Can't sell our house. What are the options?

[dogrilla]

Put our house on the market in early April, in order to buy our dream house 100 miles away, which belongs to a relative, and despite lots of second/third viewings, nothing has happened. The market around us seems to have been flooded with similar properties and is overvalued and stagnant. We've dropped the price once and could drop it significantly, but that would mean losing our dream house as the sums would no longer add up.
We're in Zone Two, London, and could rent out easily, and people have mentioned getting a let-to-buy mortgage on our house in order to raise the money for the other house. We have a lot of equity in our house as were lucky to buy at a good time, years ago, so I suppose we are technically 'asset rich' but not much in the way of cash flow. Who would I even speak to about let to buy? A mortgage company? A financial advisor? Feeling very desperate.

I was going to say the market out of London isn't dead but then I live near Bath

How will you lose your school place here though - surely you have to be at your new address to get a place unless going private? And if private they may defer although I know many of the private schools in bath have waiting lists.

Have you tried another agent OP? We have used KFH before and found them ok but dare I say it Foxtons were better and much more aggressive but with a hefty fee attached. It may be worth getting new photos done and perhaps an open house to drum up some fresh interest if your not keen to drop the price...

Personally, I think buying from a relative IS your problem.

Is their house actively on the market or are they just expecting you to pay whatever they ask?

Seriously, you can get fantastic houses in places like Cheltenham Spa and Leamington Spa for much better money than Bath if your heart is set on a spa town. Good for commuting to London too.

I would start looking around at other places and see what else you can get for your money. It might take the heat out of your decision to buy your relatives' house. It isn't the only house in the world and just because it belongs to a relative doesn't mean you have to buy it.

I would phone them and just tell them to market it and let you know if the get an offer and if you can match it you will but that depends on being able to sell your house or get financing. That way you don't fall out with your relatives.

It’s not ideal but I’d buy it but budget to fit a quiet but powerful extractor fan and great lighting to hide the fact!

^^whoops wrong thread!

believe it or not, houses outside London do sell and get bought. And the rest of the country are not lazy bastards who won't walk 15 minutes to get to a station.

sounds like your target market are lazy bastards so you need to drop the price.

if you do decide to rent you need to know how to run the business and have all the insurances, be able to cover voids, etc etc etc and so on.

Kinda has to be Bath for work purposes and it's where I'm from - so family and friends are there. But often lose hours Rightmove looking at mansions we could buy elsewhere. Thanks for the advice, all. Has told me what I already suspected but wouldn't admit - need to take a financial hit...

All the time people are keen it can still happen although moving day may have to be pushed on a bit possibly.

I have seen plenty of sales that look shaky go through ok and plenty that look secure, fall through so keep the faith for at least another week or so if you can!

I've used Dexters when I was selling in your area and found that they worked very hard, they have a newish branch in Streatham Hill. I had KFH round twice to value different properties but wasn't overly impressed by them: I went into the office and was left waiting while they all did busy-busy-busy, we're rushed off our feet faces.

However, I do think renting it out might be the way to go if you are (a) in a hurry (b) are prepared to put up with some inevitable hassle. PM me if you want the details of a good mortgage broker.

Dogrilla just came on not with anything much useful to say but to echo others - your house is lovely!

It was also a trip down memory lane for me I used to live in Brixton (about 15 years ago). I would definitely have viewed your address as verging on Clapham. Any chance of rewording it as Clapham/Brixton border? (Though of sure if that helps with anything.)