Can't sell 1 bed flat in Eastcote, Middlesex

Retired_Mortgage_Adviser

For what it's worth, good on you for handling a difficult situation in a sensitive and mature manner that respects your parents' wishes.

It's great that the listing has been updated, give it at least a month or two to see if there is an uptick in viewings before thinking of any additional steps to take.

Good luck!

JayRitchie

RelievedSheff wrote: »

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Why would they buy a second hand property that is further away from facilities and isn't being presented to it's best in the advertisement, when they can have brand new for less money?

You need to appeal much more to your target market.

The OPs flat has parking - new build ones in the area tend not to. That’s a huge difference. Effectively a can get a new build very near the station for around the same price but not park a car. Different people will have different priorities.

[Deleted User]

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.

You can choose you look at that way if you want or you could realise that I was pointing out that you have far more control in this situation than you think which should make selling the property easier which is what your thread is about after all.

As for how things are in my family, my family wouldn't have railroaded me into buying the property in the first place (possibly by committing mortgage fraud to boot) , made me move out instead of having my boyfriend move in with me, not would they hold me to ransom over selling it.

kazzamunga

Lover_of_Lycra wrote: »

You can choose you look at that way if you want or you could realise that I was pointing out that you have far more control in this situation than you think which should make selling the property easier which is what your thread is about after all.

As for how things are in my family, my family wouldn't have railroaded me into buying the property in the first place (possibly by committing mortgage fraud to boot) , made me move out instead of having my boyfriend move in with me, not would they hold me to ransom over selling it.

True - I think I've made it clear that I'm not happy with any of those things, it's been a really tough time because of the position(s) I've been put in because of this flat. Hopefully things are on the up now, a few little touches and splashes of colour, clutter tidied away, etc. New pics booked in for next week.

kazzamunga

JayRitchie wrote: »

The OPs flat has parking - new build ones in the area tend not to. That’s a huge difference. Effectively a can get a new build very near the station for around the same price but not park a car. Different people will have different priorities.

That's what the EA said when I spoke to him yesterday as well. Yes there are people that just follow new-build properties close to stations, whatever the area, but there are people who want the experience of living in a landscaped estate and to whom a parking space is more important than being closer to a station - so the two groups of people aren't necessarily competing.
My cousin has one of the flats in Wembley Park, btw, and although it's a nice flat and the area is better than it was, she's just as far from the station as my flat is, and her boyfriend has to circle the block trying to find a place for his car every evening.

kazzamunga

getmore4less wrote: »

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.

Since you mentioned this I looked into it, and I don't think it's that much of an issue. The deed of trust says that on sale half the equity goes directly to me and half goes to my mum. With my mum not around, I think that means the other half goes to my dad. Let's say it sells for £280k, then with the £12,000 allowance, it's just 28% of £5500, so it's £1500 or thereabouts. It's not ideal when without the DoT it wouldn't have happened because the money would have gone to me directly, but it's not as bad as I thought.

getmore4less

kazzamunga wrote: »

Since you mentioned this I looked into it, and I don't think it's that much of an issue. The deed of trust says that on sale half the equity goes directly to me and half goes to my mum. With my mum not around, I think that means the other half goes to my dad. Let's say it sells for £280k, then with the £12,000 allowance, it's just 28% of £5500, so it's £1500 or thereabouts. It's not ideal when without the DoT it wouldn't have happened because the money would have gone to me directly, but it's not as bad as I thought.

That depends on your mums will and the DOT.
CGT gets reset on the death of a beneficial owner.

kazzamunga

My mum had a mirror will that gave everything to my dad. Yeah it gets reset to 28%, right? As she was drawing her pension and didn't have a job, I believe she would have paid less than that.

GDB2222

kazzamunga wrote: »

My mum had a mirror will that gave everything to my dad. Yeah it gets reset to 28%, right? As she was drawing her pension and didn't have a job, I believe she would have paid less than that.

The base price for your dad's half gets reset to the value when your mum died.

kazzamunga

huh? you mean they find out the value of the flat when my mum died even though we weren't selling it then, and base it on that? that can't be right?


The only information I can find is about property which has increased in value since the person's death (this definitely hasn't), and ones that talk about inherited property, which isn't exactly relevant here, as the flat is in my name with my mum's name attached - so it's not really an inheritance.