Here is the scenario:
X and Y get married.
X has 1 child age 15, Y has 2 children age 15 and 17. No shared children.
X let's go of his 2 bed, no mortgage, to buy 4 bed to contain them all, costing £600,000 in a good area with a good college but with a large mortgage. Y has a 3 bed in a modest area, fully paid for too, valued at £250,000. She planned on selling it as they were getting married.
Mortgage left on 4bed is £180,000 so plan was when Mrs sold house on moving, it will clear the mortgage of their new house with some left over for savings and private medical things for them both. 4 bed will then belong to them both.
Y's house has now been on market for almost 2 years. 2 sales fallen through. No one will buy it and neighbouring homes due to being in a mining area, difficult to get mortgages apparently, but does good in rental market. Lots of good primary schools in the area so it will rent. However, it will take 10yrs to even get to the current figure, there is lots of drama with being a landlord, they aren't keen. But they'll still own the house. They are still currently paying bills at Y's house, constantly going back there to keep it safe etc House has been empty for over a year. Massive headache.
X has now lost his job so their savings are running low. Y works too but doesn't cover much due to earnings. The mortgage is a massive part of their outgoings.
They have approached the 'We buy any house' type companies and have got a final offer of £150,000 (100000 less than market value). Last year, the offer was higher and looks like it's getting lower by the month! If they took the offer, mortgage will be sorted obviously.
What would you do? Would you prefer to put the property to rent? Aibu to say sell the house, cut your losses or should they put the property to rent? Please tell me your reasons.