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Original poster

How do you sell the unsellable?

31 replies

zyc · 23/09/2023 19:42

Wondering if anyone has been through this and has advice?

My Nan lived in a flat in a retirement complex. She died recently and the flat will need sold (it has expensive service charges which will need paid so costing money to keep).

The problem is there are around 10 other flats in the complex waiting to sell and none have shifted since Feb 2023. Even the ones that have been completely modernised and renovated aren't selling. When Nan bought it, they were selling for 120-150k but now they won't even go for £50k so it's not even like dropping the price will help, there is just zero demand for them.

Can anyone advise how we might get it shifted? Thanks!

OP posts:
Moredrobe · 23/09/2023 19:55

Is it more important to sell it, or to get as much money as possible?

What is likely to cost more, continuing to pay service charge until sale, or dropping the price to entice a buyer?

I’d personally drop the price so it’s more competitive compared to the other flats.

HauntingSecrets · 23/09/2023 19:56

Nothing is unsellable. Can you rent it out? If not lower the price.

Drews · 23/09/2023 19:57

I'd go down the webuyanyhouse.com route.

Fiiiish · 23/09/2023 19:59

Approach the housing department for the council and see if they'll buy it off you

BaronessBomburst · 23/09/2023 20:03

Sell it to the council, or rent it out, which you can also do via the council.

HeddaGarbled · 23/09/2023 20:05

Will the management company take it back?

CurlyhairedAssassin · 23/09/2023 20:06

WHY aren't they selling? Is it because the service charges are astronimical? Some older people are frightened of moving into serviced retirement apartments because of the service charges. They seem so much to them. Even if someone downsized into one and released plenty of money so that service charges would be covered for many years they still can't get over the cost. I mean, it's a psychological jump to go from owning your own home and paying just your own utilities bills to owning a much smaller home, still paying utilities bills AND on top of that paying high service charges. It must seem scary to older people. An extra cost.

Thenorthisbetter · 23/09/2023 20:07

I have used a fast house sale company for an unsellable property. It's a means to an end. I got about 60% of the theoretical market value. Some of them are cowboys, but I used Quick Move Now (not affiliated in any way) and I thought that they were transparent and fair about what they offered. They didn't try to beat me down at the last moment as some do. That said, this might not be something even the quick sale companies are interested in, given that they themselves have to sell on.

CurlyhairedAssassin · 23/09/2023 20:07

And then of course, many are aware that it's difficult to sell them. And so then it's a self-fulfilling prophecy. No-one wants to buy them! And so it goes around....

Original poster
zyc · 23/09/2023 20:09

@HauntingSecrets there are a few for sale for around the £80k mark which is what we would have put it on for. But then one is obv looking for a quick sale too so has put there's on for £50k but even that isn't shifting so I don't know if even putting it on for really cheap would help

OP posts:
SpaceRaiders · 23/09/2023 20:09

I very much doubt the we-buy-any-house would even touch it. The problem is by specifically stipulating that no one below a certain age can buy or live there, it greatly reduces your market.

The government really need to come down hard on retirement complexes leases, it’s the next major scandal in property imo. There a a massive boom of them here, every other development is a retirement complex. They sit empty and yet they build more!

Original poster
zyc · 23/09/2023 20:11

@CurlyhairedAssassin high service charges, the building is pretty dated and ugly and not much going on at the complex (eg social stuff) and lots of other nicer looking complexes within walking distance. It's not the vibrant complex it was when she moved in 10 years ago

OP posts:
Original poster
zyc · 23/09/2023 20:12

@SpaceRaiders I didn't think a company would buy with ongoing service charges as then they would be liable to pay them

OP posts:
PermanentTemporary · 23/09/2023 20:26

Find out if you can rent it out - some you can, some you can't. Get it rented if you can and wait for the market to improve.

I agree that this is probably the next scandal waiting to happen. They're such a cash cow for developers. Even the expensive ones are poorly built. I'd never touch one again after thankfully selling my mother's.

Fiiiish · 23/09/2023 20:27

SpaceRaiders · 23/09/2023 20:09

I very much doubt the we-buy-any-house would even touch it. The problem is by specifically stipulating that no one below a certain age can buy or live there, it greatly reduces your market.

The government really need to come down hard on retirement complexes leases, it’s the next major scandal in property imo. There a a massive boom of them here, every other development is a retirement complex. They sit empty and yet they build more!

This. I wish they were legislated against. Old people in big houses with a garden but only able to afford or be mobile enough to be living in one room seem to be really averse to moving into a flat. Meanwhile so many working age adults are homeless or in temporary accomodation who would bite hands off to get hold of one of those flats.

SpaceRaiders · 23/09/2023 20:32

@zyc Ideally you need to see a copy of the lease. But it’s not just the current service charges it’s like they have a clause that they rise by a substantial amount every year. These kinds of leases make it impossible to navigate and extremely expensive for owners who perhaps don’t have family to look over the contract and advise accordingly. I’m not really sure what else to suggest.

SpaceRaiders · 23/09/2023 20:38

@Fiiiish I think there’s definitely a place for supported living complexes where people can live safely with their age mates, play bingo on a Wednesday and have the WI come give talks with etc.

What I take issue with is how predatory these leases can be. And how developers aren’t under any legal obligation to ensure they’re fair. As op is finding out, very few people want to buy these flats. It leaves you effectively trapped with an asset that’s bleeding you dry in costs but you can’t realise. There’s a reason why they’re sprouting up all over the place!

PermanentTemporary · 23/09/2023 20:40

You could try offering it back to the developers if they will buy it for £100.

This isn't serious but they don't like it if the flats sell for nothing as it affects the value if others.

What about auctioning it?

melmonroe · 23/09/2023 20:42

A lot of them have a clause whereby you have to give back a percentage of the sale to the management company too. They really are just one big rip off. A lot can't be rented and you can't even stay in them if you're going to sort it for sale. The one nearest us has a 'guest room' that you can stay in and pay 50 per night for the privilege even though you have an inherited flat that's empty.

I don't know what the answer is. I doubt a quick house sale company would go near it due to the service fees.

SpaceRaiders · 23/09/2023 20:55

@melmonroe Wow I did not know that! There really needs to be a legal challenge, how that’s deemed fair or acceptable is beyond me!

MonkeyChiselTree · 23/09/2023 21:32

melmonroe · 23/09/2023 20:42

A lot of them have a clause whereby you have to give back a percentage of the sale to the management company too. They really are just one big rip off. A lot can't be rented and you can't even stay in them if you're going to sort it for sale. The one nearest us has a 'guest room' that you can stay in and pay 50 per night for the privilege even though you have an inherited flat that's empty.

I don't know what the answer is. I doubt a quick house sale company would go near it due to the service fees.

In my relative's case you only have to pay a percentage if the management company finds you a buyer. But my relative's can't be rented out. No one wants to buy it for a price that would cover costs and the service charges are astronomical. When my relative had a fall the onsite company said they didn't have a key to their house so all they could do is phone the ambulance for my relative and the police to break the door down! (£250 for the boarding up of the door and £900 for a new door to match the others in the block) We're wondering what exactly the service is for the money??

ArseInTheCoOpWindow · 23/09/2023 21:41

6 1/2k service charge pa😧

How do you sell the unsellable?
MojoMoon · 23/09/2023 21:42

Put it up for auction with a low reserve price?

Throwncrumbs · 23/09/2023 21:51

These apartment complex are the new miss selling con, they were sold at big prices to oldies and sold with the big ‘we look after you’ blag. Now people can’t sell them because no one wants the massive management fee! Government need to look into this con imo!