Selling - 1 Viewing in 2 weeks

00ec25

gazfocus wrote: »

don't get me wrong, I'm not discounting your comment and if I was buying again, I'd definitely choose more space over a newer house.

OK 5 miles radius of your property, price range 60k - 90k minimum 3 bed brings up 32 properties of which 7 are SO. patently there are 24 x 3 bed 100% properties for sale in direct competition to you. Whilst there is always a premium for being a new build, yours is now secondhand, not new. Yes it has new styles etc but does that really make yours worth an extra 40% on the asking price and add into that equation the relative uncertainty of future rental increase on the SO bit? yes there will always be people who are snobby over ex council, but I'm snobby over new & bad value SO

I accept that of the SO ones, yours is not disproportionately priced against them, but what do you think would make a viewer want to pick yours over these given it is in the middle of a sea of similarities?

65k for 50% Chapel St - mid terrace, old, small, to be forgotten
70k for 40% (or 100%) New St - semi, new, (pricey) contender against yours?
70k for 35% Dallington Av, - semi, new, (pricey) contender against yours?
72k for 50% - your own property
75k for 50% Higher bank St - semi ("mews"), new, every room is bigger than yours but you have a conservatory, they don't. A worthy contender given its village location compared to your town centre near a motorway location?
77.5K for 50% Shireburne Dr - semi, new, the 4 bed already mentioned, a very strong contender?
80k for 50% Dunnerholme Av - semi, new, (pricey) contender against yours?

Cakeguts

When did the mortgage valuer value your house at £72k. When you bought it new or recently when the tenants were living there?

Crashy_Time

gazfocus wrote: »

Well, smart !!!!, by definition, a shared ownership house is always going to be leasehold. When you staircase to 100% you get the freehold.

Love the little terms the money lenders use to draw people into this nonsense. Shocking really, SO will be the PPI of the future IMO.

gazfocus

Cakeguts wrote: »

When did the mortgage valuer value your house at £72k. When you bought it new or recently when the tenants were living there?

About 4 weeks ago when the current tenants were applying for their mortgage to buy the house

Alex28

I thought you were selling via an estate agent and the tenants moving out. Why are they applying for a mortgage?

Having read this thread I think the main problems here are it being shared ownership combined with having tenants. Neither are desirable and together probably putting people off.

gazfocus

Alex28 wrote: »

I thought you were selling via an estate agent and the tenants moving out. Why are they applying for a mortgage?

Having read this thread I think the main problems here are it being shared ownership combined with having tenants. Neither are desirable and together probably putting people off.

This was covered earlier in the thread, but essentially, the current tenants viewed the house (through an ad I placed on Facebook). They made an offer and we accepted, at which point they proceeded to apply for a mortgage, etc. They had to vacate the house they were renting so to save some hassle I agreed to rent them the house they were buying (with the housing association/mortgage lenders permission).

Unfortunately, the buyers circumstances changed and so they could no longer get the mortgage they needed, so had to pull out, at which point we listed it with an estate agents and the tenants gave their months notice at the end of June as they've had to find an alternative rental property.

getmore4less

The tenants were buying but seem to have pulled out.

Lucky escape.

Forget trying to pretend it has any nearly new build premium till it looks like one.

Leo2020

Not read all the thread. I have seen a lot worse for sale as in worse condition, very untidy, obvious major problems etc.

Seems OK looking, nothing particularly stands out other than the kitchen handles which appear to be in the wrong place. Never seen handles placed near the top of wall hung units. Looks very odd to me.

I think tenants is an issue as as it will put many people off plus you will only attract a small number of people because it is shared ownership. Small pool of people to start with who would want your house because of shared ownership minus all the ones within that group who will be put off by tenants = not a lot of people who will want to buy.

Crashy_Time

100% of this house is worth 72k, definitely, IMO.

Dreysha

As a matter of fact I am.

The fact is you're competing against new build shared ownership, which will always be more desirable. If people are going to purchase through an affordable housing scheme they'd buy one that has never been lived in before, has the full 12 year building warranty and brand spanking new appliances covered under their manufacturers warranty. This target market doesn't want a second hand affordable scheme that has been neglected by tenants and landlord who hasn't bothered fixing it up.

Your best bet is to sell 100% so it opens up your market and an investor can come nab it up without having to qualify someone for the strict shared ownership criteria. Your HA should already be doing this if they fail to find a buyer after an allocated time frame.

But who knows what conditions you're bound by considering they've allowed subletting...