How do you sell the unsellable?

[zyc]

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!

How much a month are the service charges

For the one near us it's just under 550 per month. It does include water but we're on a really cheap area and unmetered ours is only 30ish per month, upkeep of the communal areas and window cleaning (!)

There's extra charges for pretty much every activity they do in the communal area and obviously you still have to pay for electric (there's no gas) and contents insurance.

Who has inherited this? If it’s you and a handful of siblings/cousins who’d achieve just a few thousand each after costs, it’s a lot of hassle for little reward.

I would consider either refusing the inheritance/ownership of the flat (not sure of the implications legally in England/Wales although an acquaintance of mine who was not in touch with her abusive relative definitely did it) or selling it for a nominal £30k.

It’s probably a McCarthy and Stone type place. Thing is older people buy them new and don’t think about how long they are going to live in them. You have to be over 60 or even 70 in some cases so the resell market is tiny.

Although it’s not well know you can actually rent them (DM did). No service charge as it’s included in the rent which of course isn’t cheap but her development is wonderful for her. Everything on tap, friends, no worries about any repairs. Although it has been a great move there were some issues settling in quite understandably really as she was living independently (not well).

This lady was there for a while but they are a real pain if you stay for say 2 years and then pass on.

As @OrangesLemonsLimes says refusing the inheritance is an option. I’m not sure what the legal situation with just up and refusing to pay the service fees would be but check the details of your late Nan’s contract. I’m sorry you’re going through this OP. It’s a bloody disgrace that these sharks get away with this. Sorry for your loss

So service charges etc £7k a year, property likely to sell fir £50k (hopefully). That gives you about 6 or 7 years to sell it before it starts actively losing you money, although its a lot of cash to find each month.

IMO, try to sell at a figure between the lowest (£50k) as that makes it look like theres smthg very wrong, but at a discount to the highest. The middle priced item is rhe one most people will buy - psycholigically, the cheapest is seen as a false economy, the expensive is unnecessarily flash.

If the only thing that was left is a share in rhe flat, refusing the inheritance might be a decent option.

Did she have capacity to agree to the lease when she signed it? Would be very hard to proove she didnt, I guess! Could you enquire about the "contingency fund" element? Its probably perfectly legal etc, but the way theyve mentioned it as a seperate item makes it sound like theres a seperate pot of cash, which I assume there isnt. Would that count as deliberately misleading?