Capital disregard period coming to an end

Cefalu24

I own a property abroad and have declared everything truthfully, including when I put it up for sale six months (26 weeks) ago. I have also provided ample evidence and explanations. The property is worth more than £16,000. The capital has kindly been disregarded by the DM a few months back, but the disregard period is now coming to an end next week.

I haven’t been able to find a buyer for the property yet due to its unique features, which complicates sale and deter buyers. For example, buyers cannot get a mortgage to purchase it, or the type of land it is makes it unattractive. I have also explained how the market value has been set in the past. It is not the sort of place where we'd engage a Property Evaluator; instead, we just use an Estate Agent.

I am currently making further physical improvements to the property so the Estate Agent can place a fresh advertisement and try to push the sale.

My question is: How does the decision maker know that the asking price is no more than the market value? 

'DMG 29587 The DM may decide to disregard the premises for a longer period if 1. people have done all they have to do to sell the premises and the asking price is no more than the premises are worth'

TELLIT01

I suspect the DM will ask what steps have been taken over the past 6 months to improve the possibility of selling the property.  Has the price been reduced and, if so, by how much.  How much interest has there been in the property.

In answer to the question about how the DM would know the market value, the assumption will be that a lack of interest from anybody wanting to purchase, the price must be too high.  Hard to argue against that.

born_again

Original thread

https://forums.moneysavingexpert.com/discussion/6574009/property-abroad-and-universal-credit/p1

Cefalu24

born_again said:

Original thread

https://forums.moneysavingexpert.com/discussion/6574009/property-abroad-and-universal-credit/p1

My brother no longer lives in the property - the property is empty. 

born_again

Cefalu24 said:

born_again said:

Original thread

https://forums.moneysavingexpert.com/discussion/6574009/property-abroad-and-universal-credit/p1

My brother no longer lives in the property - the property is empty. 

Just gives posters someone background on your situation 👍

HillStreetBlues

What offers have you had?
There is build in leeway, but expect it's mainly used when sales fall though and have to start the whole process again.

 

saajan_12

Cefalu24 said:

I haven’t been able to find a buyer for the property yet due to its unique features, which complicates sale and deter buyers. For example, buyers cannot get a mortgage to purchase it, or the type of land it is makes it unattractive. I have also explained how the market value has been set in the past. It is not the sort of place where we'd engage a Property Evaluator; instead, we just use an Estate Agent.

What makes you think the property is worth at least the asking price? If its not selling at that price due to the property features, then logically the property isn't worth that much to potential buyers. The land or unmortgageability is somewhat part of the asset. 

Unlike say if the property were going through conveyancing and fell through at the last minute, meaning the sales process had to start again, taking it over 6 months. Or if there was a worldwide pandemic and viewings couldn't be held.