4 years ago we inherited a house. It has been on the market for the entirety of that time. It is on sale for approx 25% of market value. Reasons below:
The property is non-standard construction and therefore unmortgagable (we have explored this extensively).
It has a sitting lifetime tenancy on a peppercorn rent. Tenant is in their 70s and in good health.
We cannot sell it due to the above.
For those unaware, lifetime tenants cannot be evicted and the rent is very tightly controlled. We have increased it to the maximum allowed every year for the 4 years we've owned it. It still doesn't constitute £1000 a year.
We do not have any more money to put in to the property. We've done the legal required stuff. We've explored legal avenues for eviction ABD offered to give (gift) the property to the sitting tenant.
We basically need someone to come along with enough money to keep the property legally for 20+ years before they can do anything with it.
The most recent gas and electricity safety checks and the EPC have shown significant work needed in the next 12 months to keep it legal. We can't do it. Our only option is to sell our home that we, move in to a much smaller property in a different area (moving children's schools and away from family) and renting ourselves.
We have 0 savings because of the house and cannot afford basic things for our own home.
I just don't know what to do.
WWYD? We literally cannot give it away - we offered it to the LA and to a social landlord and a landlord with an extensive portfolio in the area and all said no.
In 20years, when the tenant dies or moves in to care the land might be worth something (and therefore sellable) but we can't wait that long. We had absolutely no idea the property existed until we inherited it and I've no idea why we did.
Any out of the box thinking here from the hive mind?