This should give you a more accurate flavour of the local market and the kind of figure you should be expecting to achieve.

Becks045

We are not going to go donw the road of seperating the two properties as it will take ages to organise with the council etc and will create major issues with boundries and I think may end up becoming even more complicated!

We are considering offering to pay the vendors stamp duty which we feel could be a good incentive. I have noticed other people doing this, so I presume you are allowed to offer such a deal?

Canucklehead

Good afternoon: OH and I dropped by your property this am....to be be blunt the location of it just off the main road out of Margate, the church next door, the motorcycle dealer on the corner and the general feel of the area doesn't bode well...as BettiePage said previously, no one will want to drop that much money on the property as it is....a very impressive interior could counterbalance the location but the new owner would have to spend out on a new kitchen, bathroom and flooring for starters....perhaps it would also need a rewire and new central heating but obviously we can only glean so much from the photos on Rightmove. There is a currently a glut of rental properties on the market...lots of new builds and refurbs sitting vacant, including the Sea Bathing development just around the corner.

Good luck with your sale.

Canucklehead

RedTomato

Well, I'm confused. You say that you own several investment properties and you want to sell one to raise capital. Why then choose one that is unusual and therefore probably harder to sell to put on the market?
If it is providing you with a profit, why not keep it and sell one of the others?

nelly_2

RedTomato wrote: »

Well, I'm confused. You say that you own several investment properties and you want to sell one to raise capital. Why then choose one that is unusual and therefore probably harder to sell to put on the market?
If it is providing you with a profit, why not keep it and sell one of the others?

I thought that but couldnt be @rsed writting it

sdooley

Your estate agent and solicitor will be engaging in a conspiracy of laziness in saying 'you can't split the deeds'.

The council might say no, if they can, but otherwise it's your decision.

Better to take it off the market and do the legwork then put back on.

lynzpower

RedTomato wrote: »

Well, I'm confused. You say that you own several investment properties and you want to sell one to raise capital. Why then choose one that is unusual and therefore probably harder to sell to put on the market?
If it is providing you with a profit, why not keep it and sell one of the others?

this was exactly what I was going to say too.

Certainly seems to make more sense... .

Debt_Free_Chick

sdooley wrote: »

Your estate agent and solicitor will be engaging in a conspiracy of laziness in saying 'you can't split the deeds'.

The council might say no, if they can, but otherwise it's your decision.

This is not necessarily true. From a Planning point of view, the cottage is likely to be an annexe to the main house i.e. using it as a completely separate property will be contrary to Planning law.

This often happens in areas where no new residential development is permitted. The owners get permission to use the cottage ONLY as an annexe and have to enter into an agreement that it will not be split off and used separately from the main house.

Should that be the case, then the owner would need to submit an application for change of use, to convert the annexe into a separate residential dwelling.

Debt_Free_Chick

Seth wrote: »

The flat is worth approx 350-400k and fortunately I have no mortgage. Would the interest income simply be viewed as additional income and take me into the next tax bracket or is it possible to offset rental payments against it?

Which rental payments? Your own, as you intend to sell and then rent? If so, then no - you can't offset the rent you pay to live in a property against anything.

You should use ISA allowances for savings, first - but that will only allow you to shelter £7k, in each tax year.