Can I give my flat back?

Smellyonion

qwert_yuiop wrote: »

I know jersey got badly damaged by the banking crash back in 2008, and has been on a serious austerity programme since. Is guernsey the same?

The OP is right, there is not a Flat market in Guernsey because that demographic of person who would buy a flat is very low on the island. It has a skewed age distribution (to the high end), high wages and low population growth - they type that want houses.


The value of something is determined by the price people are willing to pay for something so the othe poster was right in that its value is not really 170k.

qwert_yuiop

Smellyonion wrote: »

The value of something is determined by the price people are willing to pay for something so the othe poster was right in that its value is not really 170k.

Well, indeed, and I’m surprised the estate agent hasn’t been pushing for a sale at a much lower price.
What’s the flat rental market like in guernsey?

foxy-stoat

JoanneNY wrote: »

Bank have flatly refused the buyers a mortgage due to works that need doing

Get your own survey done and sort out what ever needs doing, you will walk away with some cash at the end of it.

lisyloo

You would be much better off sorting out what needs doing yourself.
If you did hand back, you'd have a trashed credit record but also the bank will charge every job (even cutting the grass) at commercial rates, so you could still end up owing money on it, so it would be a really bad idea.


Have you considered auction?
or the "we buy any house" route? (generally not recommended)

qwert_yuiop

Very limited market on an island with 63,000 people.

JoanneNY

It started at 210k, now down to 170k

JoanneNY

It started off at 220k and has come down to 170k

Takmon

JoanneNY wrote: »

It started off at 220k and has come down to 170k

So 170k isn't actually the value of the flat that is just what an estate agent has told you to list it at.

Have you checked to see how much similar properties have sold for and when?

muhandis

I think this is your biggest problem now. If, as this suggests, the flat is un-mortgageable, that immediately narrows down your pool of buyers massively.

Unfortunately, it looks like you will need to find out what needs to be done for it to be acceptable security for a mortgage, get the work done and put it back on the market.

Or else try the we-buy-your-house-now types to sell it as is.

JoanneNY wrote: »

Bank have flatly refused the buyers a mortgage due to works that need doing

uknovaman

how about using it as a holiday let?