Inheriting an unmortgageable house
Discussion
Good evening folks,
I am in a bit of a dilemma and I'm hoping the community of experts here can give me some advice. I recently lost my father and have subsequently inherited his house. The problem I am facing is that it is unmortgageable as it is an Orlit house which means it is a prefab concrete constructed property that is deemed unsafe in todays market.
This is the situation I'm in, it's semi-detached and the neighbours house (who is in her 90's and has dementia) is owned by the local council.
I know that an auction is really the fastest way I'm going to sell it but I don't know the best way to go about it. So should I go for the modern auction approach which costs I think £200 or through an estate agent who want £2500 but will do all the auction pack stuff.
The local council contacted me after my father passed to confirm the house was remaining empty so we didn't have to worry about council tax but they also asked to be informed if we were going to rent the property or sell it and if so they wanted to know via whom.
I'm guessing the council would be the best people to buy it but there has been no compulsory purchase conversations.
So what would any of you do in my shoes?
I am in a bit of a dilemma and I'm hoping the community of experts here can give me some advice. I recently lost my father and have subsequently inherited his house. The problem I am facing is that it is unmortgageable as it is an Orlit house which means it is a prefab concrete constructed property that is deemed unsafe in todays market.
This is the situation I'm in, it's semi-detached and the neighbours house (who is in her 90's and has dementia) is owned by the local council.
I know that an auction is really the fastest way I'm going to sell it but I don't know the best way to go about it. So should I go for the modern auction approach which costs I think £200 or through an estate agent who want £2500 but will do all the auction pack stuff.
The local council contacted me after my father passed to confirm the house was remaining empty so we didn't have to worry about council tax but they also asked to be informed if we were going to rent the property or sell it and if so they wanted to know via whom.
I'm guessing the council would be the best people to buy it but there has been no compulsory purchase conversations.
So what would any of you do in my shoes?
We had one like that. Were left with no other options and put it through auction and got about 45% of it’s value.
No great loss, it wasn’t mine to begin with and there was no way I was funding keeping it around until someone was silly enough to buy it
We went EA route with Savills, I did nothing but collect the check. 33 days from first contact to getting paid
No great loss, it wasn’t mine to begin with and there was no way I was funding keeping it around until someone was silly enough to buy it
We went EA route with Savills, I did nothing but collect the check. 33 days from first contact to getting paid
Sorry for your loss.
If you don't want it, open auction, the modern method is horses
t.
Assuming this is in England when that hammer comes down you have exchanged contracts, buyer is committed, end of.
Modern method is just a bks way of some crap high street agent trying to rinse buyers and sellers for more money, the house will languish for months as everyone will think the agent is exactly what they are, a weapons grade , no buyer wants to pay big up front fees.
I say this as someone who ran estate agencies for 40 years, MMA was dreamed up by children who wanted to tell sellers every jackanory they could to line their own pockets. They'd make far more money from conventional auction sales, but they think they're better than that. They're not.
If you don't want it, open auction, the modern method is horses
t. Assuming this is in England when that hammer comes down you have exchanged contracts, buyer is committed, end of.
Modern method is just a b
ks way of some crap high street agent trying to rinse buyers and sellers for more money, the house will languish for months as everyone will think the agent is exactly what they are, a weapons grade , no buyer wants to pay big up front fees.I say this as someone who ran estate agencies for 40 years, MMA was dreamed up by children who wanted to tell sellers every jackanory they could to line their own pockets. They'd make far more money from conventional auction sales, but they think they're better than that. They're not.
Is it Leasehold or Freehold? If it's ex-council, might it be Leasehold?
I would speak to the council and see what their interest in it is. If they still own the Leasehold, that might be why they are interested in your intentions.
I suspect they are in desperate need of housing and may want to put a tenant in it.
Which might be a better alternative to selling, but would depend on your financial situation and interest in becoming a landlord to a council tenant!
I would speak to the council and see what their interest in it is. If they still own the Leasehold, that might be why they are interested in your intentions.
I suspect they are in desperate need of housing and may want to put a tenant in it.
Which might be a better alternative to selling, but would depend on your financial situation and interest in becoming a landlord to a council tenant!
Sorry for your loss.
I don't want to sound callous but does not the age and infirmity of the neighbour play into this somewhere, i.e. both halves of the semi potentially available for development... quite soon...
OP do you have an immediate need to sell the property or can you just sit on it for a while?
I don't want to sound callous but does not the age and infirmity of the neighbour play into this somewhere, i.e. both halves of the semi potentially available for development... quite soon...
OP do you have an immediate need to sell the property or can you just sit on it for a while?
Riff Raff said:
dxg said:
Get planning permission for a replacement house on the plot.
Sell the plot as a development opportunity.
You offset the "loss" in value from having an unmortagable house on it with the planning uplift.
Purchaser demolishes current house and replaces.
It’s semi-detached.Sell the plot as a development opportunity.
You offset the "loss" in value from having an unmortagable house on it with the planning uplift.
Purchaser demolishes current house and replaces.
We inherited my partners fathers house which was almost certainly unmortgageable on the basis it was a st hole and had some massive cracks in the brick work.
We live 100 odd miles away so thought we'd put it in an auction but luckily someone saw the sign and made a cash offer to buy it and rebuild it (did a pretty good job too tbh).
t hole and had some massive cracks in the brick work.We live 100 odd miles away so thought we'd put it in an auction but luckily someone saw the sign and made a cash offer to buy it and rebuild it (did a pretty good job too tbh).
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