Options for an unsellable house ?

johnlocke · 22 February 2013 at 8:21AM

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moneyistooshorttomention · 22 February 2013 at 8:30AM

I guess the obvious first question is re this odd neighbour. That being: How much longer do you anticipate odd neighbour will be there for? There is obviously no way to do anything other than make an educated guess at this - but, for instance, how old is this odd neighbour (if he's well into his dotage perhaps Father Time is about to claim him soon) or if he is noticeably physically ill then maybe he won't be around for long.

So - what sort of agegroup is he in and is there any indication of any description that he may not be up to physically living in that house much longer? Or are you in worst case analysis situation - that he is still relatively young and healthy?

Does odd neighbour own his house or rent it? If you don't know the answer to that, then Land Registry can tell you who owns that house for just a few quid.

I presume that £30k represents a sizeable proportion of your houses value? (ie its a cheaper house and not a luxury pad?)

johnlocke · 22 February 2013 at 8:36AM

Neighbour is post 65, no signs of ill heath ... well physically at least !

30k represents about 16% of the property value and would leave us with negative equity of 12k ... should we accept any such offer

Mr_Moo_2 · 22 February 2013 at 8:49AM

Renting it out doesn't sound like an option... .you'll end up with a steady turonver of tenants and potentially unhappy ones while they're working through their initial term. Can you afford, if you save hard, to just take the hit on it price wise - Auction it and move on?

johnlocke · 22 February 2013 at 8:53AM

Thanks - not really up for chucking a years salary down the drain unless thats the last option.

Are there not companies who take the property and rent in on your behalf for a 15% cut in the rent ? they could deal with the unhappy tennants ?

Kayalana99 · 22 February 2013 at 9:00AM

Thier are some companies that buy houses outright, they tend to do a 'vaulation' which is usally a good percentage below asking price but they won't look into details like your neighbours they are only interested in the vaule of your property and getting a good deal.

Might be worth looking into as thier vaulation would be free.

This is just one link I have found by googling;

http://britishhomebuyers.co.uk/?gclid=COmN3-DGybUCFUbMtAodN2kAQQ

Kayalana99 · 22 February 2013 at 9:02AM

johnlocke wrote: »

Thanks - not really up for chucking a years salary down the drain unless thats the last option.

Are there not companies who take the property and rent in on your behalf for a 15% cut in the rent ? they could deal with the unhappy tennants ?

I don't have any experience with this but I know that estate agents deal directly with the clients and you just get money in the bank (although unless otherwise stated you would have to pay repairs as such)

rpc · 22 February 2013 at 9:40AM

The house is sellable, just not at the price you want.

If you want to move, you will need to take the hit. At least this way, the financial loss you incurred by the previous owner hiding the dispute can be quantified. You may get some of this back.

Auction might be an option, but you would be lucky to get 16% below an open market asking price.

johnlocke · 22 February 2013 at 11:01AM

rpc wrote: »

The house is sellable, just not at the price you want.

If you want to move, you will need to take the hit. At least this way, the financial loss you incurred by the previous owner hiding the dispute can be quantified. You may get some of this back.

Auction might be an option, but you would be lucky to get 16% below an open market asking price.

Fair point - it is sellable but im looking at options to avoid or minimise loss.

You wouldnt recommend using a letting agent ?

Out,_Vile_Jelly · 22 February 2013 at 11:28AM

johnlocke wrote: »

Fair point - it is sellable but im looking at options to avoid or minimise loss.

You wouldnt recommend using a letting agent ?

A letting agent will take a percentage of the rent, charge you spurious fees and couldn't care less if the neighbours are weird. A high turnover of tenants is more profitable from their point of view.

Can police or social services really do nothing if the neighbour's behaviour is violent or aggressive?

Have you looked into selling it to your local council for social housing?

johnlocke · 22 February 2013 at 11:59AM

The local council do not buy properties off private owners they get their properties off housing associations and all the ones I have spoken to also apparently do not buy off private owners so god knows how they get their properties.

The police are keeping an eye on them, their behaviour these days is fine but the past is all over the net which puts off the buyers.

Options for an unsellable house ?

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Options for an unsellable house ?

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