Flat won’t sell, can’t rent long-term… help?!

[Bear65]

Hi all,

Really hoping someone here might have some experience or ideas, because I feel like I’m completely stuck.

We have a 2-bed maisonette in central London that’s been on the market for a while with a local independent estate agent as well as a big household name one, but it just isn’t selling (not just us - seems to be low interest atm)

Long story short, my ex-husband moved into his girlfriend’s place and left me paying the mortgage and all the bills on my own. I managed it for 2.5 years but it completely wiped out my savings. As part of the financial settlement, the property now has to be sold.

I used that to my advantage to move out of London, where I am now renting for a fraction of what our London mortgage costs, and my ex has finally agreed to pay 50% of the running costs of the London place. The flat is now empty.

We did have a local couple stay in it for two months while their place was being renovated, which at least covered some costs, but we haven’t had any real movement on the sale since.

The problem is this:

• Our mortgage provider is fine with us letting it out,
• but
• Because of the new Renters’ Rights Act, we can’t do a short term let and any normal tenancy triggers a 12-month protected period, meaning we can’t ask tenants to leave in order to sell. As the flat is already on the market, that just isn’t workable if a buyer suddenly shows up.

• We can’t really do short-term/holiday lets because in London you’re capped at 90 days a year unless you get planning permission, which we don’t currently have. But we might try for the next few months but ex has said I need to do the all house readiness and prep which is hard to do working FT and looking after DS

So right now we’re stuck with an empty flat that’s costing us money, a slow sale, and not many obvious options

Has anyone dealt with this kind of situation?

• Is it worth applying for planning permission so we can short-let it properly?
• Are there any legal ways of renting it short-term without triggering the 12-month tenant protection?
• Any other interim solutions people have used?

Would really appreciate any advice, experiences, or even just moral support. It’s been a rough few years and I’m trying to find a practical way forward.

Thanks so much.

I know you want it gone, but could you rent it for a year and then sell? Market might have improved, you won't have ongoing expenses and should have some money coming in from it.

Have you tried dropping the price?

Anything will sell for the right price. We had a flat to sell following a tenant leaving. Priced it 10% below other in the market AND accepted an offer below that as it’s more important it’s sold and not costing us every month.

Reduce your price to one that makes it super attractive in your market and it will go

Agree that it's probably the price. For your sanity I'd drop it.

Time to drop the price.

If you are feeling brave you could post the link on here.

The market is awful for flats in London at the minute. Partly because landlords are selling up so there is a lot on the market priced very cheaply, and partly because cost of living and job insecurity means fewer buyers.

Either drop your price significantly, or rent it out longer term.

When you say central London, do you mean zone 1? I’ve seen people call zone 2 and even 3 central London, and there’s a big difference.

You need to drop the price.

Thanks all for the feedback - to clarify its zone 1, and we are now selling for less than we bought 9 years ago - it’s that’s in between London place of not a first time buyers house but not a family house. Thank you for the advice will try and convince my ex to see if we can rent it out for a year (he doesn’t want to as he wants to a buy his “forever house”- bleugh - with the other woman asap…give me strength!!)

I rented my DM’s flat for 14 months (one year and then a rolling monthly tenancy) and then sold it at a realistic price.

It was fine but in hindsight now it’s sold I realise the interest on the amount she got is very similar to the rental income so if I was in this situation again I’d try and sell at a reduced price ASAP.

Thanks again everyone for your advice - really appreciate it, and will talk to my ex about an even further drop (even if it’s just for my sanity to get rid)

If he’s so desperate to sell, then maybe he’ll have to take more of a hit on his share than you do.

Could you get a lodger who understands that you have access to the other room and the kitchen is shared, but in practice you won’t be there much?

An alternative is to sell via property auction

You set a minimum price to sell

Have the estate agents given any feedback is to why it isn’t selling. Maisonette’s where I live in Surrey seem to take a long time to sell, I don’t know why. My DS moved out in February and purchased a flat, there was a maisonette for sale, same price, had a garden, but was a bit outdated, but nothing too big needed doing, but he decided on the modern flat.