House not selling - Taking over mortgage payments individually

ST1991

First, sorry if this is the wrong category.

After relationship breakdown my house has been for sale for a number of months. We had a buyer who pulled out in January so we're back to stage 1.
We took the house off the market so it wasn't sat there looking old and stale, and are now looking at a different way forward.

Unfortunately, the house is unique which doesn't boast in it's favour when looking for a quick sale. It's also old so does suffer from a few areas of damp (but nothing unmanageable or destructive).

We are paying half the mortgage each at the moment (despite me not living there) and we are looking at me potentially moving back into the house individually, and my ex partner moving out in 2 months time.

I would take over the full mortgage + bills, but we would of course still own the house equally. We'd then look at doing a bit of work to the house this year, and put it back on the market next year.

Is that stupid...? It seems to be a common occurrence from what I've see that one person will take over the payments and live there, but the other still keeps the same share of the house despite making no makings and enjoying the benefit of an increased sale price...

It doesn't hugely concern me, but my family are looking out for my best interests and advising me against it.

Cakeguts

It will sell if you get the price right.

Crashy_Time

Cakeguts wrote: »

It will sell if you get the price right.

Yep, may be less drama in the long run.

markin

Who would pay for the work to the house, how much? and would you not expect a bigger share if you spent 10K, and sweat on it.

Gwendo40

I'm sure things would be much simpler if you just reduced the asking price to a realistic level that will attract a buyer.

Crashy_Time

https://www.bloomberg.com/news/articles/2019-03-18/london-leads-fall-in-home-sales-as-buyers-hold-breath-for-brexit

jonboy321

The bog standard reply on these boards is that if your property is not selling it must be priced wrong. I think in the current climate that is completely wrong- the market is stuck at the moment because of Brexit- of course you will sell it if you slash the price (likely to an investor, looking to make money), but you won't get the best price.
Sit tight until after Brexit, its what every buyer in my area seems to be doing

Crashy_Time

jonboy321 wrote: »

The bog standard reply on these boards is that if your property is not selling it must be priced wrong. I think in the current climate that is completely wrong- the market is stuck at the moment because of Brexit- of course you will sell it if you slash the price (likely to an investor, looking to make money), but you won't get the best price.
Sit tight until after Brexit, its what every buyer in my area seems to be doing

I doubt that buyers will spring into action on the 30th March though, there are years of difficult negotiations and political turmoil ahead.

markin

jonboy321 wrote: »

The bog standard reply on these boards is that if your property is not selling it must be priced wrong. I think in the current climate that is completely wrong- the market is stuck at the moment because of Brexit- of course you will sell it if you slash the price (likely to an investor, looking to make money), but you won't get the best price.
Sit tight until after Brexit, its what every buyer in my area seems to be doing

Well that's the current market, we could change the standard answer to wait 2 years until after brexit, but i think most trying to sell Now want to to sell Now, For baby's, Divorce, Death ect.

Gwendo40

jonboy321 wrote: »

The bog standard reply on these boards is that if your property is not selling it must be priced wrong. I think in the current climate that is completely wrong- the market is stuck at the moment because of Brexit- of course you will sell it if you slash the price (likely to an investor, looking to make money), but you won't get the best price.
Sit tight until after Brexit, its what every buyer in my area seems to be doing

From what I can see of the ''current market'' anything that is priced sensibly and realistically WILL sell very quickly and easily... it's only the overpriced houses with stubborn, greedy, deluded or ''unmotivated'' vendors that are hanging around for months and not selling.

Davesnave

If I understand your post correctly, you've been trying to sell a 'unique' house, though in what respect it's so individual isn't revealed, only that it has damp. A previous sale failed and now you perceive the house has problems that you want to rectify before trying to sell it again.

There's nothing in your post to suggest that you have a good understanding of the problems like damp and how to rectify them, or other related building skills. This probably means you intend to employ people.

When people pour money into a long term house to improve it, they reap the benefits personally, which adds to their value for money over time. However, doing up a property just to sell it, isn't usually profitable these days. This is probably why your family think your plan is unwise.

There's also a world of difference between a couple building a home together and some chap on his own after a failed relationship, struggling to sort out a refurb. I've seen this a couple of times and it isn't a pretty sight. The interest and incentive just isn't there any more.

Finally, if I were your partner, I'd be extremely dubious about this plan which would leave me waiting for my money and still tied into the former relationship, instead of drawing a line under it. Whatever must they be thinking to agree?

As cakeguts says, all houses sell at the right price. Unless you are in negative equity, in which case spending more would be madness, I can see little merit in hanging on to the house.Price it right and you can both get on with your lives.