Living in Spain, trying to sell UK house, no funds left-PLEASE HELP!!!!

babyblade41

Firstly get a job, volunteering is very admirable but doesn't pay the bills , 

All properties will sell at the right price so have a look at prices sold in the area and reduce a bit more .

Doozergirl

zagubov said:

Doozergirl said:

Bankruptcy does seem like using a cannonball to kill a fly.  

You have a proper gift for metaphor; I'm stealing this as it's better than my "using a combine harvester to trim your window box".
Or "getting a surgeon to amputate your hands when you don't like the gloves you're wearing"

Haha!  I love the window box one, particularly! 

I'll do you a swap 😂

Doozergirl

markin said:

You may be able to get a payment break if you ask.  But rent covering the costs is better than not, are you on benefits in spain?

With an interest only mortgage, I'd say not.  It's an ongoing stress, and if there is a void then you're repeatedly encountering a similar issue to the house not selling.  That's without an unexpected repair bill for a roof or boiler.  

I really think a sensible conversation with the mortgage company in order to allow it to be sold at a sensible price is the best way forward.  That may include a payment holiday as well.  

It would be good to see the house listing.  See what a job the agent is doing of marketing it.  

kazwookie

Rent it out and get a paid job.

Ask your OH to help out £

Reduce the price to get shot of it.

Is the house clean and tidy inc  the garden?

Are the estate agents photos up to par? is there a floor plan.

[Deleted User]

The problem is with renting a property out, you have to have a Letting Agent who is responsible and knows what they are doing, and to protect yourself, you need to know what you are doing legally as well (and how to differentiate between reliable tenants and the nightmare sort, credit scores and references aren't always enough).  The owner living in Spain is another off putting complication as well.  Personally I would sell, and take what losses I had to.  There doesn't seem to be a lot of choice.  If necessary taking a loan to cover the shortfall or make arrangements with the lender to pay it off over time.  This is possible but you won't know if the lender will agree until you ask.

Feverdiva

Thanks everyone for your comments.  I'm volunteering because jobs are very hard to come by in Andalucia, especially as I can only work part time whilst my daughter is in school (OH travels for work) I'm hoping that the experience I gain through volunteering will help me secure a job along the line.  I don't receive benefits of any kind either in Spain or the UK and I never have, I worked from leaving Uni and never had any financial problems.  This house is a holdover from my first marriage when I naively bought my then husband out because I felt sorry for him and it's been like a weight around my neck ever since.  I first put it for sale just as the crisis started and have tried a couple of times since.  It was most recently put on the market last April. The house is in good order and has all relevant energy certs etc, 

Fosterdog

The only obvious answer is to get a job to cover the ongoing costs, and possibly rent it out to help cover the majority of them. The amount you must be paying in insurance, utilities, and council tax would make it worth cutting your losses, selling at a loss and either taking out a loan for the difference or if your partner could help you cover the shortfall.

How exactly do you get a house worth £122k with a mortgage of £119k and on an interest only mortgage, did you get a 100% mortgage and go straight onto interest only instead of repayment? 

DCFC79

Is it this 1 OP
https://www.rightmove.co.uk/property-for-sale/property-73163035.html

[Deleted User]

Feverdiva said:

Thanks everyone for your comments.  I'm volunteering because jobs are very hard to come by in Andalucia, especially as I can only work part time whilst my daughter is in school (OH travels for work) I'm hoping that the experience I gain through volunteering will help me secure a job along the line.  I don't receive benefits of any kind either in Spain or the UK and I never have, I worked from leaving Uni and never had any financial problems.  This house is a holdover from my first marriage when I naively bought my then husband out because I felt sorry for him and it's been like a weight around my neck ever since.  I first put it for sale just as the crisis started and have tried a couple of times since.  It was most recently put on the market last April. The house is in good order and has all relevant energy certs etc, it won't let me post a link but it's on Rightmove if you search postcode TS58TS, it's the only one

Which crisis?  Surely not the 2008 banking crisis?  That's a long time to be trying to sell a house which tells me you are asking too much.  The only house I can see for sale in TS5 8TS is being advertised at "offers in excess of 122,500"

https://www.rightmove.co.uk/property-for-sale/property-73163035.html

Have you had any viewings and/or any offers?  The bottom line is that anything will sell if priced correctly and you need shot of this property so price it to sell instead of faffing about with "offers in excess of."

danandjens_worldtravels

It also looks like Bankruptcy is not an option while you’re living in Spain 
https://www.nationaldebtline.org/EW/factsheets/Pages/bankruptcyandforeignissues/bankruptcyabroad.aspx