House not selling but I can’t afford to stay - what to do?

[FlyingSoloFlyingFree]

Following my divorce we’ve put our house on the market with the proceeds to be split once it sells. I’m not sure if we would have chosen to do this yet but obviously it makes sense with the stamp duty holiday. Trouble is it’s not shifting.

I’m really not sure of the reasons for that but I’ve got to consider what I can do if it still doesn’t budge. Part of me could do without the stress of moving and my teen DD who I live with is happy to stay but I just feel so tied to this house - both due to the memories of it as our family home and the ongoing connection with my ex but also because paying the mortgage and bills on a single salary where before everything was split is crippling me.

I guess my options are:

Accept this isn’t a good time to sell and stay for a while - but I assume the reasons it’s not moving would still be the same whenever we tried again and we can’t afford to make any big changes

Drop the price significantly to try and shift it leaving us both with much less to buy something new - and harder for me as I need to accommodate my daughter whereas ex can go where he likes and needs a much smaller place

Look at trying to buy my ex out - the bank refused this before but I think they’d valued the property too high and I’ve also cleared a large loan since then so I may just squeeze into their affordability although practically it may not be affordable at all

I’m racking my brains to see if there is another option I haven’t thought of which is why I’m posting. I’m just getting used to doing things on my own and this feels so huge but I desperately need a fresh start.

If it's not getting much interest I think you need to drop the price to generate the interest.
Sorry you are going through this.

Is it truly well presented for a sale and for every single viewing, given you don’t really want to sell it?

And might a small price reduction give it some impetus, why do you go straight to assuming you’ll have to drop the price significantly?

Do you have a link so we can give you considered advice?

If your ex is getting half the proceeds, he should still be paying half the mortgage surely?

If it isn't selling then the price isn't right for the current market.

A property is only worth what someone is prepared to pay for it.

If there are no serious, obvious issues with the property and it still isn’t selling then it’s almost certainly overpriced.

The issue will be the price. Go on Rightmove and see what else you can get in the area for the same kind of price.

I was in the same boat post divorce, bank said I couldn't afford it but I saw a mortgage broker who said the affordability was there just maybe not with the existing lender. I got a mortgage in principle from another lender which he submitted to the current one (Halifax) who then reconsidered. At the moment you may be able to afford it as interest rates have reduced too. It is stressful and long winded but don't give up until you've exhausted all avenues.

All that said a few years later I sold and moved away from the area. I hadn't realised just how cathartic a fresh start could be and it was only then that I truly moved on from the divorce.

The large loan you have cleared should increase your potential for larger monthly outgoings such as an increased mortgage. So it may now be possible to buy your ex out if you need to? Did the bank price the house over the internet so they haven’t surveyed it or anything? Do you have a survey that would prove the value? Is the price it’s not selling at the same price as the bank said it’s worth, as this could perhaps help prove it’s not worth the banks higher estimate?

As others have said, see what you can buy for the same money in your area and see if yours is priced appropriately in comparison.

The only other options to increase value are going to cost money to do, apart from decluttering or tidying the garden.

Why isn’t your ex contributing to the housing costs still ?

I'd drop the price a bit and see if that helps. Everything can be sold for the right price.

To those who say the ex should pay; maybe he is, but it's still too expensive for the OP with having sole responsibility for the rest of the bills now. Or maybe he isn't paying his share. The post suggests he's on the mortgage so it's in his interests to continue paying half so as not to detrimentally affect his credit rating, but he can't be forced to, nor can he be made to pay more than half, awful as that is

Firstly you should move your mortgage to interest only as soon as possible - if you are on a repayment mortgage you are building up equity each month, only to hand over half of it to your ex.

If the house isn't selling then it is overpriced which is good if you want to stay. I would get it realistically valued and then work out how much to offer your ex to buy him out, taking into account all the selling fees he would have had deducted. Then go back to your bank and see if you can buy him out with the lower value.

Thank you all, I knew I would get some realistic advice here.

When we split we agreed I would cover all the costs of the house as ex needs to pay rent etc on his new place. It’s doable, just, but far from ideal - it was the only way we could split though.

The bank said no based on a much higher figure than this is obviously going to sell at so that could be a point in my favour. Talking to a mortgage advisor is a good idea, there’s someone we used years ago who may be able to help.

I’m unsure about posting a link to the house but it’s a 3 bed semi, 30 odd years old, in a country village 60 or so miles out of London, put it on for £295 as advised and have dropped 10k already. It’s in a lovely area but I guess a little small as family home - it’s suited us as there were only the 3 of us but maybe not for everyone. It’s in reasonable nick, bathroom and kitchen could do with replacing but perfectly adequate and all agents have told us not to bother. There’s a conservatory which I know everyone hates (including me) but it’s a useful extra space although does eat into the garden a bit I guess. Similar properties are priced around the same so maybe it’s just the market.

Despite being unsure about selling we keep the place immaculate for viewings - I drive my daughter nuts every time we get one - so I don’t think it’s that.

It will always be the price

Hi - having just started the process of buying our first home, I'd say the price is too high. The market is actually booming at the moment - we've been booking in viewings and having them cancelled same day as the house has sold same day as going onto the market. Stamp duty has been scrapped on houses under £500K so for your potential buyers, now is the time. If it was up for a reasonable price, it would have sold - as such, I'd suggest you lower your price. Also, it's basic but make sure your house is clean, tidy and and smells nice for all viewings. Good luck, hope it sells and you get a bargain gorgeous new place for you and your child :)

As others say, the price probably has something to do with it. However I don't think pp's comments about a booming house market are necessarily true anywhere. Even just looking on here there have been plenty of "my house won't sell" threads over the past few weeks.

Where we are the market was booming up until approximately 3/4 weeks ago, now I am seeing less coming into the market and sitting for longer. It's still seems a good time to sell for well priced stock though.

I think you have two options. We are coming towards the end of the time when buyers are confident of completing bwfore the end of march. If I were you, I'd either drop the price now and get it shifted or prepare to stay until at least next summer.

If you are prepared to share the RM link (perhaps change name and start a new thread?) people on here are generally tough but fair when offering improvements. Good luck!

if your able to post a link we could all give you better advice on how to sell it quicker or our views on why we think it isnt selling. x

Ok thanks, I can see it’s hard to comment without seeing the property so I’ve started a new thread and name changed.

www.mumsnet.com/Talk/property/4041771-House-not-selling-is-it-the-price?watched=1

Thanks 😊