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Selling - lowering price

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  • wheelz
    wheelz Posts: 334
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    mktuk88 wrote: »
    I'm selling a flat in the South East originally marketed £260K. We had lots of viewings, but no offers, so after 3 weeks the EA suggesting lowering to the "next bracket". After lowering the price to a guide of £235-260K we had another flurry of viewings which resulted in some offers, our EA negogiated the offers up and we accepted one at £245K which allows us to continue our onward purchase. I'm a bit disappointed I couldn't achieve closer to the original valuation, but I want to move so I've accepted the reduction.

    That sounds similar to what I've done so far. Started off at 250 guide price, then down to 230 in excess of, since last week 230. I've had lots of viewings booked now for this week on the day I lowered the price and more requests for viewing since the weekend. I'm beginning to worry about my tenant as she has said she can't find anything suitable and is meant to leave at the end of the month.
  • wheelz
    wheelz Posts: 334
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    edited 9 April 2018 at 9:23PM
    With regards to starting the sales process with the tenant still in the flat. Solicitor, surveyor from lease extension last year and estate agent all said that 2 months notice was fine should I get a buyer before the tenant has left.

    I'm beginning to worry that I might have to go the eviction route, the tenant has 2 kids and is on her own. There are 3 weeks left before she has to go. We have a mutually signed surrender letter and I've done a Section 21 letter but if there are just no properties that she can afford or landlords that will have her with 2 children (baby and toddler) then she has nowhere to go.

    This is my only property, I'm renting with my fiance elsewhere in the country. I spoke to my tenant early giving her lots of informal notice that I wanted to sell. I've never increased the rent and halved it when viewings started. I wanted to end the tenancy at the end of March through the surrender letter but accommodated her as she wanted it to be April. I just want to sell my flat and move on in life.

    I'm going to phone her soon to find out what her plans are and otherwise it's filling in the forms from gov.uk for court order etc. so that they're ready to go on the day that S21 kicks in. Might give the council a ring first for information, and speak to colleagues at work in housing (I work for a council).
  • GoingOn30
    GoingOn30 Posts: 230
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    I would avoid calling since it will be difficult to separate yourself from the emotional attachment.
    If she has young children then she will be housed by the council and you needn't worry that they will be out on the street.
  • AnotherJoe
    AnotherJoe Posts: 19,622
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    wheelz wrote: »
    With regards to starting the sales process with the tenant still in the flat. Solicitor, surveyor from lease extension last year and estate agent all said that 2 months notice was fine should I get a buyer before the tenant has left.

    I'm beginning to worry that I might have to go the eviction route, the tenant has 2 kids and is on her own. There are 3 weeks left before she has to go. We have a mutually signed surrender letter and I've done a Section 21 letter but if there are just no properties that she can afford or landlords that will have her with 2 children (baby and toddler) then she has nowhere to go.

    This is my only property, I'm renting with my fiance elsewhere in the country. I spoke to my tenant early giving her lots of informal notice that I wanted to sell. I've never increased the rent and halved it when viewings started. I wanted to end the tenancy at the end of March through the surrender letter but accommodated her as she wanted it to be April. I just want to sell my flat and move on in life.

    I'm going to phone her soon to find out what her plans are and otherwise it's filling in the forms from gov.uk for court order etc. so that they're ready to go on the day that S21 kicks in. Might give the council a ring first for information, and speak to colleagues at work in housing (I work for a council).

    From what ive seen and read here sometimes they literally have to hang on until evicted because otherwise they are deemed to have made themselves intentionally homeless. So though its a cost to you (unless you want to reclaim it from the tenants deposit which i believe you are legally able to do) its a need for you and a benefit to her for there to be a court order.

    Garbage like this is probably why the OP isnt getting many viewings or offers.
  • wheelz
    wheelz Posts: 334
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    GoingOn30 wrote: »
    I would avoid calling since it will be difficult to separate yourself from the emotional attachment.
    If she has young children then she will be housed by the council and you needn't worry that they will be out on the street.

    I get on well with her. I would be interested to find out what what you're saying is based on? Where does it say this? If a tenant has young children you don't have to go through court order and eviction, saving myself hundreds of pounds and many months going through the process? As I said I will speak to the council how it works in this particular council as I understand that councils tell tenants to stay in the property and that they only offer accommodation once the tenant is evicted.
  • Crashy_Time
    Crashy_Time Posts: 13,386
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    wheelz wrote: »
    With regards to starting the sales process with the tenant still in the flat. Solicitor, surveyor from lease extension last year and estate agent all said that 2 months notice was fine should I get a buyer before the tenant has left.

    I'm beginning to worry that I might have to go the eviction route, the tenant has 2 kids and is on her own. There are 3 weeks left before she has to go. We have a mutually signed surrender letter and I've done a Section 21 letter but if there are just no properties that she can afford or landlords that will have her with 2 children (baby and toddler) then she has nowhere to go.

    This is my only property, I'm renting with my fiance elsewhere in the country. I spoke to my tenant early giving her lots of informal notice that I wanted to sell. I've never increased the rent and halved it when viewings started. I wanted to end the tenancy at the end of March through the surrender letter but accommodated her as she wanted it to be April. I just want to sell my flat and move on in life.

    I'm going to phone her soon to find out what her plans are and otherwise it's filling in the forms from gov.uk for court order etc. so that they're ready to go on the day that S21 kicks in. Might give the council a ring first for information, and speak to colleagues at work in housing (I work for a council).


    You have been very accommodating, the tenant needs to act and sort out their own situation now.
  • Crashy_Time
    Crashy_Time Posts: 13,386
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    dunroving wrote: »
    You are persistent, I'll give you that. And deluded. My house will sell, don't you worry your pretty head over it.


    Are you sure it is me that is deluded?
  • AnotherJoe
    AnotherJoe Posts: 19,622
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    Are you sure it is me that is deluded?

    Not only are we all sure of that Crashy, the evidence bears that out :D
  • wheelz
    wheelz Posts: 334
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    I've been getting offers now.
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