Struggling to sell shared ownership home

joegoldberg

BarelySentientAI said:

joegoldberg said:

newsgroupmonkey_ said:

joegoldberg said:

thegreenone said:

An hour+ commute is not very much, unless you are on public transport.

When you work a lot of hours & night shifts it’s very difficult 

That's proper weird. I have 18 people working for me who are shift workers (including night shifts).
Most of them travel more than an hour to work because we moved their location.

And yes, they do 12 hour shifts.

You’re assuming we all work the same intensity of shifts. Also, people are different..I don’t feel it’s safe for me to drive home 1.5 hrs after a long shift, is that a bad thing??

No, it's your choice.  As is the decision that you can't drop the price any further, and the (correct at the time perhaps) decision to buy in shared ownership with all the restrictions that involves.

There are only three things you can really do to get out of paying for an empty property.  Sell it, find a tenant, or move in to it.

If you won't do the first or third, and you're not allowed to do the second, then there's not a lot we can advise.

The reason I made this post was because I wanted replies from people who may have been in a similar situation and could advise on how they were able to find a buyer or sell it successfully- what I’m currently doing is not working. The decision to sell it was already made. 

BarelySentientAI

joegoldberg said:

BarelySentientAI said:

joegoldberg said:

newsgroupmonkey_ said:

joegoldberg said:

thegreenone said:

An hour+ commute is not very much, unless you are on public transport.

When you work a lot of hours & night shifts it’s very difficult 

That's proper weird. I have 18 people working for me who are shift workers (including night shifts).
Most of them travel more than an hour to work because we moved their location.

And yes, they do 12 hour shifts.

You’re assuming we all work the same intensity of shifts. Also, people are different..I don’t feel it’s safe for me to drive home 1.5 hrs after a long shift, is that a bad thing??

No, it's your choice.  As is the decision that you can't drop the price any further, and the (correct at the time perhaps) decision to buy in shared ownership with all the restrictions that involves.

There are only three things you can really do to get out of paying for an empty property.  Sell it, find a tenant, or move in to it.

If you won't do the first or third, and you're not allowed to do the second, then there's not a lot we can advise.

The reason I made this post was because I wanted replies from people who may have been in a similar situation and could advise on how they were able to find a buyer or sell it successfully- what I’m currently doing is not working. The decision to sell it was already made. 

Almost always - price.  If there's nothing wrong with the flat, and it seems there isn't, tinkering with decor, changing where you list etc doesn't have a huge effect.

wjr4

You’ll have to drop the price as you paid a new build premium. I’d be concerned as to why it was on the market a month after you bought it. Surely you knew of an impending change?

joegoldberg

wjr4 said:

You’ll have to drop the price as you paid a new build premium. I’d be concerned as to why it was on the market a month after you bought it. Surely you knew of an impending change?

So the problem is that the RICS valuation is too high. How would I get them to lower it because there is little interest in over a year and clearly no one is willing to pay that much for it. It would not affect me too much since my share is only 25%. Should I ask them to re-review my current valuation or go to a different provider? What if they continue to overvalue it? 

ciderboy2009

You will need evidence to back up any attempt to get it re-valued

How much are equivalent properties selling for in your area (selling price - not asking price)?

How does this compare to your RICS valuation?

Also, how does this compare to your asking price?

As has been previously mentioned though - you will be losing part of the value you paid due to it not being a "new" property any more.

Something else to consider is how much it's currently costing you per month (mortgage, rent, management fees, council tax, utilities etc) - multiply that by 12.  Is it worth dropping your price by that amount and taking the hit, knowing that it will have paid for itself 1 year after selling?

itsthelittlethings

You could have it as a lovely weekend getaway, and rent a room out. If the HA will allow that? It sounds like you basically like the house, so if things changed in the future and you worked closer to home again, you wouldn't be giving up your nice house.

Or alternatively just wait for it to sell.