Our house was rejected for part exchange . What now?

housemovehelp

Situation 

Just tried to part ex our house and due to legal issues with unadopted roads etc it fell through (they said our house was ‘unsellable’ ) and I’ve asked the original builder who has no time frame for adoption. Also to add to this , a big sinkhole opened up in the road outside in July which took months to sort and will no doubt show up in searches for future buyers 

So here's our situation , bought this house 4 years ago for £142k and have £112k left on it. We have £150,000 cash (inheritance) now in savings which was meant to be our deposit . We love the house but dislike the area. The experience has really messed with my sanity the last few moths so I'd like to leave it til next year before we do anything 

So do we...

Pay off the mortgage here and then rent it out next year , so obviously losing a lot of our capital for the next house

Do the same but with a buy to let mortgage and keep our capital

Try and sell it the traditional way and hope someone less picky buys it who isn't bothered about the issues (other people on our estate seem to have no bother buying and selling, before the sink hole ) but then we risk the situation we've just had happening again 

Any other option ?

I’ve already badgered the council , original developer and our solicitor for a solution to our ‘unsellable’ house but I’m not holding my breath for a resolution any time soon . 

Comms69

Obviously sell it.

theoretica

Talk to an estate agent about selling it, I wouldn't take one developer's word for it that it is unsaleable.

housemovehelp

Yeah I reckon that’s the most sensible route. However there was a buyer who apparently dropped out for the same reason according to the developer . Could be bs though!
i am worried about that sink hole . I don’t think I’d be buying anywhere which had a huge sink hole outside it 

davidmcn

housemovehelp said:

a big sinkhole opened up in the road outside in July which took months to sort and will no doubt show up in searches for future buyers  

I haven't heard of a sinkhole search - where do you think it would be recorded?

Comms69

housemovehelp said:

Yeah I reckon that’s the most sensible route. However there was a buyer who apparently dropped out for the same reason according to the developer . Could be bs though!
i am worried about that sink hole . I don’t think I’d be buying anywhere which had a huge sink hole outside it 

Would you rent there??

housemovehelp

I’m not sure . Would it not show up then ? Hope not . Took months for them to sort so the road was closed the whole time 

housemovehelp

Comms69 said:

housemovehelp said:

Yeah I reckon that’s the most sensible route. However there was a buyer who apparently dropped out for the same reason according to the developer . Could be bs though!
i am worried about that sink hole . I don’t think I’d be buying anywhere which had a huge sink hole outside it 

Would you rent there??

Yes as you’re not tied to it 

Comms69

housemovehelp said:

Comms69 said:

housemovehelp said:

Yeah I reckon that’s the most sensible route. However there was a buyer who apparently dropped out for the same reason according to the developer . Could be bs though!
i am worried about that sink hole . I don’t think I’d be buying anywhere which had a huge sink hole outside it 

Would you rent there??

Yes as you’re not tied to it 

There's this idea that somehow tenants will accept something owners wont is a myth. I have flexibility to choose and to move. Why would i choose to move there?... Presumably it's not lower than market rent

housemovehelp

Comms69 said:

housemovehelp said:

Comms69 said:

housemovehelp said:

Yeah I reckon that’s the most sensible route. However there was a buyer who apparently dropped out for the same reason according to the developer . Could be bs though!
i am worried about that sink hole . I don’t think I’d be buying anywhere which had a huge sink hole outside it 

Would you rent there??

Yes as you’re not tied to it 

There's this idea that somehow tenants will accept something owners wont is a myth. I have flexibility to choose and to move. Why would i choose to move there?... Presumably it's not lower than market rent

You asked if I would rent there , and I would . It would’ve bother me . I rented for years and wouldn’t have bought most of the houses I rented due to various issues that didn’t bother me because they weren’t my responsibility as a tenant 

FinallyStoppedLurking

housemovehelp said:

I’m not sure . Would it not show up then ? Hope not . Took months for them to sort so the road was closed the whole time 

I think it would show on an environmental search.