OK, flat has been on the market since end of April. In that time I've had 2 buyers pull out on me, last one was a couple of weeks ago. Flat is located in Brighton and is up for Sale at 162k. Mortgage is 82k with mortgage payments at 582pcm + leaseholder managing agents fees of 69pcm. I've now moved out of the property and ma living in rented accomodation in Staffordshire and so am paying mortgage and rent. I've tried these cash buying companies and they've offered 130k for the property with completion likely in 4 weeks. As christmas approaches I'm concerned I'm still going to be stuck paying for 2 homes! My estate agent also has a lettings side and they have indicated a likely rental of 800pcm. Does anyone have any suggestions on what I should do, sell, convert to buy to let, rent it for 6 months whilst still trying to sell it, sell to the cash buyer people? TIA wonder_lander

Assuming you've made a profit, accept the deal at £130k, take the money and RUN. In the intervening 4 weeks pray for minimum -ve sentiment which could precpitate a last-minute gazunder.

Flat, sell or convert to buy to let?

Oct 28, 2005 21 Replies

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Tumbleweed 20 years ago

Lucky you didnt advertise it for a 1.2M then or you'd have lost over a million.

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Tim 20 years ago

"Tumbleweed" wrote

Can he get tax relief on that loss? ;-)

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