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Mother died, cannot sell house - costing over £700 a month
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We tried IAmSold auction house and under no circumstances would I ever recommend them to anybody. They use the so called "modern method of auction" which is a complete sham. I am very surprised that your relative actually achieved a sale.
They will overprice it to begin with and then keep pressuring you to reduce the price. Most buyers will not even look at the house because of the extortionate fees buyers have to pay, even to actually make a bid on the property.
I backed out of the contract as soon as possible after the first time it failed to acheive any bids.
"All shall be well, and all shall be well, and all manner of thing shall be well."
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This article doesn't mention a minimum usage requried
https://www.moneysavingexpert.com/utilities/electricity-standing-charge/
Thrifty Till 50 Then Spend Till the End
You can please some of the people some of the time, all of the people some of the time, some of the people all of the time but you can never please all of the people all of the time0 -
IAmSold, the buyer has failed to pay the due amount on time. Not sure what the problem is, hopefully the sale will eventually go through.
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No, it does not, but look out for it anyway as recently it has been a feature of a couple of new low standing charge tariffs.
Also check the unit rates as often low or no standing charge tariffs will have higher rates to recover the missing part of the standing charge.
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Are you desperate to get the money out? Or could renting it for a period allow you to reduce your costs and wait for the market to improve?
Remember the saying: if it looks too good to be true it almost certainly is.0 -
Knock another £100k off the price. Or don't pay the mortgage and let them repossess
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GIven the figures involved it may be worth letting it for a year or two until the market picks up.
I imagine however that the biggest problem you are likely to run in to is one of taxation.
Speaking to a qualified Accountant would be a good start point.
I am a Mortgage Broker
You should note that this site doesn't check my status as a Mortgage Broker, so you need to take my word for it. This signature is here as I follow MSE's Mortgage Adviser Code of Conduct. Any posts on here are for information and discussion purposes only and shouldn't be seen as financial advice.1 -
Do you think the lender would give consent to let in these circumstances though?
The mortgage is a Hodge Retirement Interest Only mortgage, £62k.
I'd be surprised if Hodge would do anything to complicate their ability to repossess and sell on a RIO mortgage…
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