Can't sell 1 bed flat in Eastcote, Middlesex

GDB2222

kazzamunga wrote: »

I didn't realise anyone had asked that. The flat is in my name with a deed of trust that connects me to my parents. Is that relevant to the OP? I'm asking for help on how to sell it.

I could see no relevance.

Personally, I think the flat looks fine, although better photos may help slightly. Setting the right price is important. And the London market is quite quiet at the moment, so you may have to be patient.

kazzamunga

Lover_of_Lycra wrote: »

Yes it does make a difference in that you are the sole legal owner meaning you should be able to do as you please when it comes to selling the property. I'm surprised the mortgage lender allowed you to take out a mortgage whilst having a deed of trust in place. Did your mother have to sign anything when it came to the deposit such as a gift declaration?

Yep well it's really not that simple when it comes to family, is it. Not going to go too much into the ins and outs of how it was set up, if that's OK. We took legal advice at the time and followed it, so as far as I'm concerned it's all legit.

[Deleted User]

GDB2222 wrote: »

I could see no relevance.

That doesn't make the question irrelevant.

[Deleted User]

kazzamunga wrote: »

Yep well it's really not that simple when it comes to family, is it. Not going to go too much into the ins and outs of how it was set up, if that's OK. We took legal advice at the time and followed it, so as far as I'm concerned it's all legit.

It's as simple as you choose to make it. It's fine if you don't want to go into the ins and outs of how things were set up. It seems odd to me that a lender would accept the arrangement of your parents having a beneficial interest in the property but not being party to the mortgage. However, you're the one who apparently had to move out because you wanted to live with your boyfriend and are now stuck with a property you can't sell because you can't see eye to eye with the other beneficial owners, if that's indeed what they are, whilst your brother lives in the property for next to nothing. There's only so much posters can advise and that you can do if other owners don't want to drop the price etc. However, if you could prove that these other beneficial owners are not owners at all it would give you a lot more freedom to get on with just selling the place.

getmore4less

Could well be relevant

As the sole legal owner/trustee they could have sold the place.

What terms in the deed stopped you having guests or even lodgers or lovers live in the place?

If it sells at current asking(now £295k) sorting out the CGT liabilities won't be straight forward on that £50k gain with the death of a partial beneficial owner.

kazzamunga

Thanks everyone for highlighting how complicated the situation is yet again. It's not relevant, because I chose to respect my parents' views insert of asserting my legal rights. I don't know it is in other families, but that's how it is in mine. I would have done it very differently, but that's how it goes. Just trying to extricate myself now. But in terms of selling itself, it's not that complicated. We did all eventually agree to sell, and we have all agreed to drop the price - so I don't think it's quite as bad as is being made out.

RelievedSheff

kazzamunga wrote: »

Well I think the car is quite strategically placed, but the door is also fixed, ha.

Not particularly hopeful about anything at this stage. Some viewings would be nice though, I find it totally bizarre that people aren't even viewing and then making a cheeky offer. Everyone knows that people don't expect asking price in the English market. I have a budget of £190k max where I am, and I have gone to view ones at £210k, and made an offer on one at £200k, and got it for the price I wanted. It's standard.

That might be the case where you are based but it certainly isn't the case everywhere.

In Sheffield for example the asking price is usually the starting price for negotiations and properties usually sell for asking price and above.

GDB2222

RelievedSheff wrote: »

That might be the case where you are based but it certainly isn't the case everywhere.

In Sheffield for example the asking price is usually the starting price for negotiations and properties usually sell for asking price and above.

That's very interesting, and I'll bear it in mind if I ever come to live in Sheffield**. In London, it's not usual.

** I've nothing against Sheffield, in case the above sounds that way.

getmore4less

Why bother putting in the background and now say it is not relevant.

Simply overpriced for those currently buying.

Wait long enough some buyers might turn up that think it worth the price.

markin

kazzamunga wrote: »

Thanks everyone for highlighting how complicated the situation is yet again. It's not relevant, because I chose to respect my parents' views insert of asserting my legal rights. I don't know it is in other families, but that's how it is in mine. I would have done it very differently, but that's how it goes. Just trying to extricate myself now. But in terms of selling itself, it's not that complicated. We did all eventually agree to sell, and we have all agreed to drop the price - so I don't think it's quite as bad as is being made out.

Lets see if they will all agree to 275?

5 months into trying to sell our one-bed flat in a desirable estate

Its fine for you to chose to respect your parents views, we just like to be on the same page as to your legal rights.