Selling Flat with ex....

LondonGirl252

Hi all

Just looking for a bit of impartial advice really. Here's the situation;

Own a flat with my now ex-boyfriend. We bought in Sept 2015 in the south west a 2 bed apartment for £300k. We were FTB.


We broke up in January as amicable as can be in these situations and have been sharing the property since.

He was away for the second month of the break up so decided to put the flat on the market when he got back 1 March so was in the spring feeling thats a good time to sell.

Mortgage was £255k now at £240k so £15k equity paid off. All the sums around split of sale value above mortgage we're in agreement on. If we sell before 31.10.2018 we're tied into an £8k exit fee on the mortgage.

Long story short we've had a nightmare with the estate agents and it didn't go on the market until 1 April. It initially went on at £375k (I know!) we stupidly followed EA's advice and turned out un-surprisingly her valuation was way out. Reduced to £345k within about 10 days.

Had a few viewings and one offer at £300k which was politely rejected.

Since then no activity or interest at all, it's a lovely flat, only 11 years old with a balcony with nice views, lovely big rooms and wouldn't need any work doing at all.

Now they're suggested we drop to £325k as market slow and quite a lot of 2 bed apartments on market and we're highly priced compared to those and that would bring us into a different search bracket on right move and might generate more interest.

So we agreed on the basis it being put as "offers in excess of £325k". Will see how it does over the next couple of weeks and if that works at all. If not need to accept we're playing a long game here and potentially will be looking for a buyer for longer than ideal.

So been thinking through options as I am at my wits end and honestly can't bear the thought of staying in here much longer, we have separate bedrooms etc but I just can't go on living with him, I need to be able to move on.

I'm very fortunate I've worked bl00dy hard over the last two years and have a good income each month so could potentially afford to rent while I contribute to the mortgage if he agrees to take on the household bills and increase his contribution to the mortgage.

Is this a reasonable thing to suggest? If he's not keen do I have any welly to be able to force his hand on this? What about if I suggested renting my room out to cover some costs so I can rent? This is something I assume he would have to agree to.

I have also suggested I take on the flat financially 100% to allow him to rent/houseshare elsewhere while it sells but not getting much enthusiasm on that from him either.

Any advice/suggestions here? I have suggested we take it off the market until end of summer and aim to sell it after we're out the mortgage exit fee thingy but that would have to be on the basis only one of us lives here as I think I'd be in a seriously bad place if this were to go on much longer, I'm already having to see a therapist on a bi-weekly basis as it is.....

Many Thanks
LG
x

hazyjo

Many moons ago, I split with a fiance and we had 2 weeks each at our flat. It was unsettling, and bloody hard work being back with parents for two weeks a month, but it was worth it for the two weeks on my own at the flat.

Would it be a possibility? Would you each have somewhere to stay?

Personally I would try another agent first. It may be that your photos are crap or something is missing or putting people off viewing.

It's a brave person who puts a link up for critique, but it has often had very positive results if people aren't too defensive or in denial. If you want to try, we'd be happy to give a bit of honesty!

Good luck x

Mutton_Geoff

hazyjo wrote: »

It's a brave person who puts a link up for critique, but it has often had very positive results if people aren't too defensive or in denial. If you want to try, we'd be happy to give a bit of honesty! Good luck x

Unfortunately, although I love this forum, one of it's bugbears is the sheer number of armchair house doctors that like to advise on sellers properties. Declutter seems to be the keyword but I fear many have never owned or sold their own property but give advice on the experience of the amount of property !!!!!! they've seen on TV.


If my house wasn't selling, this would be the last place I'd post a link asking for advice. Invite other agents in and/or speak to the most senior manager/owner of the agent you are with.

Candyapple

LondonGirl252 wrote: »

Now they're suggested we drop to £325k as market slow and quite a lot of 2 bed apartments on market and we are highly priced compared to those and that would bring us into a different search bracket on right move and might generate more interest.

So we agreed on the basis it being put as "offers in excess of £325k". Will see how it does over the next couple of weeks and if that works at all. If not need to accept we're playing a long game here and potentially will be looking for a buyer for longer than ideal.

You do realise that most buyers don’t give a monkeys about ‘offers over’ and will offer what they think the property is worth? If you want over £325k, just put a solid price on it.

Forget the niceties about making your flat presentable, price seems to be your issue and if your local market is flooded with 2 bed properties, all of the prices lower than yours, then what makes you think that by leaving yours on for a year or 2 years is going to make a buyer say y’know what, even though all these other flats are £10/20/30k cheaper, I’ll pay over the odds and buy this one?

What figure would you both accept realistically?

LondonGirl252 wrote: »

I'm very fortunate I've worked bl00dy hard over the last two years and have a good income each month so could potentially afford to rent while I contribute to the mortgage if he agrees to take on the household bills and increase his contribution to the mortgage.

Is this a reasonable thing to suggest? If he's not keen do I have any welly to be able to force his hand on this?

You run the risk of your ex getting comfortable with you not being around, having a 2 bed flat all to himself and paying a lesser amount in mortgage than he would do in rent, so he has no incentive to sell and move on. All the while you’ll be renting and still paying a portion of the mortgage to appease his lifestyle with no end in sight unless you start expensive legal proceedings.

If there is an £8k exit fee for not waiting 6 months then you are silly for not waiting that period out and then putting it on the market. Or at the very least, Aug/Sept time.

Does your ex think you both should carry on living together until the flat is sold?

Aspiration

I'd agree with the post above. Very hard to get someone out who is a joint owner and force the sale. To move on quickly you're better reducing the flat and selling at the best price you can achieve.

kazwookie

Change estate agents.

The one you have sounds awful.

hazyjo

Mutton_Geoff wrote: »

Unfortunately, although I love this forum, one of it's bugbears is the sheer number of armchair house doctors that like to advise on sellers properties. Declutter seems to be the keyword but I fear many have never owned or sold their own property but give advice on the experience of the amount of property !!!!!! they've seen on TV.

Strongly disagree, but hey ho. Nothing more to say on the matter. You think one way, I think another.

Brightspark87

LG catching up - hope you drop in and see this. Thinking of you and hope you've resolved this xx