Retirement flat won't sell, wolves at the door - desperate

[jugglingeverything]

I have been trying to sell my mum's McCarthy Stone retirement flat for a year now. Only had about 8 viewings, changed EA. No joy. Have reduced the price several times. I have lots of debts of my own. I'm a single parent, ex pays nothing and have huge mortgage. Also have lots of bills to pay off from mum's care. REALLY REALLY need to sell this flat. Icing on cake is that the property management company are now threatening legal action as they say I owe £4K service charge for the last year. I've said I'll pay once sold but they are hounding me. They've offered a "monthly scheme" but I just don't have the funds - I can't meet my existing bills. My mortgage has been interest only for the last 6mths as couldn't afford it once ex stopped paying. Child maintenance service useless. If I cant get bank to agree to continue interest only I may end up loosing my own home. I work 37-48hrs a week. There is no way to get more money coming in.

I really wish my mum was here as she'd know what to do but I'm on my own now.

The only option I can see I have left is one of these quick buy schemes. I think its really wrong to be put in this position but what other options are there? I have reduced and reduced but you have to be 60+ to live there and I think this age group are twitched by brexit etc. Every time I reduce it means if I do end up using one of these schemes I will get even less.

I considered them before but felt I was being ripped off so persisted with EAs but have got nowhere. I can't help feeling I should be grateful I am getting anything. I should still be able to clear a lot of my debt which means I might be able to make my mortgage payments. But it still feels like a bad choice.

Advice please x

[Viviennemary]

I agree with renting it out. But why have the maintenance charges mounted up so quickly. Perhaps the high maintenance charges are putting buyers off which is understandable but of course doesn't help you.

As for your mother's estate. I don't think they can personally go after you for the debt which should be paid from your Mother's assets. And that is the flat. But now you are the owner. Did a solicitor deal with the will. Perhaps you could approach them for advice. I agree you can't just ignore the debt and wait for the flat to sell which it looks as if it isn't going to at the present price from what you've said in your post. And agree with the poster who says look at the lease to see what the rules are re non payment of service charges.

[greendale17]

I would never do those quick buy schemes- you will get fleeced.

The most obvious thing to do is reduce the price with the estate agent.

[GU24Mum]

Why don't you ask one of the quick buy people what they'd offer you then use that to have a serious think about a large price reduction -
eg if the flat is on sale for £100 and they offer you £60, you can drop the price to £70 and still be up on the quick buy price but hopefully increase your chances of selling it.

[Chrys2017]

Just read this and it doesn't make for hopeful reading!
Sorry OP.

www.telegraph.co.uk/goodlife/11510002/Should-you-really-buy-a-retirement-property.html