LBTT Scotland

WildBill78

Pixie5740 wrote: »

On the brightside if you upsized from your Cruden Bay house then due to the reduced demand for housing in the North East and therefore lower prices you probably paid less for the new house than you would have done when oil was $100/bbl. Therefore even if you have to drop the price of the Cruden Bay house further your net position is probably quite good.

A colleague of mine was in a similar situation to you trying to sell a house not a million miles away in Stuartfield in order to reclaim the ADS and she managed it within the 18 month timescale. So it can done.

My colleague sold to someone already living in the area. That's probably the kind of person who would buy your house. If demand for buying in Cruden Bay isn't high I can't imagine demand for rental properties is either.

Cracking beach though.

On the contrary I had to pay 10k over valuation with the house I bought.....market fell off shortly after, typical huh! I could rent it quite easily here and have had several people asking me for first refusal should I do so.....but Im really not into the hassle of it all!! Like the post before mentioned I would like to think the market will pick up in the next year or so but who knows?!

Pixie5740

What we need is a good war* to drive the price of oil back up.


*Not really

Crashy_Time

resk wrote: »

I suppose if the OP is being optimistic he's thinking that, should the law be amended to align Scotland with the rUK (ie. 18 months becomes 36 months), between now and April 2019 the situation in NE Scotland will have recovered sufficiently that someone will be willing to pay 165K (or more) for the house. After all, you only need one buyer.

Of course, prices in the area could continue to drop in that period... nobody knows!

Realistically what are the chances though...?


http://www.telegraph.co.uk/business/2017/06/24/north-sea-debt-battle-drag-oil-price-forecasts-slashed/

Thrugelmir

Pixie5740 wrote: »

What we need is a good war* to drive the price of oil back up.

If US fracking output remains resilient and OPEC is therefore neutered. Then little point in hanging on in hope alone. Sometimes one needs to be pragmatic.

Crashy_Time

Thrugelmir wrote: »

If US fracking output remains resilient and OPEC is therefore neutered. Then little point in hanging on in hope alone. Sometimes one needs to be pragmatic.

Yes, but this is one of the (until recently) wealthiest areas of the UK, the same will happen when London pops, people will take time to adjust to the new reality.

resk

Crashy_Time wrote: »

Realistically what are the chances though...?

Probably quite slim. But houses are still shifting. Anecdotally I heard yesterday of people bidding 10k over the offers over price (!) for a property in the city. However, I agree with your general point about prices declining. If I was in the OP's position, I'd bang it down to offers over 150k and just try to shift it. After all, if it was purchased say 10 or 15 years ago then it's not really losing money, is it? Just making less money than he would have made selling it in 2014.

GingerFurball_2

WildBill78 wrote: »

Yes but I am not sitting on an empty home deliberately to gain myself. Its been costing me around £300 a month having it which I could do without tbh!


Thanks Pixie5740, it was a sore one and like I have said I knew nothing of it or else I would not have got myself into this situation! I appreciate I went into this with my eyes a bit closed but Im sure Im not the first person blinkered by their dream home!


I have had the home report done twice now, but tbh it seems a waste of time renewing them as the surveyor takes 5 minutes and basically doesn't change a thing! They were both exactly the same value fyi. The estate agent has been out several times and said theres nothing wrong just the market where I live is very slow at the minute!


What I had hoped is that I would have some grounds to grant an extension to the reclaim period as I can prove that the house has been marketed actively and never leased. It is by virtue of the market conditions and in no way related to any monetary gain that I am in this situation!

If it's not renewed then if you do get a seller they won't be able to get a mortgage without an up to date Home Report.

Polly05

Then they'll get a new home report when they get an offer..?

davidmcn

Polly05 wrote: »

Then they'll get a new home report when they get an offer..?

Yes, that's the norm - the offer is conditional on (among other things) a satisfactory updated HR. You wouldn't normally constantly update it while marketing.

Crashy_Time

resk wrote: »

Probably quite slim. But houses are still shifting. Anecdotally I heard yesterday of people bidding 10k over the offers over price (!) for a property in the city. However, I agree with your general point about prices declining. If I was in the OP's position, I'd bang it down to offers over 150k and just try to shift it. After all, if it was purchased say 10 or 15 years ago then it's not really losing money, is it? Just making less money than he would have made selling it in 2014.

Exactly, just get it sold is the way to go now.